Renting vs. Buying; Advantages Buying Toronto Real Estate
No. 1. Historically,
real estate prices have increased and over the long-term you should expect
capital appreciation.
No. 2. Capital
gains from a principal residence are usually considered tax-free in Ontario.
No. 3. Often
residential rents increase. When you own, the only payments that might
increase are property taxes and monthly maintenance.
No. 4. Subject
to your condominium bylaws, you’re free to decorate and renovate your
condominium as you see fit.
No. 5. Major
renovations like new kitchens and bathrooms could increase the value of your
condominium.
No. 6. Because
you are the owner, you don’t have to worry about a landlord telling you to
vacate your home.
No. 7. As a
condominium owner, you have an opportunity to be involved in the management of
your building.
No. 8. Meeting
monthly mortgage obligations is an excellent method of being forced to put
money toward an investment, in this case your condominium.
No. 9. It’s
nice to know that you are your own landlord.
No. 10. Often,
condominium owners take better care of their building that renters.
This may lead to a better living environment.
No. 11. Generally,
those who own real estate are more stable, less likely to move, and considered
to be more credit worthy.
No. 12. If
you are able to handle accelerated mortgage payments, you can pay off your
mortgage sooner and trade up to a nicer home.
No. 13. Mortgages
are at a historically low rate, which in turn can even make an expensive
condominium extremely affordable.