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How Do Rent-to-Own Programs Work?
The Canadian real estate market is showing signs of slowing, now that interest rates are rising. Despite sales activity sliding and prices moderating, the country’s housing sector is still leaving many hopeful homebuyers sitting on the sidelines.
According to the Canadian Real Estate Association (CREA), national home sales tumbled at a monthly rate of 3.9 per cent in September. The MLS® Home Price Index (HPI) declined by 1.4 per cent month-over-month but was still up 3.3 per cent year-over-year. Meanwhile, the actual (not seasonally adjusted) national average sale price declined 6.6 per cent year-over-year, to $640,479.
New residential listings fell 0.8 per cent month-over-month, and months of inventory edged up slightly to 3.7 months.
Of course, some housing markets are much more expensive than others, such as Toronto. Could a rent-to-own program be the solution for many Canadians itching to become homeowners, particularly in markets that are in high demand?
The option is becoming more prevalent as prices continue to be out of reach of many Canadians.
How Do Rent to Own Programs Work?
Complete Article: https://blog.remax.ca/how-do-rent-to-own-programs-work/
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