‘Rent to own’ program gives newcomers 5 years to secure permanent residency or work permit.
The B.C. finance ministry has reviewed a developer’s rent-to-own scheme that promises to help homebuyers “avoid paying the 15-per-cent foreign buyers’ tax” and found it doesn’t violate any law.
The Vancouver Rent to Own program from Apex Western Homes offers potential buyers a lease agreement on a home, with the option to buy within 5 years.
In an emailed statement today, the finance ministry said: “We have reviewed the structure of the rent-to-own model offered by this company.” A ministry spokesperson confirmed the government found no issues with the program.
The BC government recommends that anyone buying real estate in B.C. should get an advance tax ruling to make sure they’re clear on the tax implications of the deal.