Rent2Own: Buying yourself time to home ownership
Panatch Group of Richmond is developing a condo complex in Port Moody that will offer 30 one- and two-bedroom units to first-time buyers, under a rent-to-own program.
Panatch Group of Richmond is developing a condo complex in Port Moody that will offer 30 one- and two-bedroom units to first-time buyers, under a rent-to-own program.
Twenty years ago, when Kush Panatch bought a 3.5-acre parcel of industrial land opposite Port Moody’s downtown, he knew it might take a long time for it to appreciate in value. What he hadn’t anticipated was the new SkyTrain Evergreen extension or the nearby Westcoast Express station would make it excellent space for a 358-unit condominium development.
The property has been in Kush Panatch’s family for more than two decades. Prior to that, it was the location of the family-run Chisholm Industries, manufacturers of what at the time were state-of-the-art televisions. Now the 3.5-acre property is poised to become a masterplanned community that’s already the talk of the town