Rent-to-own in Ajax

Ajax, in dated numbers

Ajax's rent figure below is an average asking rent from the Rentals.ca network: what landlords advertise, measured across all property types. Compare it with the Whitby and Pickering pages knowing their rent figures come from leases already signed, a different basis that each of those pages labels on its own table.

How rent-to-own works in Ajax

Ajax's rent-to-own shoppers are usually commuters: settled at a school and a GO station, renting because a deposit has not caught up with prices yet. The agreement that fits that life has two parts, a lease that behaves like any Ontario tenancy and an option that sets the purchase at the end. The lease side is covered by the Residential Tenancies Act. The option side is a private contract and its terms are the whole ballgame.

The number to interrogate on any Ajax term sheet is the monthly credit. Two homes can advertise the same monthly payment while crediting very different amounts toward your purchase and over a three-year term that difference is worth more than a small gap in price. The readiness calculator works backward from your deposit instead: what you hold, what you can add each month and when that makes you ready.

When the term ends you still have to qualify for a mortgage like anyone else, stress test included. Our guide to qualifying at the end lays out the ratios lenders use, so you can plan the runway instead of hoping at the finish line.

Homes confirmed for Ajax

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