A New Rent-to-Own Program
It takes time to save enough money to buy a home. Rent is one of the largest household expenses, and right now, there are few options for people to leverage the rent they pay towards a home purchase.
A re-elected Liberal government will:
- Introduce a new rent-to-own program to help make it easier for renters to get on the path towards home ownership while renting. The program will be designed based on three principles: the landlord must commit to charging a renter a lower-than-market rate to help Canadians build up savings for a down payment; the landlord must commit to ownership in a five-year term or less; and proper safeguards will be in place to protect the future homeowner.
- Create a stream for current renters and landlords, particularly those in condo settings, to immediately enter into a rent-to-own agreement.
- Commit $1 billion in loans and grants to develop and scale up rent-to-own projects with private, not-forprofit, and co-op partners.