Port Moody ‘rent-to-own’ condo scheme overwhelmed with demand

For 30 families in Port Moody, it will be like winning the lottery. Starting next month a unique path to home ownership will be launched that partially removes the biggest obstacle: a down payment. A new condo development near Rocky Point Park is being marketed to buyers with a unique twist. Just under ten per cent of the 358 units will be considered rent-to-own.

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Vancouver’s hot housing market shows signs of cooling

Panatch Group president Kush Panatch, for one, is excited about his company’s 50 Electronic Avenue condominium project in Port Moody, which opened its sales centre in mid-October and held two weeks of previews before brokers started to write sales contracts on November 2 for the project’s 138-unit first phase.

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50 Electronic Avenue speaks to its Port Moody location

Twenty years ago, when Kush Panatch bought a 3.5-acre parcel of industrial land opposite Port Moody’s downtown, he knew it might take a long time for it to appreciate in value. What he hadn’t anticipated was the new SkyTrain Evergreen extension or the nearby Westcoast Express station would make it excellent space for a 358-unit condominium development.

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