It’s been part of the Canadian (or American) dream for as long as most people can remember.
We all want to buy our own little piece of paradise, whether that’s in the middle of downtown in a skyscraper or with a yard in the suburbs.
But there’s a growing chorus of naysayers that proudly exclaim they have no interest in buying a house, preferring to live as renters.
They have some compelling reasons. Values in some Canadian cities are so high, many people think they’re in a massive bubble. Who wants to buy property that could potentially fall as much as 20%...or even more?
Even though interest rates are low, many are finding it’s cheaper to rent once they factor in costs like taxes, home insurance, and the real kicker, home maintenance and renovations.
There’s also less stress if one doesn’t have to worry about these things.
There’s also the benefits of living a more transient lifestyle. For many workers, the ability to move from job to job is an important part of getting ahead financially. It’s much easier for a renter to take a promotion in a new city than it is for a homeowner.
Finally, there’s more competition in the rental market today. Many people are attracted to investing in real estate, which opens up more units for renters. It isn’t hard to find a nice place to live in just about every major city in the country.
Homeownership will always have its own set of advantages. But for some, the perks of renting just can’t be beat.
