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Ottawa looking at “rent-to-own” plan to ease housing crisis

Ottawa looking at “rent-to-own” plan to ease housing crisis

While the main topic of conversation between Prime Minister Trudeau and Premier Doug Ford in Toronto Tuesday was health care, they also discussed the housing crisis. Canada is fulfilling an earlier promise with  a “rent-to-own” housing program, Prime Minister Justin Trudeau said on Tuesday, as he announced  $2 billion worth of spending toward a previously announced plan to double homebuilding over the next decade.

The government says this will result in 17,000 new homes across the country, with an emphasis on housing for the homeless or those at risk of becoming homeless, along with affordable and market-rate housing projects.

The program would also help housing providers develop and pilot a new rent-to-own model, aimed at creating a path for Canadians transition from renting to buying their first home

“For a lot of renters, saving to buy a home is increasingly difficult. Through this new program we’ll work with housing providers to help families go from renting to owning their home,” Trudeau said.

Housing in Canada has been hit with soaring costs which increased real estate values by 50 percent in the last two years. And the recent introduction of higher interest rates has driven the cost of home ownership out of the horizon for many would-be home buyers.

Canada’s home prices surged more than 50 per cent during the COVID-19 pandemic, buoyed by rock-

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