Rent to Own a Home in North Bay, Ontario

Rent to Own Homes 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, 3 hours 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.

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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.

This unique blend of affordability, natural beauty, and economic opportunity makes North Bay an ideal location for rent-to-own arrangements. The city's housing market offers an accessible entry point for aspiring homeowners, with the potential for appreciation as property values continue to rise. Rent-to-own programs in North Bay provide a flexible path to homeownership, allowing individuals and families to live in their future home while working towards mortgage qualification.

For those priced out of larger urban markets or seeking a change of pace, North Bay's rent-to-own options present a compelling solution. Renting-to-own, also known as lease-to-own, offers the chance to invest in a growing community, enjoy a high quality of life, and build equity – all while experiencing the charm of this vibrant Northern Ontario city. As more people discover the benefits of rent-to-own in North Bay, it's becoming an increasingly popular choice for those looking to achieve their homeownership dreams in a more affordable and picturesque setting.

View the latest rent-to-own properties in North Bay

Real Estate Trends in North Bay, Ontario

As of May 2024, North Bay's real estate market shows both challenges and opportunities for prospective homebuyers. The average home price in North Bay has risen to $464,707, reflecting a 4.1% increase from May 2023. The overall MLS® Home Price Index (HPI) composite/single-family benchmark price was $423,300, marking a 5% increase compared to the previous year. This consistent rise in home prices indicates a robust market despite a decline in the number of homes sold.

Home sales in North Bay totaled 106 units in May 2024, a 10.9% decrease from the same month in 2023. Year-to-date, 390 homes were sold in the first five months of 2024, showing a modest gain of 1.6% from the same period in the previous year. However, these sales were still significantly below the five and ten-year averages, highlighting a slower market pace​.

The number of new residential listings in May 2024 fell by 9.3% compared to May 2023, with 186 new listings. Active listings at the end of May 2024 were 244, an increase of 31.9% from May 2023, indicating a higher inventory level than seen in the past five years. The months of inventory, which measures the time it would take to sell current inventories at the current sales rate, stood at 2.3 months, up from 1.6 months the previous year but still below the long-term average of 3 months​.

First-time homebuyers and those seeking investment properties are particularly drawn to North Bay's relatively affordable market compared to larger Ontario cities. The city's diverse economy, beautiful natural surroundings, and strong community feel contribute to its appeal for both long-term residents and newcomers.

As the real estate landscape continues to adjust post-pandemic, North Bay's market shows resilience and steady growth. Prospective buyers and investors would do well to keep an eye on this vibrant Northeastern Ontario city as it navigates the changing dynamics of Canadian real estate.

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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, it stands as a vibrant economic center alongside its Northern Ontario counterparts, Sudbury and Sault Ste. Marie. 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 and two 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 in North Bay 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:

Option 1: 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 $401,935; the same home will cost $486,340.85 at the end of the second year.

Option 2: 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 $443,132 instead of the $486,340. That is $43,208 savings. In many ways, rent-to-own in Canada is an excellent idea in the long run than renting and saving in a rising housing market.

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How to Find Rent to Own Properties in North Bay 

Feel like you’re ready to look for “rent-to-own listings near me”? 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.

Next Steps: To understand the benefits of our rent-to-own program and find suitable homes, check out these resources:

1. Estimate Your Rent-to-Own Payments: Estimate your monthly payments and see how much you can save with our rent-to-own payment calculator.
2. Rent-to-Own Listings in North Bay: Browse available rent-to-own properties in North Bay or expand your search to other rent-to-own properties in Canada.
3. Pre-qualify to Rent-to-Own: Start your journey to homeownership by pre-qualifying for our rent-to-own program.