Most Canadians paying rent are doing so because they don’t think they can afford a home… yet. And many would be surprised at how much home they could buy with their rent money.
Keep in mind that home ownership involves costs beyond the monthly mortgage payment like utility bills, insurance, and property taxes.
*Assumes 25-year amortization, 5% downpayment, 3.15% mortgage insurance premium, 5-year term, 3.19%, OAC, subject to change. For illustration purposes only.