Amid increasingly high mortgage and interest rates, Canadians struggling to get into the housing market are looking into rent-to-own as an alternative route to homeownership.
Rent-to-own is intended for entry level, first time home buyers who are struggling to obtain homeownership, whether that includes not being approved by their bank or they are struggling to save for a down payment.
Oliver says the process to save for a down payment takes between 38 to 46 months and is also intended to help renters fix any credit issues. Additionally, renters will also be responsible for any maintenance fees or upgrades needed for the home. “This is really for people that are willing to stay somewhere for at least five to eight, 10 years,” she said. “When you own a property for about five to 10 years, you build up equity and that equity creates some financial security and ultimately a nest egg for the future.”
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