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Why we don’t reccomend Rent to Own

General Angela Calla 5 Jul

The Ottawa family who received a $10,000 cheque from an embattled rent-to-own business say they can’t cash it because the owner’s bank halted the payment.

Chantal Scott took the $10,000 cheque — delivered to her door on Tuesday evening by company owner Jean-Claude Lacasse — to a Laurentian Bank of Canada branch on Wednesday afternoon.

Full story here:

We alwaya reccomend these fundementals if you are renting and looking to buy.

1. Practice homeownership- calculate what it would cost to own and make that payment every month, with the remainder over and above the rent going to your personal savings account.

2. Have the savings portion go into your savings via automatic withdrawl, take advatage of an rrsp program if your company offers one as that will be off of pre-tax dollars.

3. Know your credit and how to maintain the best score.  Most rent to own victims are individuals hope to restore their credit and that’s why that option is considered and appears attractive in the first place. Unfortunitaly a rent to own does not help restore or esablish credit.  Renting to own puts you not in control of your own money.

If you would like to understand your options to purchase a home or would like to calculate a budget, contact the Angela Calla Mortgage Team directly to help you at 604-802-3983 or

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