We all want to live in a happy home. That’s why making a decision like “buy or rent” depends on many factors, such as your income, long-term plans and lifestyle. It’s a complex decision and honestly, often a case-by-case scenario and today we will look into factors that can shape your final decision.
Advantages of renting
Today, with the rise of gig-economy, more people choose renting over buying. This option has many benefits, including :
- Flexibility: Renting is an option that allows you to move easily. If you are required to switch places because of work or other reasons – rent is your way to go.
- Lower Initial Cost: While both renting and buying may have similar payment range, initial mortgage payment usually is bigger than any security deposit.
- Maintenance: No worries about housekeeping and maintenance as it’s handled by property management company.
Advantages of Buying
Today, rent prices are high. As Zoocasa states : “Several Canadian cities have achieved what we might call a “housing equilibrium” where the costs of renting and buying are remarkably close. Winnipeg offers another excellent example of this balance, with just a $38 monthly difference between owning and renting.” Because of this buying has become an appealing option for potential homeowners. Other advantages of buying are :
- Investment: While home price is on the rise (Quebec’s average home price was $539,667 in April 2025, continuing to set all-time highs.), and it may not be good at the moment, historically housing market is usually going up, so it’s still a great investment in general.
- Stability: Mortgage usually has fixed-rates which are more stable than rent price.
What to consider?
- Market : As mentioned, “housing equilibrium” is a thing. If you can find a mortgage with rates lower or equal to rent and you like the place – consider buying.
- Lifestyle: If you like to explore and change cities then rent. If you have had enough and are considering settling – you can buy, if rates are financially manageable.
So what to choose? It is cheaper to rent, but there are long-term financial advantages to buying. There are other aspects, such as market rates, property tax rate, economic situation, the place of your potential home and much more. Final decision is up to you and your lifestyle and goals.