- Lower cost of living – outside of a very few rental markets (Toronto/Vancouver) where landlords can charge premiums because of a shortage of well located quality rentals – it has been shown that the cost of living is lower when you rent vs. buying.
- A down payment is not required to rent - Many people have difficulty coming up with enough money for a down payment which prevents them from buying a home. A damage or security deposit may be required to rent, but it is typically only one or two month's rent
- You do not have to pay property taxes
- You have a better idea of what your monthly expenses will be and this can make it easier when living on a budget.
- You are not responsible when things go wrong with appliances, plumbing, etc. You can simply call your landlord and have him or her deal with the problem.
- More options might be available for desired areas, buildings, etc.
- Ease of movement – with Canada's economic focus shifting West – it is easier to take advantage of employment opportunities when renting as real estate is a non liquid asset and takes time to move. By the time your home sells – that job opportunity is gone to the next guy.
- Opportunities to invest – not owning a property is never an excuse to not invest. Money will be made in real estate in Canada regardless of the overall economy. The money you save from the reduced cost of living can be invested in other asset backed investments that yield healthy returns.
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