Many newcomers to Canada arrive with the goal of home ownership, and many buy a home within a few years. However, coming up with a sizeable down payment and building a Canadian credit history can be a challenge for newcomers. That’s why a rent-to-own program and contract can be a strategic path for newcomers looking to buy a home. Discover how rent-to-own works to decide if this is an option for you!
Home prices in Canada remain high and may seem unaffordable for many newcomer renters. As a result, rent-to-own programs are becoming more popular as an affordable way to buy a home in Canada. With growing popularity, more real estate companies and landlords offer newcomers rent-to-own programs to help them become homeowners.
This creative path to home ownership works by reducing the large down payments typically needed in today’s housing market. This makes the goal of owning a home in Canada easier for newcomers to achieve.
This is why rent-to-own programs, often called rent-to-buy, are attractive to newcomer first-time homebuyers.