Along with your own personal motivation to own a home, there's a sound financial reason to buy: your home may be the single biggest investment you'll ever make, one that could pay off significantly in the long run.
The earlier you can redirect the money you currently pay in rent into paying down a mortgage, the faster you'll start building equity in your home. You build equity with each mortgage payment as compared to rent. And there's a tax advantage to purchasing a home. When you sell your principle residence for more than you paid for it, the increase in value, known as capital gains, is yours tax free.
But that doesn't mean that everyone should be a homeowner. If your move is short-term or if you are unsure of the location in which you want to live, it may be worthwhile to continue to rent for a while.
Complete this calculator to find out what your rent payment would be in terms of a mortgage amount. As a first-time home buyer, you probably have many questions and that's why RBC Royal Bank offers step-by-step personal assistance from knowledgeable mortgage specialists. Speak to a mortgage specialist at any RBC Royal Bank branch to set-up a personal visit at your home or workplace, at your convenience.
For further help in answering this question, as well as links to additional tools and calculators that can help you make a decision, see: Buying a Home