Buying or Renting - Which option is for you?

Buying.

BUILDING EQUITY

• Your payments contribute to paying down your mortgage and your property may appreciate over time providing a return on investment, thus both contribute to building equity.

TAX BENEFITS

• Homeowners may be eligible for tax benefits, such as the First-Time Home Buyers’ Tax Credit, Land Transfer Tax Rebate and the Principal Residence Exemption, which allows you to avoid paying capital gains tax on the sale of your primary residence.

CUSTOMIZATION

• As a homeowner, you have more freedom to modify and personalize your living space as you see fit.

STABILITY

• You have more stability and control with your living situation, having no landlord. In addition, you could potentially rent out a portion of your property (ie. bedrooms, basement, etc) to help offset the payment of your mortgage.

Renting.

CASH-FLOW FLEXIBILITY

• Renting allows for more flexibility as you are not financially tied to a long-term mortgage commitment.

LOWER INITAL COST

• Renting often requires a small upfront financial deposit compared to a large down payment required for the purchase of a property.

MAINTENANCE AND REPAIRS

• Landlords are typically responsible for major maintenance and repair costs related to the property, saving you from major unexpected expenses.

MOBILITY

• Renting allows you to move without the challenges of selling a property, making it ideal for those who may relocate frequently or don’t plan on staying at a location long-term.

Ultimately, the decision to buy or rent depends on individual circumstances, financial goals, and lifestyle preferences. Additionally, factors like market conditions, property location and type should be considered as they can significantly impact your options. That’s why it’s important to work with a trusted real estate agent that can advise you throughout the process and help you make a well informed decision.