Rent vs. Buy - Lifestyle, Math, and How to choose

Buying vs. Renting is an age-old debate. Our parents think it's a simple decision: Buy! Don't waste your money! It's a good investment! But that was 50 years ago when you could buy a house for a reasonable amount of money and pay it off.

Here's a link to our blog: https://www.ratehub.ca/blog/rent-vs-buy-canada/
House prices are surging, home affordability is extremely challenging.

We need to look at lifestyle factors

• Commute
• Access to culture and amenities
• Mobility & stability
• Family and friends
• Maintenance
• Costs

We also have to look at financial factors

• Renting is (generally) cheaper
• You can build equity in your home
• Retirement planning

Then, let's look at the math

Rent vs. buy calculator - https://lautorite.qc.ca/en/general-public/calculators-and-tools/calculators/buy-or-rent-a-residence/

But also, the 5% rule (we explain it in the show and on the blog)

You're not wasting money if you rent. Having a roof over your head is a necessity.