Canada to fund 'rent-to-own' program under $2-billion housing plan

The funding, earmarked in previous budgets, would go toward creating some 17,000 new homes across the country, including more rapid housing for the homeless or those at risk of becoming homeless, along with affordable and market-rate housing projects.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

“For a lot of renters, saving to buy a home is increasingly difficult. Through this new program we’ll work with housing providers to help families go from renting to owning their home,” the Canadian leader said. Canada’s home prices surged more than 50 per cent during the COVID-19 pandemic, buoyed by rock-bottom interest rates and booming demand. But recent sharp increases in interest rates by the Bank of Canada, which is aiming to curb high inflation, have cast a chill on the housing market.Article content

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