Yes, the price of homes in Toronto is still high, despite the changes made to mortgages in Ottawa. And yes, unless it’s condos you’re looking at, supply has become limited. This, along with fears that interest rates are going to rise in the next several years while those same home values decrease, all add up to many people saying one thing: right now, it’s better to rent in Toronto than it is to buy. But, have things really gotten so bad that we’ve given up on what was once a dream for the majority of the nation? Has that “dream” of owning a home really now become so much of a nightmare?
No. A home is still probably the biggest asset you will ever have in your life. It’s value is far greater than anything you will most likely ever own; and you’ll be able to stop throwing your money down the drain every time you pay rent every month. These are the obvious reasons why owning a home is still a great thing, and a dream that many should still feel confident in. But, there are also some other, less-obvious, reasons why owning a home still trumps renting.
One of the best things about owning a home is simply walking into it for the first time as the official homeowner, breathing that deep sigh of relief, and knowing that it’s yours. Guaranteed, no matter how nice of a home you find to rent, you will never get this feeling walking into a leased place. No, you shouldn’t buy a home simply to be able to say that you do in fact, own your home. But let’s face it. When the time comes that you can actually say it, that feeling’s pretty nice.
Buying your home also offers you the opportunity to get to know your neighbours, take part in community activities and generally become a better and happier person because of it. You simply care more about your home, and the things, people, and places around it.
Lastly, owning a home simply makes you grow up. And yes, that’s a good thing. It can be hard to take care of your expenses when you’re renting; but when you own a home it can be even more difficult. And more important. This forces you to make priorities, save your money, and spend it on things that matter most at that time – such as fixing the furnace instead of going away for the weekend. While it may not sound like so much of a benefit, having those responsibilities is a great way to force you to think about other things that are equally important – such as saving for your retirement.
The debate over owning vs. renting is one that’s a very hot topic in Toronto right now. What do you think – is it better to own or to rent? Particularly in today’s market? Use the comment section below to voice your thoughts or, Like us on Facebook and get all kinds of other great information regarding mortgages and the housing market right in your News Feed!
