January 30, 2020
Survey Reveals Land Lease Homeownership Is The Housing Market’s Best-kept Secret
Land Lease - Housing Market's Best Kept Secret
COLLINGWOOD, ON – Sixty-five per cent of Ontarians have not heard about land lease homeownership, an alternative form of housing that bridges the gap between rental housing and freehold home ownership, a recent survey shows.
Land lease is a form of home ownership in which buyers purchase their homes outright but lease the land on which the homes sit. That makes land lease homes typically more affordable to purchase than traditional freehold homes. It is popular in other countries, such as Norway, the United Kingdom, Australia and the southern United States.
" Land lease homeownership is the housing market’s best-kept secret,” says Katherine Gyles, Executive VP of Corporate Strategy and Talent at Parkbridge Communities. “Because you don’t buy the land, the home is typically less expensive to purchase and mortgage costs are lower." Read more...