Stop Paying Rent

When you rent a property, none of the money you put towards your rent builds you any equity. Buying a home can be a costly purchase initially, but as years go by and as you put more money into your home, its value can increase. Imagine you no longer have to pay parking fees, laundry fees, or any additional fees that may come with renting. While those costs seem minuscule in the grand scheme of things, they start to add up over time – especially if you rent the same property for a long time. It costs approximately $60-100 a month to rent a parking space in most cities in Canada. That adds up to $720-$1,200 a year! When you own your home, you’re saving that money every year.

Unfortunately, a landlord can ask you to move out of your property whenever they want. There’s never a 100% guarantee that you’ll always have a place to live. When you own a home, you have peace of mind knowing that your living situation is secure and in your control.

In most rental units, you can’t even hang a picture on the wall without consent from the property owner. You have the freedom to do whatever you want to your property when you own it.

Rent prices will continue to rise, and your landlord can increase your rent (within reason) if they choose to do so. When you have a fixed-rate mortgage, your payments are the same every month – no surprises.

When you rent, you’re essentially throwing away money every month. Property is considered an appreciating asset – meaning it can increase in value over time. When you invest money into a home that you own, there’s a strong possibility that you could sell it later on for significantly more money than you bought it for.