{"id":58049,"date":"2023-04-05T00:00:00","date_gmt":"2023-04-05T00:00:00","guid":{"rendered":""},"modified":"2026-04-20T10:54:27","modified_gmt":"2026-04-20T14:54:27","slug":"should-i-rent-or-buy-a-home","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/should-i-rent-or-buy-a-home\/","title":{"rendered":"Should I Rent or Buy a Home?"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>House prices throughout the country rose sharply during the pandemic and the interest rate hikes over the past year have made it more expensive to carry a mortgage. Combine this reality with the return of international students to in-person learning and the resumption of immigration post-pandemic, and the rental market has exploded.<\/p>\n\n\n\n<p>In fact, the Canada Mortgage and Housing Corporation\u2019s annual Rental Market Report showed the national vacancy rate for purpose-built apartments fell to 1.9 per cent in 2022 from 3.1 per cent the previous year, the lowest in over twenty years. And, with lower supply comes higher prices. Rent for two-bedroom apartments also jumped significantly by 5.6 percent in 2022.<\/p>\n\n\n\n<p>Given the current rental and housing markets, is it better to rent or buy today? Here\u2019s how to find what works best for you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-case-for-renting\">The case for renting<\/h2>\n\n\n\n<p>While rents have risen, renting may still provide a more affordable short-term housing option, as well as flexibility for those seeking more mobility. For example, if you\u2019re considering a job in another location or extensive travel over the near-term (for work or for play).<\/p>\n\n\n\n<p>It also offers a practical and more accessible option for those who are new to Canada as they settle into their new country.<\/p>\n\n\n\n<p>Without the maintenance costs that inevitably come with ownership, renting offers a predictability for those who want \u2014 or need \u2014 a stable living expense month-to-month.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-case-for-buying\">The case for buying<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><strong>Financially<\/strong>, the long-term investment value of a home is one of the most attractive reasons to buy. The value of the average Canadian home has steadily increased over the last 25 years so owners have been able to build equity over time. This can help contribute to their net worth and future financial security.<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Emotionally<\/strong>, owning a home may offer the opportunity to put down roots, decorate and landscape as you wish and build a life in a community you love. It\u2019s peace of mind that doesn\u2019t necessarily come with a short-term lease.<\/li>\n<\/ul><br>\n\n\n\n<p>Over the long-term, owning \u2014 versus renting \u2014 a home tends to put you ahead financially, even though interest rates will inevitably fluctuate.<\/p>\n\n\n\n<p>If you\u2019re contemplating the question of buying versus renting, there are a couple of helpful tools to help you along in your decision-making process.<\/p>\n\n\n\n<div class=\"wp-block-group has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Turn your monthly rent payment into a mortgage payment with our&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mortgage\/tools\/rentvsbuy\/index.html\" target=\"_blank\" data-dig-id=\"LP-58049-be849c77\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Rent or Buy Calculator\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Rent or Buy Calculator<\/a><\/p>\n\n\n\n<p>Ready to take the next step and get pre-approved<sup><a href=\"#legal-1\" data-dig-id=\"LP-58049-54208d86\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"1\" class=\"rbc-link-format\">1<\/a><\/sup>? Know how much you can afford and lock in your rate<sup><a href=\"#legal-2\" data-dig-id=\"LP-58049-d25011ff\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"2\" class=\"rbc-link-format\">2<\/a><\/sup> with the\u00a0<a href=\"https:\/\/public.rbcroyalbank.com\/sgw5\/home\/pre-approval-mortgage-calculator#\/home?lang=en\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-58049-a77f0383\" data-dig-label=\"RBC online pre-approval application\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">RBC online pre-approval application<\/a>.<\/p>\n\n\n\n<p>Ultimately, it\u2019s a great idea to speak with a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html\" target=\"_blank\" data-dig-id=\"LP-58049-fec4c585\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"mortgage specialis\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">mortgage specialis<\/a><a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html\">t<\/a>, who can look at your full financial picture and help you determine if buying is right for you.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Diane Amato is a Toronto-based freelance writer who loves to talk about finances, travel and technology.<\/em><\/p>\n\n\n\n<section class=\"wp-block-rbc-rbc-legal-collapsible disclaimer\" aria-label=\"Legal Disclaimers\"><div class=\"section-inner\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapseDisclaimer\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapseDisclaimer\" data-dig-id=\"LP-58049-37c58311\" data-dig-category=\"LP\" data-dig-action=\"legal close\" data-dig-label=\"legal close\" action-closed=\"legal close\" action-opened=\"legal open\" label-close=\"legal open\" label-open=\"legal close\"><span>View Legal Disclaimers<\/span><span>Hide Legal Disclaimers<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapseDisclaimer\"><div class=\"collapse-inner\"><div class=\"table-wpr\">\n<p>Residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.<\/p>\n\n\n\n<br>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-1\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>1<\/sup><\/div><div class=\"table-cell\">\n<p id=\"legal-disclaimer-1\">The Online Mortgage Pre-Approval tool provides you with the maximum mortgage lending amount and mortgage rate you may be pre-approved for by RBC, based on the accuracy and completeness of the information provided by you. Terms and Conditions will apply, please refer to the\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/pdf\/terms-and-conditions-online-mortgage-pre-approval-tool.pdf\" target=\"_blank\" data-dig-id=\"LP-58049-a67d8d82\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Terms and Conditions\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Terms and Conditions<\/a>\u00a0for full details.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-2\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>2<\/sup><\/div><div class=\"table-cell\">\n<p id=\"legal-disclaimer-2\">We guarantee your interest rate for the selected mortgage type and term for up to 120 days from the application date. If the mortgage is not funded within the 120-day period, the interest rate guarantee expires.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/section>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Most Canadians ask \u201cshould I rent or buy\u201d at some point in their lives. Here are tools to help you weigh your options.<\/p>\n","protected":false},"author":10,"featured_media":70865,"parent":57283,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[57,60],"rbc_content_type":[31],"rbc_audience":[59],"rbc_lob_group":[58],"rbc_difficulty_level":[33],"rbc_mmm_category":[310,336,303],"class_list":["post-58049","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-home-ownership","tag-real-estate","rbc_content_type-article","rbc_audience-newcomer","rbc_lob_group-mortgage","rbc_difficulty_level-beginner","rbc_mmm_category-buying-a-home","rbc_mmm_category-buying-your-first-home","rbc_mmm_category-goals-aspirations"],"acf":{"contently_publication_id":"352128","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Most Canadians ask \u201cshould I rent or buy\u201d at some point in their lives. Here are tools to help you weigh your options.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/should-i-rent-or-buy-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Most Canadians ask \u201cshould I rent or buy\u201d at some point in their lives. 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