Should You Rent or Own a Home?

Rent or buy a home in Canada?

It seems that most Canadians are still aiming to own a home and are quickly realizing that paying rent is like paying someone else’s mortgage.

The average rents for a two-bedroom apartment in 2011 are as follows:

Toronto: $1,124
Vancouver: $1,181
Canada-wide average: $864

Even though the Bank of Canada made it pretty clear that interest rates are about to rise, first-time home buyers who may be tempted to hold off on buying a homeĀ  would likely be making a mistake.

The reason for this is that if you consider the mortgage payments on a $300,000 home, you would not be paying much more than the cost of renting anyway.

How many homeowners in Canada?

About 66% of Canadians currently own their homes, with men being more likely to own than women (Men 69%, women 63%), and the least likely of them all to dive into owning a home are those in the 18 to 34 age bracket.

Only 33% of homeowners are aged 18 to 34, and given that they have likely been paying rent for many years, there is no time like the present to buy and own a home. After all, economists are predicting that property prices will decline.

Owning a home in Canada

If you’re in the market for a home, check out ComFree.com. Just keep in mind that if you travel a whole lot and tend to relocate every couple of years, then renting is likely the better option for you.

1 comment

  1. Gala Sharps says:

    The advantages of a lease option. There are advantages for both the property owner and the leaser. If the buyer does not have the bank or credit worthiness to get a home loan but is still wanting to be a property owner, then a lease option deal is a great opportunity.

Leave a Reply

Your email address will not be published. Required fields are marked *