Port Moody ‘rent-to-own’ condo scheme overwhelmed with demand
For 30 families in Port Moody, it will be like winning the lottery. Starting next month a unique path to home ownership will be launched that partially removes the biggest obstacle: a down payment. A new condo development near Rocky Point Park is being marketed to buyers with a unique twist. Just under ten per cent of the 358 units will be considered rent-to-own.
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.
50 Electronic Avenue speaks to its Port Moody location
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.
50 Electronic Avenue featured in Next Home & Condo Guide.
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
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