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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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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50 Electronic Avenue featured in Next Home & Condo Guide.

The property has been in Kush Panatch’s family for more than two decades. Prior to that, it was the location of the family-run Chisholm Industries, manufacturers of what at the time were state-of-the-art televisions. Now the 3.5-acre property is poised to become a masterplanned community that’s already the talk of the town.

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How a chat put renters on path to affordable home ownership in Port Moody

A new housing project in Port Moody will give local tenants a chance to become homeowners in the development. Thirty of the 358 units to be constructed at 50 Electronic Avenue are going to be rent-to-own homes. Affordability is expected to be achieved through two measures. One is that rents will be charged below market rates, according to developer Kush Panatch. Second, the Panatch Group will fix the purchase price as if tenants were buying their units today.

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