Rent to own Canada (Ontario)
Hi all,
I'm giving some thought to rent-to-own. I'd like to know how much of this is actually happening in Canada. All the people that preach it of course make it sound like big business, but i want to know of actual people. On kijiji (or Craig's list)there's plenty of rento-to-own postings, but that could really be just one person. The system i'm contemplating is to get a good prospective tenant first and then let them choose a house.
Thoughts? Is this being done? How do you feel about it? Are these a good deal for the tenant? I know that here in GTA (avg house/condo price $550,000) many people want to get into their own house, but need help.
Dominika
Most Popular Reply
Hi,
I'm located in the GTA and own 12 Rent To Own properties at the moment. Although have not picked up a new RTO in a year as my focus has changed somewhat back to long term investments. I have found that in the larger market in Toronto it is very rare to do a RTO, Most of my properties are in the suburbs of Toronto. Durham region, Brampton, Vaughan and Barrie where the price points make better financial sense. We have never done a RTO on a condo as the condo fees really skew the numbers for both the Investor and the Tenant.