Some new homeowners were under the false impression that buying a home was a way to stabilize housing costs, only to learn the hard way they’ve effectively been renting all along and their landlord is the bank. As housing pricesfrom their peak in February, many have found themselves underwater on their mortgages, where they owe more than what their home is worth, as their home values declined.
And while most people seem determined not to admit the truth, it is still cheaper to rent than own in most Canadian cities. But renting provides other benefits – chiefly lower costs. As a renter, you won’t have to pay for upkeep and maintenance, for renovations or property taxes. Renters also have more flexibility and the freedom to move for a job or a partner. Which choice will serve you best depends on your personality and stage of life, as much as your money.
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