Is it cheaper for you to rent or buy? We'll show you how many years it will take before the cost of buying equals the cost of renting – the breakeven horizon. If you'll stay in your home past the breakeven horizon, consider buying; if you'll move sooner, renting might be a better option.
Cost: After years, your total cost of homeownership (down payment, mortgage, taxes, etc.) for a home in Canada would be . Your total cost to rent would be . Renting leaves you with in your pocket (including the money you didn't spend on a down payment).
Gain: After years, if you buy, your home will have in equity (available to you when you sell). However, if you instead rent and invest your down payment and the other money you save, at a % return rate it will earn around in years.
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