Buying a home in Canada was always an American Dream in the life of the average Canadian. But times have changed, especially in Vancouver and Toronto: prices are crazy, housing markets have exploded. Just check this out:

This Is What $ 1 Million Will Get You If You Want To Buy A House In Toronto, Vancouver And Montreal

Simultaneously, the new remote work era have made the portability of renting an attractive choice. This article outlines some of the considerations when deciding to rent or buy a home.

Benefits of Renting

Despite the fact that for our parents renting was not even a choice it has some real perks worth considering especially for millennials:

• It's just cheaper! In general, rent payments tend to be lower than mortgage payments. Check out this article where we comparing how much is to rent and buy condo in Toronto.

• It is flexible! Most leases are one year long. So renting gives you more options. According to recent studies: flexibility, not salary that what millennials want from work: flexibility, not salary

• No maintenance burdens: Usually landlord is responsible for the major repairs which gives you even more free cash.

The Downsides of Renting

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

• The landlord can evict you: Overall it's landlord's place. Also the landlord can hike the rent or give you unexpected visit.

• You’re not building credit history: Mortgage is a powerful tool for it.

Benefits of Buying

They are basically opposite to The Downsides of Renting - nobody will evict you if you pay your mortgage payments in time.

The Downsides of of Buying

Basically opposite to The Benefits of Renting - usually selling your own home is more time consuming than just booking something on AirBnB.

So what is better for you?

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 is better.