Which is better, renting or buying?

Which is better, renting or buying?

In most cases, it's better to buy a home than to rent.  You've probably heard statements like:

“If you rent, you’re throwing away your money.”


“Owning your own home is a forced savings plan.” And “Home ownership is an excellent path to build wealth.”

Such sentiments are common in any discussion that involves home-buying and personal finances. It’s common knowledge that buying a home is a better financial move than renting. After all, you’re building equity instead of throwing away your money, right? Well, maybe not quite. Renting makes more sense if:

1. You have a lot credit card debt and have yet to save a down payment.
2. You envision moving very soon
3. Your calculations show that the cost of renting is a better deal than the cost of buying.
4. You don't really want the responsibilities and risks associated with being a homeowner. 

There's absolutely no rule that says you must own. 

Whatever feels right to you is the right move—as long as you can afford it.

Become an informed client.

For more information call your Toronto Mortgage Broker at 416-920-9930

Or Visit us online at www.eddiemac.ca