The changes to the mortgage rules announced by Finance Minister Jim Flaherty last July are making it more difficult for first time buyers to get approved for a mortgage. Other buyers may have good credit but not enough of a down payment. At the same time, landlords are looking for good tenants to rent their units. Rent-to-own may provide a win-win for both owners and tenants. Click here to view the full article.
Here’s an interesting idea – instead of purchasing a home right now, rent it and buy an option to purchase it in the future at a pre-set price. The renter/buyer can occupy the home now even though they can’t afford to purchase it; and the landlord/seller gets to keep the amount paid for the option if the renter/buyer decides not to purchase at the end of the lease. Not for everyone but could be a good option for buyers who haven’t saved enough for a down payment but want the house now.