Setting expectations important when lending money to loved ones Dec 10th
How retirees should respond to the Iran crisis + MORE Mar 26th
Poilievre calls for ethics committee to investigate B.C. ‘condo bailout’ - CTV News Jun 28th
The best GIC rates in Canada for 2025 + MORE Jan 19th
RECO registrar loses job in wake of iPro Realty scandal - Toronto Star Aug 22nd
Renting vs. buying: Which is the better option?
– moneysense.ca
The rent-versus-buy debate has long divided financial experts and aspiring home owners, with no clear winner in sight.
The traditional argument holds: While buying a home can build long-term equity and stability, renting can provide flexibility and fewer upfront costs. But as home ownership becomes a far-fetched dream for many young Canadians, can renting for life be a viable option?
Alex Avery, author of The Wealthy Renter, thinks so. “It’s different for every person, and each individual’s needs change over time, but I’m still a firm believer that renting is a great option,” he said.
Despite rental prices having soared since publishing his book in 2016, Avery says renting is still cheaper and carries less risk than buying. “People compare mortgage payments to monthly rental rates, but mortgage payments don’t begin to cover the full costs of home ownership,” he said. These costs can include notary fees, realtor commissions and region-specific taxes when purchasing the property as well as ongoing costs such as mortgage interest, property taxes, insurance, and various maintenance and repair expenses…
