Renting versus buying is not simply a question of whether a mortgage payment is lower than rent. In Canada, the smarter choice depends on total ownership costs, including mortgage interest, property taxes, insurance, maintenance, condo fees, closing costs and the return your down payment could earn elsewhere. Your expected time in the home also matters: buying can require several years to offset transaction costs and market volatility. Before deciding, stress-test your budget against higher rates and unexpected repairs while keeping an emergency fund intact. A personalized comparison can help you identify the financial break-even point and choose the option that best fits your goals, flexibility and risk tolerance.
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