Home Ownership Canada
Are you renting? Considering home ownership in Canada? Thats whats coming up next!!
The mortgage professionals of Canada just published a report last week stating that owning a home is still cheaper than renting. That report looked at 266 scenarios across Canada. In this video, I will discuss 3 of their findings.
- Year over Year Rental Rate Increases - in Toronto, Burnaby, and Montreal one bedrooms rates increased up 15% from the year before.
- Ownership is more cost effective over time - excluding principle repayment, if mortgage rates at 3.25% over the next 10 years a renter would save $1295 per month. If mortgage rates remained at 4.25% you would save $1014 per month and if 5.25% rates you would save $726 per month.
- Mortgage qualification - with the implementation of the stress test, and higher interest rates recently, mortgage qualification is more difficult. But for those that can be approved for a mortgage, this study suggests that buying is a far better option than renting for Canadians.
So thats it, I will link this article about home ownership in Canada in the description below. If you have any questions about this topic please feel free to reach out to me. If you are interested in buying a home in vancouver please watch my playlist over here.
Question of the day, would you buy or would you rent? Please leave it in the comments below. I will try my best to personally answer all comments myself.