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Old 05-12-2009, 09:03 PM
10 posts, read 78,015 times
Reputation: 15


Hello guys,

My wife,baby and I are moving to Toronto in the middle of September this year. I started doing all the reading I can get my hands on about the city, economy, health care, jobs and everything else. We also started looking for housing as well. I am really interested in the rent to own option that I have seen. It seems pretty smart to start renting first and earning good credit (I have great history from US but won't do me any good in Canada) and then get the mortgage and buy the house or condo.
Have any of you heard of this option? Is it good? Are there many scammers out there trying to take advantage? If anyone has any info on this I would greatly appreciate it.


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Old 05-13-2009, 07:11 AM
175 posts, read 1,564,009 times
Reputation: 190
In fact You may transfer your US credit score to Canana. Canada and US have the same credit scoring companies: Equifax and TransUnion (a third Experian closed their operation in Canana this year). Therefore you don't have to earn your good credit from zero. I have a friend who recently moved to the US and was able to use his Canada credit to get a credit card immediately.
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Old 05-14-2009, 02:36 AM
176 posts, read 612,768 times
Reputation: 96
From personal experience, of closing on a Condo lease in the past week, I can tell you this much:

- Realtors/Landlords, asked for first and last months rent, not security deposit surpringly, which was unlike New York. Also, I didn't have to pay Realtors fees in Canada as I did in NY under similar circumstances, i.e. looking as a Rentor.

- Landlords, are usually individual property owners, and most seemed to like to meet the new tenant in person, vs just dealing with the Realtor, as I did here.

- Both the Realtor and Landlord/Apt Owner, were not obtuse to talking about rent-to own a few months into the lease, after I mentioned it. Renegotiating and/or cancelling the lease seemed a minor detail in this interest. If I were to own right away or in the future, I was told by my Realtor, that 20% down, and about 3% per month, was norm.

hope this helps!
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Old 05-15-2009, 05:33 AM
Location: Etobicoke, Toronto west
43 posts, read 113,625 times
Reputation: 22
With all real estate it is location.
The items to negotiate are price and terms
IF they pick the price You get to have the terms.
There are a few legitimate (large) rent to own programs that take a portion of your rent payment and use this as part of your 5% down after a number of years.

Lets work with a few hard numbers

If your rent was 1600 pm you might be paying 1800 pm and 200 goes towards your eventual downpayment. If you slip on rent or vacate (your circumstances changed there is no refund)

This does not seem to be a preferred way to acquire as mortgages are available even with zero or 1.5% down (using cash back programs).

So why not just rent for a year, stabilize, choose a neighbourhood and then buy what you will be living in for a number of years.

Welcome to Toronto.
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