rent to own toronto

It might soon get a lot easier to buy a home in Toronto

Toronto mayoral candidate Jennifer Keesmaat wants to help people own a home, and she plans to do it through a new rent-to-own program.

If elected, Keesmaat hopes the new plan, which will help young, low income, and struggling residents work toward owning their home. The program would be funded by a new property tax on luxury homes—those valued at around $4 million and higher. 

In a press conference today, Keesmaat announced that the high cost of housing is leaving many concerned and priced out of the city, so the new program would be necessary to help gain access to house ownership. 

"The most fortunate among us, the people who have done best at the highest end of Toronto’s housing market, can afford to contribute a little more to help people get their start," she said.

Here's how it would work: a down-payment toward owning the home would be paid via monthly instalments. At the end of the payment period, a tenant can enter into an ownership arrangement since the equity will have accumulated.

Another option consists of the City or housing program sharing ownership of a home to lower the price of the mortgage. 

Considering the extremely staggering cost of Toronto's housing market, the plan is sure to resonate with many. People are leaving the city for cheaper accommodations elsewhere, and the housing bubble is reaching new proportions. 

Lead photo by

Lisa de-Jong


Join the conversation Load comments

Latest in Real Estate

Sold! Picturesque Toronto home goes for $500K over asking

Condo of the week: 110A Palmerston Avenue

Popular Toronto event venue 99 Sudbury is closed for good

Massive new park and community centre planned for Toronto's Galleria Mall

Rental of the week: 2906 St. Clair Avenue East

Developers move forward with controversial Toronto condo project

Toronto's housing market ranked 12th most-expensive in the world

House of the week: 2350 Doulton Drive