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Rent to Own Homes in Sault Ste Marie, Ontario
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.
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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.
In this article, we will discuss the benefits of renting to own in Sault Ste Marie and how it compares to renting and typical mortgages.
You can also find the latest listings to rent-to-own in Sault Ste Marie.
Sault Ste Marie Real Estate Trends
The real estate market in Sault Ste. Marie has experienced notable changes over recent years. As of June 2024, the number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 161 units, marking an 8% decrease from June 2023. Home sales were 20.8% below the five-year average and 17% below the ten-year average for June.
On a year-to-date basis, home sales reached 753 units in the first six months of 2024, representing a 7.6% increase from the same period in 2023. The average price of homes sold in June 2024 set a new record at $357,329, a 2.4% increase from June 2023. The year-to-date average price was $338,619, up 8.6% from the first half of 2023.
Despite the rise in average prices, the number of new listings in June 2024 decreased by 6.5% compared to June 2023, totaling 257 new residential listings. This was the lowest number of new listings added in June in over a decade. Active residential listings at the end of June 2024 numbered 432 units, an 18.7% increase from the end of June 2023, but still 34.9% below the ten-year average for the month.
The months of inventory, which indicates the time it would take to sell current inventories at the current rate of sales, stood at 2.7 months at the end of June 2024. This was up from 2.1 months in June 2023 but remained below the long-run average of 3.6 months for this time of year.
The market in Sault Ste. Marie continues to be attractive due to its affordability. The cost of housing remains 68% below the Canadian average and 88% lower than the rest of Ontario. Additionally, the overall cost of living in Sault Ste. Marie is 14% cheaper than the Canadian average and 25% below that of Ontario. These factors make Sault Ste. Marie an appealing option for both residents and investors.
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 in 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 rent-to-own 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.
Learn more about what is rent to own.
Rent-to-Own in Sault Ste Marie
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’re ready to get started, use our rent to own affordability calculator to see how much you can afford, and then start looking for rent-to-own houses in Sault Ste Marie that are within your budget.
