In today’s hottest housing markets the question of rent vs. buy has almost cult-like advocates. On one side are the renters. People who strongly believe that renting is the wiser approach when considering crazy, over-prized housing markets. On the other are the home buyers; people who like the stability and the forced savings buying a home provides. So who is right? How should you answer the buy or rent, right now debate?
Bruce Sellery weighs in with his own experience. After moving from Calgary, Alta. to the Greater Toronto Area, he and his partner crunched the numbers. While renting was cheaper, they still opted to buy and the biggest reason: The return on any money saved by renting wasn’t sufficiently high enough to offset the equity earned from owning.
For more, watch Bruce discuss his experience.