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Renting is convenient for those who are not ready to settle down, have high-interest debt or have temporary job or still studying. On the other hand, Buying house is for the people who are ready to live at same place for 5 years or longer, able to take more responsibilities, have enough money to pay down payment for mortgage.

I chose this website because It has all the ups and downs of buying house. One line that I really like is: "Rather than investing what they save as renters, they just rent nicer apartments, eat at fancier restaurants, and put more money into their wardrobe".

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We're told it's always better to buy than rent. Everyone-from our parents to the banks to the government-encourages us to buy, buy, buy our homes.

But times have changed, and I dare say that these authority figures might be slightly out of touch. The jaw-droppingly high cost of real estate in big cities is encouraging millennials to rent instead of own, causing homeownership rates to drop. At 30 years old, 50.2 percent of millennials own homes versus 55 percent of baby boomers at the same age. As a millennial homeowner, I can't help but wonder if I'm generationally displaced.

There's an old misconception out there about renting that needs to be addressed. You're not "throwing away your money" if you're renting. While that familiar axiom might be true sometimes, there are plenty of circumstances in which it makes more sense to rent.

You Might Choose to Rent If...

...You Invest What You Save

Renting tends to come with lower carrying costs than owning. Typically, all you'll have to worry about paying as a renter is, well, the rent (clearly) and perhaps a share of utilities. This leaves you with extra monthly cash flow that you can invest, which can ultimately put you on even financial footing or better with a homeowner.

As always, there's a familiar caveat here: you have to be financially disciplined for this strategy to pay off. One mistake I see a lot is that those who rent tend to fall prey to something called 'lifestyle inflation.' Rather than investing what they save as renters, they just rent nicer apartments, eat at fancier restaurants, and put more money into their wardrobe than their RRSP.

...You Have Rent Control, aka the Urban Holy Grail

Depending on where you live, you might be lucky enough to benefit from the urban miracle known as rent control. That means your landlord can only increase your rent by the rate of inflation, which in turn keeps your cost of living way down and leaves you with more money to invest. In Canada, rent control is now implemented in most big cities like Toronto and Vancouver (although not in Montreal).

...You Have a Mobile Lifestyle

Renting makes it easier to move. If you'd like to relocate to another part of the city - or country - it's usually as simple as giving your landlord 60 days written notice. When you own a home you're more tied down. If you get a great job opportunity in another city or country, it's tougher to relocate. I once turned down a fantastic job opportunity in Dallas, Texas for this very reason.

...You're on a Tight Budget

Renting tends to be more affordable than buying in big cities like Toronto and Vancouver. I know, I know, renting is still unreasonably pricey in certain neighborhoods. But buying in those same areas can be arm-and-a-leg expensive. It's taking Canadians two to four times longer to save a 20 per cent down payment.

When you rent, all you have to come up with is the first and last month's rent. No need to scrimp and save to pull together a massive down payment on a house.

And homeownership leads to a lot of other costs aside from mortgage payments. When you buy real estate, you'll need to pay closing costs. Closing costs typically add up to between 1.5 percent and 4 percent of the home's purchase price and can include a home inspection fee, real estate lawyer fee, land transfer taxes and homeowners insurance (sometimes you'll have to fork over an entire year's worth of home insurance as one lump sum).

There's also the elephant in the room that nobody likes to speak about: repairs and maintenance. Homeowners are responsible for paying the big bucks for costly home repairs, such as a new roof and furnace, and are advised to set aside 3-5 per cent of a home's value toward home repairs and maintenance each year. Renters, on the other hand, can just call their landlord whenever they need repairs (provided the landlord actually picks up).

The "Don't Buy. Rent." Movement

Kristy Shen (or FIRECracker, as she's known on her site) is one half of the couple behind the popular financial independence website Millennial Revolution. She also happens to be Canada's youngest retiree, claiming that title at the age of 31.

Back in 2012, Kristy and her now husband were almost ready to buy a house. "Everyone was telling us to buy-friends, family, co-workers, my parents especially. When you come from an Asian background, it's sacrilegious to not buy a house," recalls Kristy.

"We had saved up $500K for a down payment. The turning point was when I saw a dilapidated house, which we nicknamed 'Devil House,' in our neighbourhood with a price tag of $400K. I thought, 'no one in their right mind would want this house,' but it was sold within a week. Barely two months later, it was flipped by a property developer and put back on the market for $800K. All they did was slap some paint on it, without making any real fixes, and it sold within days."

Kristy felt like no matter how long and how much she and her husband saved for a down payment, they simply couldn't keep up with the ever-increasing cost of homes. They also didn't want to live the next 25 years "house rich, cash poor," with all their money going toward their mortgage and upkeep of their home, leaving little left to save or have fun with.

Instead, Kristy rents and invests what she saves in low cost index ETFs, using a 60/40 allocation (60% equities, 40% fixed income). Using a portfolio withdrawal rate of 3%, she has been able to preserve her portfolio and actually see it grow over time. She's a strong believer that you don't need a home to achieve financial security.

"The misconception many people have is that not buying a home means you are throwing away money on rent, while losing your savings to inflation. What they don't realize is that the alternative to buying a home is actually renting AND investing. When you rent, your price is fixed, which makes financial planning easy and predictable," Kristy told me. "By renting and investing in low cost index funds, on average, you will be wealthier than homeowners, because over the long term, the stock market always beats the housing market."

What About "Forced Savings," Side-Hustles, and Other People's Money?

Despite Kristy's convincing evangelism for renting/investing, many millennials are still driven to own homes. According to a Royal LePage survey, 86% of those between the ages of 25 and 30 still view real estate as a good investment. And for good reason.

When you buy your home, it's forced savings. (If you don't pay your mortgage, you'll find yourself out on the streets pretty quickly.) You're far less likely to splurge on avocado toast three times a week with that hanging over your head. The forced savings of homeownership help you build up equity and long-term wealth over the years.

Buying can also be a source of income, as I can say from personal experience. When you're a landlord, you can rent your property out to tenants (short-term or long-term) while you live frugally. This "subsidizes" the high cost of homeownership in big cities and can shave years off your journey to being mortgage free.

I had the plan of renting out my house in mind when I was looking for homes. Since the cost of living is so high in Toronto, I looked for a house where I could live in the basement and rent out the upstairs to bring in additional income.

And when you buy, you're able to use what I like to call "other people's money." The bank often puts up most of the money when buying. And if the home appreciates in value, you can come out ahead in the future, plus have a paid-off home to show for your efforts. The government also offers tax credits and deductions to encourage homeownership. In many cases, you won't have to pay any tax when you sell your principal residence.

Then there's the fact that rent never ends, whereas mortgage payments do. So while you may be able to find your "dream home," you can't really find a "dream apartment," unless you plan to buy it outright. If your landlord decides to sell the property, your dream apartment suddenly becomes someone else's dream home, and you may be forced to move from a place you would otherwise stay in for years.

Why I Chose "Buy" in the Rent vs. Buy Debate

My decision to buy a home has a lot to do with how I was raised. Growing up my parents were always homeowners. This encouraged me to start saving toward the down payment for a home early on. Once I graduated from university and landed my first full-time job, I decided the timing was right to go house hunting.

Buying a home made sense for me financially, mentally and life stage-wise. I have a steady job, I'm committed to staying in Toronto for the foreseeable future, and I'm prepared for the extra responsibilities (and costs) that come along with homeownership. So I purchased a home that will suit me (and a possible wife and kids) for years to come.

But there are convincing arguments on both sides of the buy-versus-rent debate, and whichever you gravitate toward should ultimately depend on your personal circumstance rather than the views and decisions of your peers.

If you're debating between rent and buy, consider the following rules of thumb when making your decision:

When to Rent

You aren't ready to settle down and don't know what your long-term plans are (e.g. you might go back to school, take a job promotion in another country, your job situation isn't stable, etc.).

You can't afford the monthly carrying costs of homeownership. Renting is more affordable and makes more sense in the short-term.

You're carrying high-interest debt. Focus on paying that off first before buying a home. It makes little sense to borrow money for a mortgage when you're paying 19 per cent interest on your credit card.

You're ready to put down roots and are committed to staying in the same place for five years or longer.

You're ready for the responsibilities of being a homeowner. Homeownership comes with a lot more responsibility than renting.

You're ready to make financial sacrifices. You may not be able to afford to go on multiple trips a year when you're a homeowner versus when you were a renter. If travel is highly important to you, you might be better off renting.

Whether you opt to buy or take Kristy's advice to rent and invest, one fact won't change: You'll need to get a legal will. A will ensures your assets (in this case either your home or your investments) are protected and will be distributed per your wishes in the event that something happens to you.

Willful.co, a leading Canadian website, will guide you through the 20-minute process of creating a customized legal will. Prices start as low as $99, and GreedyRates readers get our exclusive discount: $20 off any Willful plan with the PROMO code "GREEDYRATES"! Willful will even print and ship your will to you for free if you're unable to do so yourself.

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Renting vs Buying a Home: What's Right for You?

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Advertiser Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. We're told it's always better to buy than rent. Everyone-from our parents to the banks to the government-encourages us to buy, buy, buy our homes.

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This website shows how your monthly payment of mortgage takes you one step closer to owning a property. It also to helps to decide where do you want to live.

The extremely helpful thing that I found on this website is Rent vs Buy calculator. if you want to rent a house, It ask for your rent amount, utilities and money that you going to pay every month and if you want to own a house, It will ask mortgage payment and price of house and It will compare all the expenses that you will pay for the same house by renting and owning a same house.

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Last Updated on

Once upon a time, buying a home in Canada was simply a milestone in the life of the average Canadian. But times have changed: prices have skyrocketed, and housing markets have exploded, particularly in Vancouver and Toronto, making homeownership difficult and calling the investment potential of real estate into question. Simultaneously, the surge of remote work situations and the shift to a global economy have made the portability of renting an attractive choice. It's left many Canadians with rent vs. buy debate.

With so many variables-personal and financial-in play, whether to rent or buy may well come down to your financial circumstances, future goals, and personality. This article outlines some of the considerations when deciding to rent or buy a home.

Benefits of Owning Your Own Home

There are a gazillion reasons why homeownership has serious appeal (not dealing with nosy landlords is definitely one of them). Here are some of the common benefits of owning your own home:

You build equity: When you make a mortgage payment, you build equity (the portion of your home that you truly own and isn't encumbered by a mortgage). So each monthly payment takes you one step closer to owning your own place - something renting can't give you.

It's generally a good investment: Homes usually go up in value, so if you buy a home within your budget, the payoff can be plenty down the line. The general rule is to hold onto a property for five years or longer in order to reap the full benefit of the home appreciation.

Stability: With a fixed-rate mortgage, your mortgage payment is predictable and more stable than renting (yes, your lovely landlord can hike the rent).

More privacy: There's no landlord policing your every move.

Downsides of Owning Your Own Home

Homeownership isn't all unicorns and rainbows. Here are some of the downsides to homeownership, which may sway you towards renting:

It's a commitment: You can't just sell your house overnight or break your mortgage on a whim (at least, not without a hefty penalty). Buying a home generally means you're sticking around for at least five years or longer.

Ongoing maintenance costs: When renting, your landlord is responsible for the upkeep of your home. But homeowners have to foot the bill for regular maintenance and repairs: whether it's replacing the roof once every ten years or fixing an exploding toilet, you're on the hook.

Mortgage payments can be higher: By and large, it's usually cheaper to rent than to pay for a mortgage. However, this depends heavily on your location.

ROI can be slow: It can take time for the value of your home to increase, so patience is essential. Don't expect an immediate return on investment.

Less disposable income: Homeowners take on considerable responsibility and debt, which may prevent them from investing elsewhere (in RRSPs or TFSAs, for example). In some cases, a homeowner may find themselves "house poor" - meaning a big part of their income goes towards the costs of homeownership, leaving little left over to pay for other needs and wants.

What are the Benefits of Renting?

It may not a popular opinion, but renting a home has some perks worth considering. Here are the pros of renting a home:

Cheaper: In general, rent payments tend to be lower than mortgage payments, and may cover other costs, such as utilities, hydro, cable, and internet.

Flexibility: In the era of Airbnb, renting gifts you the ultimate flexibility. Most leases are one year, but it's possible to score an agreement that's month-to-month. You may decide to get a short-term rental through a home-lending website. If you've got wanderlust or commitment-phobia, renting may work best for you.

Little or no maintenance: You don't have to shell out a wad of cash when the dishwasher breaks or the basement floods. Call your landlord instead!

Financial freedom: As a renter, you'll likely have more free cash to sink into investments and retirement planning.

The Downsides of Renting a Home

Let's be honest: there are some unappetizing things about renting. Here's are some not-so-great aspects to being a renter:

You're not building equity: While renters avoid taking out a mortgage and footing the bills for running a house (which can be big bucks), they also lose out on building equity. Instead, your monthly rent cheque goes towards paying someone else's mortgage.

The landlord is boss: We've all heard horror stories about deadbeat landlords and surprise eviction notices. Renting means you're living on someone else's turf - and they get to call the shots (within reason though...there are laws, after all).

Instability: In accordance with local laws, the landlord can hike the rent. A spike in your rent payment could trigger you to start packing - which is not only inconvenient but for cash-strapped people, could trigger a full-blown financial crisis.

Rent vs. Buy: How to Decide

Before you make the leap from renting to owning, it's wise to dig in and analyze your current financial situation and short-to-medium-term goals. We'll deal with specific financial considerations later; but first, survey your personal situation and readiness for homeownership first.

Where do you want to live?

The first (and most important) thing to do is to compare the cost of rent to mortgage payments in your neighbourhood. The housing market will exert significant influence on your decision-making. In "hot" housing markets like Vancouver and Toronto, the cost of a mortgage may be significantly higher than the amount you would pay in rent. As a general rule, if you're paying more than $3,000 per month in rent, you can probably do better on a mortgage.

Rent vs. Buy Calculator

One way to crunch the numbers is to use our rent vs. buy calculator.

Can you pass the 40 percent rule?

The "40 percent rule" says you should be able to meet your housing costs (principal and interest, taxes, and heat), as well as your other registered debts (such as car loans and credit cards) with no more than 40 percent of your gross income. Not only is this a handy guideline for your personal planning, but it's also a measure applied by many lenders. Relatedly, you should be able to cover monthly costs such as your housing, food, and transportation (known as "fixed costs") with 50 to 60 percent of your net monthly income. Any more than that, and you're likely to struggle.

How stable is your employment situation?

Without stable employment, you'll have trouble convincing a lender to give you a mortgage, but more importantly, you may run into problems meeting your obligations. Do a realistic survey of your employment picture before making a decision.

How long do you plan to live in your home?

With all the talk of investments and equity, it can be easy to lose sight of some basic truths. As a general rule, the longer you live in a place, the better the investment. This is partly due to the fact that there are numerous costs associated with the transfer of real estate.

Are you ready for the commitment?

Homeownership is a big step. It means that you're saying "yes" to forking over a chunk of change for property taxes, home insurance, maintenance, utilities, and a mortgage. Are you really ready for it?

When to Rent

You're not ready to put down roots, and your long-term plans are influx. If you're thinking about travelling, going back to school, changing careers, hit pause on your plans for homeownership.

You can't afford the mortgage payment and ongoing expenses that come with homeownership. Renting is a more affordable option and makes fiscal sense in the short-term.

You've got a mountain of debt. Focus on paying off your student loans, credit cards, car loan, or whatever else is bogging down your bank account. When you're back in the black, you'll be ready to approach a mortgage lender to talk about homeownership.

You don't have a down payment saved up. Stick with renting, and instead, set up an automated savings plan to a high-interest TFSA account. After a few years, you'll be golden.

You want to invest what you save. Renting will likely give you more wiggle room to make regular payments to a TFSA or RRSP investing account.

You have "precarious employment." If your job is temporary or you're self-employed, a mortgage loan often gets nervous. Your best bet is to spend a couple of years renting, saving up for a downpayment, and building up a proof of your income. That generally means being able to produce 2 years of tax returns from Canada Revenue Agency.

When to Buy

You're ready to settle down. You want a place to call home and you don't anticipate moving for at least 5 years or more.

You're (financially and emotionally) ready to take on the many costs associated with homeownership. We're talking about making your mortgage payments, but also things like utilities, repairs and maintenance, property taxes, home insurance, snow removal, condo fees, and so forth.

You're financially fit. You've got enough money saved for a down payment and to cover closing costs. You're debt-free (or almost debt-free) and have a chunk of change that you can put towards ongoing maintenance and property taxes. You're prepared to put your needs ahead of your wants, temporarily shelving plans like travel and buying the latest gadgets.

You've got a steady source of income. You're not planning on making an abrupt career change that could impact your income, or taking time off to explore other pursuits like travel. If you're self-employed, you have at least 2 years of CRA Notices of Assessment to show a mortgage lender that you've got a stream of income coming in the door.

How Much Does Home Ownership Cost?

If you're convinced that homeownership is for you, the next step is taking a detailed survey of the real financial obligations of homeownership. Use these guidelines to estimate the real financial responsibilities of buying a home.

Down payment: 5 to 20 percent
This is the standard amount you'll need to apply for a mortgage. If you put down less than 20% of the purchase price, you'll have to pay "CMHC insurance" - a mandatory mortgage default insurance policy for those who purchase a home with less than a 20% down payment.

Closing costs: 1.5 to 5 percent
This includes lawyer fees, appraisal fees, home inspection fees, and property tax adjustments.

Home insurance: $50 to $100 per month
A home is an enormous investment. You'll want to protect it.

Maintenance: 1 to 2 percent of your income annually
A new hot water heater, roof repairs, blown electrical circuits - you name it! Homes need regular, expert maintenance if they are going to be safe and efficient. Regular upkeep also protects your resale value.

A note for first-time homebuyers: Incentives like the RRSP Home Buyer's Plan, the First Time Home Buyer's Tax Credit, and the Land Transfer Tax Rebate can all save you a bundle.

Is Homeownership a Good Investment?

If you have the resources to buy, homeownership is more than likely a smart investment. Every time you make a mortgage payment, you are essentially paying down the principal and taking a step towards owning a piece of property that will appreciate over time. Think of your mortgage payment as an investment or a savings strategy: if you sell your house down the road, you'll not only get back the money you've paid out but also likely turn a profit. If you stay put long enough, this can grow into a very healthy nest egg.

Of course, there are no guarantees and even buying a house comes with risks. In the past, CMHC has warned about overvaluation in certain areas of Canada's housing market, but for the most part, buying a house in Canada is a safe bet. Just make sure to buy within your budget and plan to hold onto the place for more than five years.

Verdict: Is It Better to Rent or Own a House?

When it comes to renting vs. buying a house, neither is better than the other. There's no clear-cut answer to this age-old debate, and it's going to require some soul-searching and number-crunching on your part. Your current personal and financial situation, as well as your goals and location, will largely determine what's right for you. Use our rent vs. buy calculator to see which option makes fiscal sense.

If you decide to take the plunge into homeownership, remember to shop around for the best mortgage lender and get the lowest mortgage interest rate possible. A bit of research could save you hundreds of thousands of dollars in the long run. From our research on the best mortgage interest rates in Canada, consider an online lender like motusbank or a credit union like Meridian. Looking at the rates, Meridian has some great fixed and variable rate mortgages, with their 5-year, closed fixed-rate mortgage at 2.59% and their 5-year, closed variable rate mortgage at 2.90%. Likewise, motusbank has some very competitive rates, and you can do the entire application online in under 10 minutes.

If you choose to remain a renter, use the situation to your advantage and set up an automatic saving plan to an investing account with a robo advisor or online brokerage. You may not be building equity with mortgage payments, but you can still build a "wealth empire" with your disposable income. According to the 50/20/30 budgeting rule, aim to put away 20% of your after-tax earnings towards savings and investments.

With low-interest rates and climbing market values, buying a home may well be on your radar. But with obstacles like paying down debt and the mortgage stress test, renting may also make good financial sense for many Canadians, especially since you value financial freedom. Both offer risks and benefits and working through our checklists and guidelines should help you make an informed and realistic decision.

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Rent vs. Buy Debate in the Current Canadian Housing Market

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Last Updated on Once upon a time, buying a home in Canada was simply a milestone in the life of the average Canadian. But times have changed: prices have skyrocketed, and housing markets have exploded, particularly in Vancouver and Toronto, making homeownership difficult and calling the investment potential of real estate into question.

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This website depicts, we should invest in the stocks or somewhere else rather than putting all the money in buying the house. It explains buying a home has some unrecoverable costs that we don't even think about that such as cost of capital and the property taxes.

I chose this website because It shows how 5% rule changes the rent vs buy  a home debate in depth. One thing that I like in this website is with the same amount of money we can get 3% return on real estate or 6% with stocks So, choice is on us now?

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Should you rent or buy a home in Canada’s current real estate market? Here’s how the 5% rule changes the debate

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Stocks have higher expected returns than real estate, which means that there is an opportunity cost on the equity that you have in your home. This is one of the most important unrecoverable costs for a homeowner to grasp

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This website says how pros of renting home outweigh the cons.  It suggests the most scenic and bustling areas are extremely expensive so, it is better to rent a house in that kind of city such as Toronto and Vancouver.

I chose this website because it includes all the details for those who want to buy a house (Comprehensive list of guides on Canadian mortgage loans). It covers all the aspects for mortgage such as open vs closed mortgage, terms, down payment, mortgage approval process, mortgage amortization, mortgage renewal facts along with that, advise for first-time home buyers and closing cost.

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Most people dream of owning a home. When compared to renting a property, buying a home is usually hailed as the smarter long-term investment. As great as the idea of becoming a homeowner is, you have to be realistic about your decision.

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This video reveals how renting and buying worth almost same in the long-term like 25 years, as  renting house can save you 500,000$ and owing house will give 500,000$ asset.

I found this video very helpful because it gives really good example of two guys. one rents a house that going to cost him 2200$/month but same house will give other guy 3000$/month mortgage and some maintenance cost. It has all the details of payment which is connected with buying a home to selling it such as Provincial LTT,  Municipal LTT,  legal  fees, home inspection fees, home appraisal and closing cost.

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Drawing Conclusions: Is renting really a waste of money?

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This video teaches to rent a house until you can pay large portion of house upfront so, in that way you won't have much debt to pay off later. It explains renting is the best decision you can make. The money that we save by renting instead of owing it could be put into stock market. If you invested correctly stock market could give you better return than money invested in home.

I selected this video because It shows how we should rent a house until market goes down and save up money for down payment. And when it goes down, we can buy a house.

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This video reveals all the advantages of owing a house such as when you own a place there is no restriction so, you can decorate it, you can put trampoline in the backyard, you can renovate and redesign as you want. If you own a house nobody can kick you out from your home. We can get freedom of living. We can invite friends for party or have get together of family there would be no restriction from anybody.

I chose this video because it also explains downsides of owing a house such as we must change roof after 10 years which is costly. In addition to that, maintains cost and taxes.

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This video depicts some interesting ups and downs of renting and buying a house. On the positive side of renting, there is no need of credit check so, if someone has bad credit, he can still rent a house along with that, he does not have to worry if neighborhood depreciates. If market goes down, renters have no equity to lose. On the owing side, owner is building an equity by paying mortgage. They can get benefits if neighborhood appreciate.

The advice that I really love from this video is never buy a nicest house in the neighborhood but try to buy worst house in and renovate to the above the average. It also teaches when to sell a house.

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Chris Graeve - Renting vs Buying a house

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I am going to do fair comparison between renting and buying a house. By classifying all the ups and downs, I will let you figure out which is suitable for you.

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This Image compares the mortgage cost with a rent price in the most of the cities. So, we can get basic ideas from this image that which city is better for buying and which is better for renting.

I chose this image because it uses bar chart to compare cost for both so, we can understand easily.

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This picture helps you to decide renting is good for your lifestyle or buying.

I find this image helpful because it covers all the aspects that anyone can differentiate his lifestyle and figure out which one better for him.

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1. What did you learn about your topic that surprised you the most? 

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1. What did you learn about your topic that surprised you the most? 

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The most surprising thing that I learned is 5% rule for investment. I learned is real estate give you 3% return and stocks give you 6% return so, better to first focus on investment.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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2. Provide a real-life example of how this topic is relevant or interesting for you.

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I found this topic interesting because my brother is thinking to buy house in Toronto so, from last 2 months we are discussing about renting or buying house. Now, I can guide him.

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on? 

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on? 

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As I mentioned my brother is thinking to buy a house so, I can teach him how to invest in stocks instead of paying down payment.