SilverBeam Homes Blog

Rent to Own Housing Solutions

by Bevony on January 29, 2020 No comments

Metro home builders are catching on to the rent to own housing solution. The rental vacancy rate in Vancouver is lower than 1 percent and buying a home is a very expensive endeavor. Some of us just aren’t ready for that just yet. There are a number of options available for rent to won in the city though. You will find that on the outskirts of the metro Vancouver area there are a number of places where you can find rent to own homes.

Metro home builders are catching on to the rent to own housing solution. The rental vacancy rate in Vancouver is lower than 1 percent and buying a home is a very expensive endeavor. Some of us just aren’t ready for that just yet. There are a number of options available for rent to won in the city though. You will find that on the outskirts of the metro Vancouver area there are a number of places where you can find rent to own homes.

This is a great idea. Think about it, you don’t have to be paying rent and saving at the same time. Construction of all the units in this project is not complete as yet and is slated for completion in 2021. The projected rent at that time will be $1000 per month for one-bedroom units or $1250 per month for a two-bedroom unit. The one-bedroom units will be 643 square feet and will have buying prices starting at $469,900. Two-bedroom units can be purchased at a starting cost of $649,900.

Qualifying for Rent to Own

  • Must be a first time home buyer
  • Currently, work/live in Port Moody
  • Must live on the premises of the agreement
  • Cannot assign agreement of purchase to anybody else

Due to the many applications they received, they went for a lottery-like selection in March of 2019. Some were excited about this while others weren’t too happy about it.

We consider this to be a great option for first-time homeowners who are not able to afford a home in the traditional way. Panatch has inspired other home builders to offer solutions that are similar to this for persons who would love to purchase a home but may not be able to afford to do so in a traditional way.

In April of 2019, we saw Ledcor offering renters the opportunity to apply 25% of their monthly rent to go towards them being able to purchase a new home in Lanford’s Belmont Residences Project.

SilverBeam Homes is proud to be a part of an industry that allows people the opportunity to make their dreams of owning a home a reality.

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