Nov 2, 2021
3
 min read

Rent to Own a Home in North Bay, Ontario

Rent to own in North Bay Ontario
Summary
Historically known as the "Gateway of the North,” North Bay is a city on the Lake Nipissing shoreline. It lies in Northeastern Ontario, 3hours away from Toronto and 3.5 hours away from Ottawa. The city has seen a steady increase in home prices in the last five years because it is an excellent relocation option for families looking for rent-to-own homes outside Toronto. Another significant aspect of North Bay is its scenic landscapes and the opportunity to thrive as a professional in an economically diverse city.

Rent to Own a Home in North Bay Ontario

Historically known as the "Gateway of the North,” North Bay is a city on the Lake Nipissing shoreline. It lies in Northeastern Ontario, 3hours away from Toronto and 3.5 hours away from Ottawa. The city has seen a steady increase in home prices in the last five years because it is an excellent relocation option for families looking for rent-to-own homes outside Toronto. Another significant aspect of North Bay is its scenic landscapes and the opportunity to thrive as a professional in an economically diverse city.

North Bay has seen a remarkable rise in average home prices in the last decade and remains an attractive destination for families looking to live close to nature. The city has two large lakes, rivers, forests, a small waterfall, and most importantly,an affordable place to call home. The Kate Pace Way is one of the many trails ideal for walking, running, or biking, and the lakes are an excellent location for water sports activities.

The city provides unlimited possibilities with the bustle of a big city while retaining its small-town feel.

 

Real Estate Trends 

According to the latest market report published by the Canadian Real Estate Association ("CREA") and the North Bay Real Estate Board (“NBREB”), the average home price in North Bay for September 2021is $401935, up by 25.6% from September 2020. The total value of the homes sold in September 2021 was $47 million, a slight decrease of 5.8% from September2020. The MLS System of the North Bay Real Estate Board sold 117 home units, a significant decline of 25% from the record in September 2020. Home sales dipped4.9% less than the 5-year average and 1.1% below the 10-year average.

However, the prevailing trend shows a steady increase in North Bay home prices, a consequence of the COVID-19 pandemic. More Canadians are relocating from the big cities like Toronto in search of cheaper housing as they continue to work from home.

 

Transportation

Transportation is one of North Bay's best features as it is centrally located within the land, air, and rail transportation hubs.

The TransCanada Highway 17 links to the four-lane Highway 11,connecting to Toronto and Highway 63 to Quebec. These highways offer accessible routes to popular locations in Ontario and opportunities for choice.

The city also has a local transit system that operates regularly, with taxi services available 24/7. North Bay is dotted with multiple car dealerships that provide affordable auto finance and leasing options as well. School bus transportation is provided for elementary and high school students living within a qualifying distance from their schools.

 

Economy

North Bay isn't the largest city in Ontario. However, it is still a thriving economic hub due to the presence of many local, national, and international businesses, plus two colleges and a university. The North Bay Council slashed the industrial tax by 66% to stimulate commercial activities in the city. The North Bay industrial tax is one of the lowest industrial taxes in Ontario, attracting lots of investments into the area. Many Canadians already rent-to-own in North Bay homes to enjoy this incentive.

The city's economy is diverse, with many sectors, including Information Technology, aerospace, education, forestry, and health sciences.

 

Education

North Bay has a plethora of educational programs ranging from preschool to college. The city has four district school boards, two English andtwo French.

 

● The English public school board is the Near North District School Board.

 

● The English Catholic School Board is the Nipissing-Parry Sound Catholic District School Board

 

● The public French school board is the Conseil scolaire public du Nord-Est de l'Ontario

 

● The Catholic French school board is the Conseil scolaire catholique Franco-Nord

 

North Bay has three post-secondary institutions, with Canadore College and Nipissing University enrolling a combined 9,000 students yearly and providing an estimated economic impact worth more than $300 million per annum. The two schools are independent of each other while sharing numerous facilities, including the gymnasium, cafeteria, library, healthcare, and security services. CTS Canada College offers robust diploma programs and other certificate programs in Law& Justice, Business, Technology, and Health Sciences.

 

How Rent to Own Could be Beneficial

The Rent-to-own route in North Bay can be the best option to achieving your dream of becoming a Canadian homeowner while taking advantage of the rising home prices as a renter. Potential homeowners aiming to purchase a home but can't do so because of mortgage and credit score issues have two options:

 

Option1: rent for now and wait until two years later to purchase the home

Let's assume a 10% annual appreciation for North Bay home prices at the September average of $401935; the same home will cost $486,340.85 at the end of the second year.

 

Scenario2: Rent-to-own with Requity Homes

Right from the start of our rent-to-own program, you know what you're going to pay for in advance. Instead of charging you a future price based on historical data, Requity Homes offers a more modest 5%, ensuring renters can rent to own a home with ease. In this case, you'll be buying back the home at $443132 instead of the $486,340. That is $43,208 savings. In many ways, rent-to-own is an excellent idea in the long run than renting and saving in a rising housing market.

About Requity Homes

Requity Homes offers a new solution to homeownership, helping Canadians live in their dream homes while saving up monthly down payments. Our modernized rent-to-own program is designed to assist potential homebuyers who aren't ready for a traditional mortgage with a bank. Our goal is to help the tenant (future home buyer) prepare for a mortgage and eventually buy the home.

If you'd like to know more about how rent-to-own works, check the following articles: Rent-to-Own: A Beginner's Guide to How it Works?

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