Preliminary Numbers for Rent-to-Own Programs in Hamilton, Ontario

This page is for our current applicants who are considering a rent-to-own program with Hamilton Rent-to-Own Homes.

Before you make a final decision to proceed with your rent-to-own program please review the examples of buyout prices and monthly payment options based on the initial purchase price in the range from 300K to 500K provided in the document below (please click on the link to see the table).

Preliminary Numbers for Rent-to-Own Programs in Hamilton

The numbers in the table will help you understand the initial purchase price you should be aiming for. Make sure that you choose monthly payments you can afford and the buyout price you would be able to qualify for at the end of your rent-to-own program.

Please note that the examples of monthly payments are estimations. Final numbers may differ slightly since we will be taking into account specifics of the house you choose and lending conditions at the time. We also have some room to adjust rent/credits/buyout price combination to better fit each family’s situation. All final numbers will be provided to you before you make a decision to put an offer on a property.

Please keep in mind that, in addition to your downpayment, at the time of buying out the house you will need to pay a land transfer tax to the Ontario government and a service fee to the lawyer who will be representing you during the purchase. Most lawyers charge a flat fee in a range between $1,500 and $2,000 for handling a house purchase. The formula for calculating the land transfer tax can be found on the Ontario Ministry of Finance website.

You are always welcome to consult your Hamilton Rent-to-Own homes Program Coordinator if you have any questions.