Buy vs Rent: Which is Better for You?





Thanks to low mortgage rates, many individuals now are buying a home sooner than originally planned. Is this the right move? Buying vs renting remains a question on the minds of many, so we listed some of the advantages and disadvantages of each option to help you make the decision that works best for you. Let's dive in!


Renting Advantages



  • Renting offers flexibility, especially for those who may find they need to relocate in the future. When an individual purchases a home, selling it may take time, thus many choose to rent until they wish to permanently settle in somewhere.

  • Homes don't always increase in value, although most do, so depreciation does need to be considered. When a person rents, the owner accepts the burden of this depreciation and takes the risk of the home decreasing in value.

  • Maintenance is the responsibility of the property's owner when renting. As certain maintenance tasks can be costly, many individuals choose to leave this to someone else and rent.

Renting Cons

  • Monthly rent payments may go up, which the renter has no control over. Owning a home allows one to budget their monthly payment year after year.

  • The renter also has little control over the interior decor of the home, such as wall and carpet colors.

  • Renters aren't building equity in a residence and don't receive any tax benefits.

Buying Advantages



  • Homeowners build equity in their residence, with homes historically going up 4-6% each year. Even those homes that don't increase in value still allow a homeowner to build equity as long as the value of the property doesn't decrease.

  • Homeowners get tax breaks in the form of mortgage interest and property tax deductions when buying a house. This can be of help on the homeowner's federal income taxes and offset the costs of housing.

  • Housing payments, when a fixed home loan is selected, remain the same over the life of the loan, although homeowner's insurance and property tax payments may vary.

  • The home may be used as an investment property in the event the homeowner moves. Finally, those who own a home can decorate as they choose, without consulting others, unless a homeowners' association is in place and governs what may and may not be done to the exterior of the home.

Buying Cons

  • Mandatory homeowner’s insurance and property taxes may go up over time

  • It may make future relocation harder.

  • Buyers must have cash upfront to make the initial purchase.

Research shows that owning a home continues to be a great way to build wealth, even when housing prices drop significantly. In fact, according to a study conducted by the Federal Reserve, the net worth of the average homeowner is 36 times that of the average individual who rents. Keep this in mind, but don't rush into buying a house. It's better to continue renting until homeownership is truly affordable.


With some of the lowest commissions in Canada and professional insight, we at Qube Realty provide our clients with the most valuable full real estate service possible. Qube supports Quebec residents by providing full-service real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive cash back when they purchase a home with one of our REALTORS®. All you have to do is visit our website here or call 1-877-410-7823 to learn more.