Nov 17, 2021
4
 min read

Rent to Own a Home in Sault Ste. Marie, Ontario

Sault Ste Marie Rent to Own
Summary
Sault Ste. Marie is an Ontario city close to the US-Canada border and near the St. Marys River. Formerly named Baawitigong (“place of the rapids”) by the indigenous Ojibwe people, Sault Ste. Marie is now the third largest city in Northern Ontario. In 2021, the average home price increased by 44.6% between May and June, making Sault Ste. Marie an up-and-coming spot for families to move.

Sault Ste. Marie has shown an upward trend in home sales and prices. It is conveniently located near the United States border, allowing for easy travel between the US and Canada. Families can enjoy the benefits of living in Sault Ste. Marie, such as affordable housing, a low cost of living, cultural events, and beautiful scenery.


The city is known as a busy family town with many opportunities for those who love nature. As it neighbours three of the Great Lakes – Superior, Huron, and Michigan – it is great for those who love to see a shimmer off the water. Other outdoor attractions include Chippewa Falls, Agawa Canyon, and the Parks Canada Canal, all to meet your hiking needs.


If you’re interested in job opportunities, you would be happy to know that unemployment is at a low 5.1 percent, and many options are available. Some industries include data innovation, finance, business incorporate assembling, and government-based jobs.

Real Estate Trends

According to the Canadian Real Estate Association, home sales have increased by 43% since 2020. The average home price reached $294,310 in September 2021, indicating a 40.3% increase from the year prior. 


Despite the advancement in sales, the amount of new listings has decreased by 9.7% in the same period. Furthermore, active listings have declined by 29.8%. However, the increased demand for housing has lowered the months of inventory from the long-run average of 5.5 months to 1.3 months.


On average, the cost of housing in Sault Ste. Marie is 68% below the Canadian average and 88% lower than the rest of Ontario. On top of this, the overall cost of living is 14% cheaper than the Canadian average and 25% under Ontario. Factoring both of those considerations together, you are saving a lot of money living in Sault Ste. Marie compared to most other places in Ontario.

Transportation

Sault Ste. Marie sits along the Trans-Canada Highway. This highway connects throughout ten of Canada’s provinces from east to west. It also borders the United States and has direct access to the U.S. Interstate-75 highway that stretches from Michigan to Florida.


Not to mention, Sault Ste Marie has two regional airports, one located within the city and the other located fifteen minutes south. 


Sault Ste. Marie Transit Services offer reliable bus routes throughout the city. Some of the routes include:


  • Great Northern Road
  • Riverside/McNabb
  • Eastside
  • Sault College
  • North Street
  • Korah Road
  • Steelton/Second Line


You can find bike racks, bus charters, community buses, and parabuses connecting you to the city. Sault Ste. Marie also has a Walk Score of 73/100 with some biking infrastructure, so you do not need a car to live there.

Economy

Around World War II, Sault Ste. Marie became a leader in steelmaking. Even now, Algoma Steel has remained the largest single employer in the city. Paper mills and hydroelectricity are other crucial portions of the industry in Sault Ste. Marie.


Besides industry, other important sectors of the economy include government, immigration, the arts, entrepreneurship, alternative energy, transportation, technology, and agriculture. Currently, the city is named the alternative energy capital of North America.

Education

In Sault Ste. Marie, residents have access to schools from the Algoma District School Board and the Huron-Superior Catholic District School Board. Post-secondary education options come from universities such as:


  • Algoma University
  • Lake Superior State University
  • Sault College of Applied Arts & Technology


French speakers can attend Le Conseil Scolaire du District du Grande Nord de l’Ontario or Le Conseil Scolaire Catholique du Nouvel-Ontario.

How Rent to Own Sault Ste. Marie Could Be Beneficial

Rent to own homes in Sault Ste. Marie can help you own a home sooner than you thought possible. You could even benefit from the upward trend in housing prices by acting as a renter. 


Say you found your dream home, and it costs $300,000. However, you have a low credit score and can’t afford the down payment.


When in this situation, you have two choices:

Option 1: Rent for now and wait two years to buy

Housing prices have shown a steep upward trend recently. If the housing prices continue at the approximately 40% appreciation, this $300,000 home will cost $588,000 in two years. While the actual rates will likely decrease, you will still have to pay significantly more than you would now. 

Option 2: Rent to own with Requity Homes

Another option would be to rent to own Sault Ste. Marie houses with Requity Homes. Our program tells you how much you will pay ahead of time. Instead of hoping that appreciation costs will decrease, Requity Homes will assume a 5% annual increase.


Instead of paying $588,000 after two years, you would only pay $330,750. That’s a total savings of $257,250 after two years. With our program, you can also raise your credit score and income to become a more attractive candidate to lenders.


Applying for a rent to own program can save you a significant amount of money in the long run compared to renting a place and saving. The real estate market changes constantly, but we keep it simple.

About Requity Homes

Requity Homes can help you become a homeowner even with a subpar credit score or small expendable income. With our rent-to-own program, you can live your dream life while saving to make the down payment.


We can help you prepare for a traditional mortgage without having to live in a mediocre apartment for the next few years. The best part is that you do not need to have a ton of disposable cash on hand. We want you to live in your dream home ASAP!


If you want to learn more about the rent to own program, read Rent-to-Own: A Beginner’s Guide to How It Works. If you’re ready, feel free to submit an application today to get started with Requity Homes.


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