Why Ottawa's rent-to-own program won't do much to solve Canada's housing woes realestate
“Eligible applicants could include municipalities, private sector developers and builders, non-profit housing providers and community housing organizations, Indigenous governments and organizations, or any other proponent interested in developing and testing innovative approaches to affordable housing homeownership,” Arevig Afarian, press secretary of the minister for housing and diversity and inclusion said Wednesday.
Government-run rent-to-own programs in Canada go back to at least 1991, but the details have varied from one political party to the next. They can allow a potential homebuyer to begin building equity in a home without having to take out a mortgage or come up with a large down payment.Isaac Olowolafe Jr.
Olowolafe’s own non-profit organization, the Dream Legacy Foundation, has created a $65-million fund to provide bridge financing to bring up to 200 working, lower-income Black and racialized families into the homeownership game. The federal government has committed $10 million towards the program and Peel Region has also committed money to the foundation.
“There needs to be multiple programs in tackling this problem,” Olowolafe said. “It will involve collaborations with non-profit arms that specialize in affordable housing and also the involvement of for-profit entities and developers coming up with multiple solutions. Rent-to-own-is one solution.”
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