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
Down Payment
Enter your down payment expressed as a percentage of the purchase price.
Enter your down payment expressed as a percentage of the purchase price.
Mortgage Interest Rate
Your monthly mortgage payment is calculated using this interest rate.
Your monthly mortgage payment is calculated using this interest rate.
Length of Mortgage
The maximum amortization in Canada is 25 years on down payments less than 20%.
The maximum amortization in Canada is 25 years on down payments less than 20%.
Property Taxes
Amount you will pay each year expressed as a percentage of the purchase price.
Amount you will pay each year expressed as a percentage of the purchase price.
Home Maintenance
The annual amount you will spend for maintaining and repairing your home expressed as a percentage of the purchase price.
The annual amount you will spend for maintaining and repairing your home expressed as a percentage of the purchase price.
Utilities (monthly)
The total amount you will spend each month on utilities such as heat, hydro, water, cable, internet and phone.
The total amount you will spend each month on utilities such as heat, hydro, water, cable, internet and phone.
Home Insurance
The amount you will pay each year for homeowner's insurance expressed as a percentage of the purchase price.
The amount you will pay each year for homeowner's insurance expressed as a percentage of the purchase price.
Condo Fees
The monthly amount you will pay for condo fees.
The monthly amount you will pay for condo fees.
Monthly Payment Details
