Rent or Buy?

Is it better to rent or buy? This is one of the most common financial questions Canadian consumers have to deal with at some point. From millennials who typically begin their careers while renting, to families who are looking to live “the Canadian dream” of home ownership.

There are many factors which need to be considered for both renting and buying, including understanding all the financial responsibilities for both,  the risk vs. reward, and even emotional factors which are crucial to this decision process, since for most consumers, purchasing a home is the largest investment of their lifetime.

RentSeeker.ca, Canada’s leading apartment, condo and home finder, has built a new, one of a kind, Rent or Buy Calculator to help consumers compare the costs associated with renting vs. buying.

The new Rent or Buy Calculator by RentSeeker.ca provides valuable tools including pre-inputted average rent costs for many cities across Canada which users can find by choosing a province, city and bedroom type, or users can input their own rent costs in the custom field for “Monthly Rent”.

Should You Rent or Buy? This New Rent vs. Buy Calculator Will Help You Decide!

For media inquiries or to share our new Rent vs. Buy Calculator,  please email:  [email protected]

$0
$0
$450,000
10.00%
4.00%
25 Yrs
1.25%
0.50%
$300
0.15%
$0
35
$0
$0
X
Down Payment

Enter your down payment expressed as a percentage of the purchase price.
X
Mortgage Interest Rate

Your monthly mortgage payment is calculated using this interest rate.
X
Length of Mortgage

The maximum amortization in Canada is 25 years on down payments less than 20%.
X
Property Taxes

Amount you will pay each year expressed as a percentage of the purchase price.
X
Home Maintenance

The annual amount you will spend for maintaining and repairing your home expressed as a percentage of the purchase price.
X
Utilities (monthly)

The total amount you will spend each month on utilities such as heat, hydro, water, cable, internet and phone.
X
Home Insurance

The amount you will pay each year for homeowner's insurance expressed as a percentage of the purchase price.
X
Condo Fees

The monthly amount you will pay for condo fees.
Monthly Payment Details
Rent Rent
$0
Tenants Insurance
$0
Buy Mortage Payment
$0
Property Taxes
$0
Maintenance
$0
Utilities
$0
Insurance
$0
Condo Fees
$0
Assumptions
This calculator compares your initial monthly rent payment to your initial monthly housing payment and does not factor in future changes to these payments. The calculator adds a mortgage insurance premium to the mortgage amount for mortgages with a down payment between 5% and 19.99% using CMHC rates.

The minimum down payment is 5% on homes up to $500,000, 10% on the amount between $500,000 and $999,999 and 20% on homes priced at $1 million and over. Monthly rent figures using the Province, City and Apartment Type drop down menus are average rent prices as of Fall 2015 (Source: CHMC-SCHL, RentSeeker.ca).
Disclaimer
The calculator is for illustrative purposes only and may not reflect the actual numbers for your mortgage or rental lease agreement. You should not rely on the results as an indication of your financial needs and we recommend that you seek out your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction.
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