Mortgage Professionals Canada is today releasing their comparative report, Owning versus Renting a Home in Canada. In the report, Will Dunning, Mortgage Professionals Canada's Chief Economist, compares the expected costs of housing of Canadians who will chose to rent versus those who chose to own. In the 266 scenarios examined in the report, taken from a broad cross section of regions throughout Canada, the monthly cost of homeownership is lower than the cost of renting equivalent housing in the majority of cases today, and becomes even more cost effective over time.
"The report demonstrates that the money Canadians are spending on monthly rent, if used instead to finance a home, would be a very beneficial investment over time," explained Will Dunning, author of the report. "The costs of owning and renting continue to rise across Canada. However, rents continue to rise over time whereas the largest cost of homeownership – the mortgage payment – typically maintains a fixed amount over a set period of time – usually for the first five years. The result is that the cost of renting will increase more rapidly than the cost of homeownership."