Knowing whether to rent or buy the place you live in is difficult. There are a lot of factors that determine how you choose, and there are definite pros and cons to both choices. For example, in terms of intangible benefits, renting offers flexibility and the opportunity to have someone else take care of repairs and maintenance. On the other hand, renting also means unpredictable increases in rent and lack of any equity in the long term. With homeownership, you get a sense of stability and belonging. You gain an asset that stays with the family for a long time. At the same time, owning property is a commitment. You have to make time for maintenance regularly.

Choosing between owning and renting is a matter of comfort and convenience. Some people live on the go, always moving from place to place for work or pleasure. In this case, renting offers the necessary accessibility. However, if your goal is to settle down and put down roots in a neighbourhood you like, owning is the right choice.

With every passing year it seems that, for many, the dream of moving from renting to buying a home slips farther and farther away. Comparably, Toronto also has the highest rental prices in Canada. With this in mind 2020 may be the year to really look at your finances and weigh the pros and cons of renting vs buying. If there’s one thing we know for sure, the best day to buy is always yesterday.  As prices climb, the money you do have today will be worth less tomorrow.

Rock Capital Investments Inc. Brokerage #10556. Each office is independently owned and operated. Proud member of Mortgage Centre Canada.