Should I buy or continue renting?
There isn’t a right answer when it comes to this question. While it is true that, historically, real estate has performed steadily as a hedge against inflation and a means to build equity, home ownership is not for everyone. Hot market “flippers” aside, a general rule of thumb is that buying a home makes sense only if you plan to live in it for a minimum of three years. Buying a home is a serious commitment of both time and money. The Canadian Mortgage and Housing Commission (CMHC) outlines the good, the bad and the ugly of home ownership on their website: It can provide financial security against rising house prices, the stability of having a place of your own, and the flexibility of being able to renovate and decorate to suit your own taste. On the other hand, there are the stresses of coming up with a down payment, making the mortgage payments and paying for unexpected maintenance and repairs.