Renting

Buying

Pros

• Cheaper upfront costs
• Stable payments over duration of lease
• Monthly rent payments often include other costs such as hydro, electricity and trash removal
• Other amenities might be included such as a gym or pool in an apartment building
• Flexible if you need to move for work
• Lower insurance and utility costs
• Landlord takes care of all maintenance/ maintenance costs

• No restrictions on modifications or design in the home
• Homes generally increase in value
• Cheaper than renting (in the long run)
• Improve your credit score by having a long mortgage on your statement
• More options and locations available compared to available rental properties
• Can gain equity as home value increase

Cons

• No tax benefits
• Housing costs are not fixed rent increases yearly (or when the lease is renewed)
• Can’t make property changes (without the landlord’s approval)
• No effect on credit score
• Must abide by the lease which can be restricting and has limitations on things such as wall hangings and painting

• Long term commitment, not much choice/more difficult if you need to move for work
• You are responsible for all maintenance
• Mortgage payments are higher than rent
• Additional and expensive costs upfront such as own payment, closing costs, and moving costs
• Need to have a stable or growing income to keep up with cost