Episode 5 - The cost of renting versus owning in Canada varies significantly depending on factors such as location and property type. Affordability whether buying or renting can be a struggle for would-be owners. Can rent-to-own program be the answer?
According to a 2021 report by the National Housing Strategy, over 1.6 million Canadian households were in core housing need in 2018, meaning that they were spending more than 30% of their income on housing and/or living in inadequate or unsuitable housing. In fact according to a 2021 report by Statistics Canada, around 35% of Canadian households rent their homes.
Generally, owning a home may be more expensive upfront, but can be more cost-effective in the long run, while renting may be cheaper upfront, but may increase in cost over time. But what if we can rent-to own?
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