Rent To Own Summerside
Summerside is the second most populated city in Prince Edward Island. It is also one of the busiest tourist destinations on the island. With vacation homes and demand for residence in Summerside, they were burdened with the high appreciation of real estate prices over the last few years.
One of the main reasons for the massive pop in price is the population of Prince Edward Island is increasing at one of the fastest rates in Canada within the last few years. Over a two year period between July 2016 to July 2018 Prince Edward Island’s population grew 4.27% while Canada’s largest province Ontario was second in line at only 3.22%
With the Summerside and the rest of Prince Edward Island home values rapidly increasing, it’s no wonder why potential homebuyers are having a difficult time entering the ever expensive housing market.
From November 2018 to November 2019 prices in Prince Edward Island rose 8.7%. When compared over the first 11 months of 2019 to the year previous there is a price increase of 11.8%
Using the 8% appreciation seen from Novemeber 2018 to November 2019 that PEI has seen, let’s look at an example of how the numbers work in a Summerside Rent To Own.
If you did a three-year Rent To Own in Summerside or the surrounding area, and the markets average 8% increase each year, the $250,000 home you purchased would now be worth $315,000. However, since you locked in your appreciation at 4% with us, the final purchase price would only be $281,000. That is a difference of $34,000 of equity in your pocket.
Summerside Rent To Own helps people who may be having trouble qualifying for a traditional mortgage with a bank. Our Rent to Own agreement is structured to put you the tenant-buyer into a position to have the best opportunity to be mortgage ready and successfully purchase your home at the end of the rent to own agreement.
We help people who have bad credit, recently divorced, self-employed or new to the country.
If you would like to better understand how Rent To Own works, click the following links.
Rent To Own Canada - Executing Rent To Owns Successfully With Integrity.