Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out.

Time Stamps:

00:00 Introduction

01:00 Reasons you should own a home

03:38 Is a mortgage a forced savings plan?

06:10 Reasons not to buy a home

06:21 Timing is everything in real estate

08:17 Variable rate interest only mortgage vs. amortization mortgage

12:03 Moving if you own a home vs. if you rent

15:29 Maintenance

18:50 Credit creep

24:11 Practical advice

Related Links:

Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/

Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/

Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/