Rent-to-own the Solution to More Ownership?
The rent-to-own plan has become increasingly popular in Ontario. The question is, will it lead to more first-time buyers? Will access to ownership be easier? The idea behind rent-to-own is that a tenant pays monthly rent but locks in the purchase price. At the end of the lease term, the option will be there to purchase the house outright. The ultimate question is, will it make homes easier to purchase?
The Liberals have promised $1b towards a rent-to-own initiative. To read more about the proposal, click here.