Most people face a decision about Renting vs Owning your home in Toronto at some point, and it’s not an easy decision. If you own, you can count on the equity in your home increasing as you pay down your mortgage over time. And as your property value also increases, it can be a quick way to increase your overall net worth. Somebody renting, on the other hand, will have no equity or investment in the property, but will have had to pay out less in expenses and will have had other opportunities for investment.
When considering this decision, there’s a lot of math to be done. Take the cost of the home, the cost of a down payment, the cost of utilities, repairs, interest rates and insurance, among other expenses, and compare them to the cost of renting.
Of course, there are other more intangible benefits to take into account. For many people, owning their own home conveys a feeling of security, satisfaction and enjoyment that renting a property simply can’t.