Out of hundreds of people, only 30 were picked Monday night to have the unique opportunity to “rent-to-own.” All of the rent the winners will pay on a new condo in Port Moody will go towards a down payment to purchase the unit after two years. Ashley Burr has the details.
The developer of a condo project in Port Moody says he’s overwhelmed by the response to a program that will allow 30 prospective owners to roll the rent they’ll pay on their new units for two years towards the unit’s purchase price.
A unique rent-to-own plan for a new condo development in Port Moody will allow 30 local buyers to rent their unit for two years, with the money going towards their downpayment.
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.
Panatch Group of Richmond is developing a condo complex in Port Moody that will offer 30 one- and two-bedroom units to first-time buyers, under a rent-to-own program.
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.