Introduction

Should you rent or buy? It’s a big decision for many Canadians, and both options have their advantages. Here’s a breakdown to help you decide.

Benefits of Renting

• Flexibility: Easy to relocate for work or lifestyle changes.
• Lower Upfront Costs: No down payment or maintenance costs.
• Less Responsibility: The landlord handles repairs and property taxes.

Benefits of Buying

• Building Equity: Your mortgage payments increase your ownership stake over time.
• Tax Advantages: Homeownership comes with potential tax benefits.
• Stability: You don’t have to worry about rent increases or evictions.

Cost Comparison

• Renting may be more affordable short-term, especially in expensive markets like Toronto and Vancouver.
• Buying offers long-term financial benefits but requires significant upfront costs (down payment, closing fees).

Conclusion
The decision depends on your financial situation and lifestyle. Speak to a realtor to explore your options.