To rent or to buy? 8 questions Canadians should ask before taking the plunge by Erika Tucker. On this webpage, a tool that asses how much one can afford to spend on housing costs based on their income and some housing payments is included. According to this source, mortgage experts suggest that one (or a household) should not spend more than 32% of their income on housing costs. If you are in the market, (or think you are in the market,) give this calculator a try!

Canada Real Estate: Rent Or Buy? This Slider Should Help You Decide by Jesse Ferreras. 

If you are someone who would like to move across Canada but you are not sure where you would like to go because of financial reasons, this webpage will be your friend! It's quick and simple! Glide over the city you are interested in and pull the slider left or right. Pulling it to the left will show a cost to buy an average apartment while pulling it to the right will show a cost of renting a one-bedroom living space. Based on the city, one could then decide whether renting or buying is a better option. One should reflect on the questions discussed in the first post on this Padlet and other materials posted here. Although this tool might not be specific to your search, it will at least give you a trend and idea of the cost in one city compared to another. Give it a try, and bon voyage! 

• Monthly Rent: May be easier to afford as it wouldn't be as expensive. This would then allow you to save up for other purchases or goals.
• Ability to Move: Renting generally gives you more freedom to move around more often. 
• No Maintenance: No responsibility for repairs or maintenance costs. 
• Less Insurance

• Less control: There are more limitations when it comes to the living environment and what you can do with it. There may not be as much freedom to decorate or install appliances (such as a washer/dryer), unless given permission by the home owner. 
• Rent Can Increase: It is possible that rent will increase
• Equity: As you pay someone monthly, that contributes towards their equity, and not yours.

• More Control: You can do anything when it comes to your living area as you call the shots and have control over what can and cannot be done
• Good Credit = Good Interest Rate: Having a good credit allows for the potential of a better interest rate, allowing you to have a better interest rate per month
• Equity: Each payment that you pay, contributes towards your equity, allowing you to eventually have full ownership. 

• Relocation: It is not as easy to relocate. You would have to sell or rent your home before you can move.
• Money: It is important to have a significant amount of money saved for a down payment, as well as an emergency fund.
• Extra Costs: These can include closing costs and unexpected costs.

• How long do you plan to be at this home for?
  • In the video, there is discussion about how the duration of staying at a home would make reason or to buy or rent. Based on this video, the magic number is four (4) years. If you are planning to stay for at least four years, then buying makes sense. If not, consider renting. We agree with her reasoning that she suggests; renting offers you flexibility in your short-term, less than four year home and buying but selling quickly could put you at risk of selling into a down market.
• What is Affordable? 
  • This question is challenging. It is a fact that the market of buying and renting is an up and down roller coaster. So much so that in some places, renting has actually become expensive than buying. Based on this, if one is set to seek a home in a certain area, they should consider both their budget and which option will be more or less costly for the duration they plan to live there... Get out that calculator! 
• Tax Deductions
  • Homeowners, with mortgages, are eligible for tax deductions. When you pay rent, the money just kind of disappears away. Something to keep in mind.
• Down Payments
  • Down payment requirements are sometimes surprisingly low for some home buyers, but, sometimes, surprisingly high... Do your research!
• Other Costs of Buying
  • Closing costs
  • Maintenance
  • Insurance
  • Taxes
• How is Your Credit Score?
  • If your credit score is not great, consider renting for now because if you try to buy, your mortgage rate will not be too great either. 
  • In our opinion, this is a very important take home equation to remember: 
    • Higher Credit Score = Lower Interest Rates