MonsterMortgageTV – Renting VS Buying in a COVID-19 Market
December 1, 2020
Given how swiftly conditions have changed and continue to evolve in the housing market across Canada, prospective home buyers may be wondering: Is now a good time to jump into the market?
The uncertainty of the COVID-19 pandemic had some home buyers reviewing their decision to jump into the housing market. After the spring season, there’s been a resurgence in housing demand in markets across the country. As Canadians return to the housing market, one of the biggest questions for prospective first-time buyers with an impending move remains: Should I continue to rent, or should I take the leap into home ownership?
Home buying isn’t for everyone. While there are financial benefits to owning a property — the value could increase, mortgage interest can be tax-deductible, you have a sense of stability, but you lose the flexibility that comes with renting. Owning a property gives you leverage when looking for financing in the future. However, property taxes, maintenance, insurance and unplanned expenses mean there is much more to consider than just whether or not a mortgage payment is cheaper than rent.