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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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June 2022 – 15 min read

While renting in many places is still not cheap, it’s usually less expensive than owning a home. Plus, you won’t be on the hook for maintenance expenses, repairing appliances, unexpected costs or property tax. You also won’t have to pay land transfer tax when you purchase a home, commissions when you sell a home or legal costs to buy or sell. 

This means you may have more money left over for investing or other purchases like a vacation or vehicle. 

For many people, buying a home is the biggest investment they’ll ever make. Real estate is often a good investment because over time property values generally appreciate.

For this reason, people often consider paying for their home as a forced savings program. 

In addition, once you’ve paid down a portion of your mortgage, that equity can be used as collateral for a business loan, to purchase more real estate or renovate your home. The equity in your home can even be used to help fund your retirement, whether you continue to live there, or sell it and downsize to another home.

Buying vs owning in some Canadian cities
Median monthly rent as of May 20221
Median house price as of May 20222
Toronto
$1,590 for a studio to $4,000 for a 4-bedroom
$1,354,000
Vancouver
$1,945 for a studio to $5,995 for a 4-bedroom
$1,374,500
Calgary
$1,025 for a studio to $1,859 for a 4-bedroom
$511,600
Montreal
$1,095 for a studio to $2,560 for a 4-bedroom
$573,100
Halifax
$1,408 for a studio to $2,995 for a 4-bedroom
$528,100

Now that you understand more about the advantages of renting vs. buying your home, you may want to contact your advisor to:

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

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