To rent or buy? That is a question many Canadians face as they weigh the pros and cons of making the leap into home ownership… This interesting and eye opening article may help you make that decision.
First, ask yourself this question. If you were to rent for your entire life, how much money would that represent? The answer may surprise you and may ultimately change your view on renting vs. buying.
Did you know that 5% is all that is needed to get your foot in the door??? For first time buyers, that means approximately $20K down to buy a $400K 1 bedroom condo. If you're currently paying more than $1700/mth, you could have saved your down payment in 1 year!
TorontoRentals broke down the numbers to help you find this answer and get a clear picture of what, in today’s dollars, the final figure might be. I fundamentally believe that home ownership is a smart investment. I call it "forced savings". Have a look at what it would cost you if you rented for your whole life. The final number is a bit staggering.
Something to think about!!!