Do those 'rent to own' housing deals ever pay off?
If you've been in the U.S. recently, you've seen the signs, generally at large intersections: “Rent To Own! No Financing Necessary! Call Now!”
While these offerings are nowhere near as common on this side of the border, several small Canadian companies are using them to entice prospective homebuyers into the market.
Ottawa-based Rent 2 Own Canada, for instance, claims to help first-time buyers to work towards ownership without a huge investment. Same with Calgary's Rent Faster. And then there's a stack of offers on Craigslist as well.
But is this really the way to go if you're strapped for cash or have a shaky credit history? Or are the deals simply too lopsided?