Rent to own home is like a car lease.Renters pay a certain amount in addition to rent each month to live in the house, and at the end of a lease period say three years — they have the option to buy the house. Each month,a part of rent goes towards the down payment to buy the home they are renting.
For buyers, who have no down payment and can’t yet afford to buy,it is the best option. The seller set the sale price of the house at the time of lease agreement.If the house price goes up or down during that time,the original agreed sale price is final. In Toronto Market there are very few if any available at this time.