{"id":8972,"date":"2018-05-04T15:15:38","date_gmt":"2018-05-04T22:15:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8972"},"modified":"2018-05-01T11:00:35","modified_gmt":"2018-05-01T18:00:35","slug":"land-leasing-homes-could-become-a-property-ladder-alternative","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/land-leasing-homes-could-become-a-property-ladder-alternative\/","title":{"rendered":"Land Leasing Homes Could Become A Property Ladder Alternative"},"content":{"rendered":"<p style=\"text-align: justify;\">As unaffordability spills out of large urban centres and into their surrounding areas, land leasing homes could become a viable alternative.<\/p>\n<p style=\"text-align: justify;\">The land lease model, wherein a resident owns the home but not the land upon which it\u2019s built, is about 30% cheaper than freehold and is being touted as a panacea to the unaffordability crisis that\u2019s gripping major cities.<\/p>\n<p style=\"text-align: justify;\">Lachlan MacLean, vice president of property operations for Parkbridge, says that land leased homes are excellent options for first-time buyers, retirees, and even real estate investors.<\/p>\n<p style=\"text-align: justify;\">\u201cThe fundamentals are the same,\u201d he said, \u201cbecause they own an asset that typically grows in value over time, with the difference being that it\u2019s at a lower entry point. It\u2019s different than someone looking to buy a home, so the entry point is lower and that might create opportunities for people who wouldn\u2019t otherwise have considered buying a home as a user or investor. It\u2019s a rental product that may be more affordable and, therefore, appeal to a broad audience because the buy-in for the investor was low in the first place.\u201d<\/p>\n<p style=\"text-align: justify;\">A land leased home still builds substantial equity, which could then be used to ascend the property ladder. Parkbridge has land leased communities throughout the country, including in Surrey, BC, where a three-bedroom, two-bathroom single-family detached house is being sold for $199,000.<\/p>\n<p style=\"text-align: justify;\">\u201cThe average benchmark price in the Lower Mainland is well over $1.5mln, so immediately there\u2019s a place where people can go where they own their home, have a yard instead of condo living, and they can start building some equity that would allow them to stay in that community or take other steps on the property ladder.\u201d<\/p>\n<p style=\"text-align: justify;\">Although it\u2019s a model of homeownership that isn\u2019t well publicized, CMHC does offer mortgages for land leased homes.<\/p>\n<p style=\"text-align: justify;\">However, for residents hell-bent on living in an urban centre like Toronto, MacLean says land leased homes wouldn\u2019t be feasible.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re typically in smaller urban centres,\u201d he said. \u201cIn places like the GTA, the land value doesn\u2019t support any kind of single-family development, let alone land lease, so we\u2019re in smaller centres like Goderich, Wasaga Beach, the Barrie market and the Kawarthas, around Peterborough.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/littleknown-ownership-model-touted-as-unaffordability-cure-241712.aspx\" target=\"_blank\" rel=\"noopener\">Little-Known Ownership Model Touted as Unaffordability Cure<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As unaffordability spills out of large urban centres and into their surrounding areas, land leasing homes could become a viable alternative. The land lease model, wherein a resident owns the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/land-leasing-homes-could-become-a-property-ladder-alternative\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8972","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Land Leasing Homes Could Become A Property Ladder Alternative &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/land-leasing-homes-could-become-a-property-ladder-alternative\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Land Leasing Homes Could Become A Property Ladder Alternative &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As unaffordability spills out of large urban centres and into their surrounding areas, land leasing homes could become a viable alternative. 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