New Partnership with SingleKey Increases Housing Accessibility for Canadian Newcomers
The partnership provides property managers access to foreign credit histories, helping Canadians new to the country to get approved for their new home faster and more accurately
Following our expansion into Canada last year, we're excited to share the news of our partnership with SingleKey, a leading provider of innovative residential leasing solutions, which is primed to make a difference in the lives of Canadian newcomers who are seeking residence - and the housing providers who approve them.
Canada is experiencing an unprecedented influx of newcomers, who are encountering numerous challenges in finding affordable housing upon arrival. The primary obstacle they face is their limited or non-existent local credit history, which is often required for lease approval.
SingleKey has teamed up with Nova Credit, Canada's first cross-border credit bureau, to overcome this obstacle. The partnership is a first-of-its-kind initiative designed to assist Canadian families new to the country, access their foreign credit history and get approved for their new homes faster. This International Credit Check initiative is powered by Nova Credit’s Credit Passport® solution, which unlocks credit history data from over 1.5 billion credit profiles worldwide. Together, we’re on a mission to break down barriers and make housing more accessible for newcomers by giving them, and property managers, access to their international credit history.
According to a recent survey by SingleKey, 58% of newcomers have had to pay several months' rent upfront just to secure a place to live. That's an overwhelming financial burden, as rent prices are on the rise. Additionally, Canada's immigration rates are soaring, with plans to welcome nearly 1.5 million permanent residents over the next three years. With so many people coming to Canada, it's more important than ever to ensure that all worthy applicants have access to housing opportunities.
By providing newcomers with access to their international credit history, this partnership is not just helping them find a place to live – it’s helping them build a foundation for their new life in Canada.
To learn more about this initiative, visit: www.singlekey.com/en-ca/screen-international-tenants