Trying to decide between renting or buying? Here are a few things to consider:
Access to fixed-rate loans with stable monthly payments: this means you can budget your expenses and make long-term investment plans. Homeowners have total control over how they use and personalize their home including pet ownership, decorating, renovations, expansion and other permanent home improvement projects.
Rent can go up every year (keep in mind, Ontario has “rent control” which restricts landlords from increasing rent over a specific amount ONLY for homes built prior to November 1991). Renters depend on landlords for property upkeep and cannot personalize the property to meet their needs. That being said, being ready to purchase a home depends on many personal factors that need to be carefully assessed.