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3 Sep

Renting vs. Buying: Pros and Cons

Home Buyer

Posted by: Tyler Cowle

Trying to decide if renting or buying is for you?

Start by finding out average home prices where you want to live.  Next, make a list of the pros and cons of owning vs renting to see which option is best for you; the following are some examples.


  • Less maintenance and repairs
  • Lower monthly upfront costs
  • Shorter-term commitment, making it easier to move to a new home, neighbourhood or city
  • Protection from decrease in property values
  • Possibility to free up cash to invest or to save a larger down payment for a house


  • Monthly payments may increase year after year
  • The risk that your lease won’t be renewed
  • You are paying someone else’s mortgage rather than building equity of your own
  • You can’t paint or remodel without the landlords permission


  • Freedom to renovate or modify your home as you wish
  • You are building up equity in a safe, secure investment as you pay down your mortgage
  • Potential for rental income if you include a secondary suite
  • Stability and peace of mind that comes from being in control of your investment and owning the place where you live


  • The risk of financial loss if your home has lost value when you sell
  • Responsibility for all ongoing costs including mortgage principal and interest, property taxes, insurance and maintenance
  • Monthly payments can increase significantly if interest rates go up at renewal time
  • Possibility of unexpected and potentially costly repairs

There are advantages to both renting and owning a home. Make sure you understand the benefits and responsibilities of each before you decide what’s right for you.