This debate is a big one for Canadian consumers: Is it better to Rent or Buy?  There isn’t a right or wrong answer for everyone, however there are many factors that needs to be considered as well as understanding all the financial responsibilities of both.

ADVANTAGES OF RENTING

  • Minimal Maintenance Hassles When there is a clogged toilet, tenants call their landlord to repair and take care of.
  • Less Expenses
  • Same Predictable Monthly Payment
  • Sometimes It’s Cheaper to Rent
    Homeowners have to pay taxes, commission when selling and also incur legal expenses
  • Unhappy With Neighborhood Or An Unruly Neighbor? Tenants have the ability to relocate.

ADVANTAGES OF OWNING

  • You’re paying your own mortgage instead of someone else’s
  • An increase of real estate means you reap the rewards, not your Landlord
  • Freedom Do as you wish! No permission needed to paint, replace appliances, etc
  • Sometimes It’s Cheaper to
    Buy Toronto’s rental market isn’t easy or cheap, especially in the downtown core. If you have a decent-sized downpayment, it
    could be cheaper to own
  • Where else would you invest your money?

Take a look at how the liquid networth of a renter would compare to the liquid networth of condo owner over a 25-year mortgage period:

There is no right or wrong answer but we would be happy to help you evaluate the options! Feel free to contact us by email or phone call, one of our professional agents will be happy to discuss! 647-972-8736 or email us at info@impactcondoinvestments.com