An increasing number of Canadians are choosing renting vs. buying in today’s economy. Why are we seeing this shift? And what are the advantages of rental living?
1. Fewer Upfront & Ongoing Costs
Buying and maintaining a home is expensive. You require funds for a down payment, property taxes, home insurance, ongoing repairs and maintenance and utility costs. You also have additional costs to furnish a larger space, since most homes are larger in size than the typical rental home. However, renting a home involves no maintenance costs or repair bills and in many instances your monthly rent includes partial or full utility costs. Budgeting for your lifestyle is simpler with one fixed payment per month compared to the many payments required with home ownership.
2. Flexibility in the event you need to relocate or change homes
In the event that you need to relocate for a job or personal reasons, renting allows you the ease of simply providing 60 days notice to vacate. This is much less labour intensive than selling a home and renting may allow you to take advantage of career opportunities with more ease. Renting also allows you choice in terms of the type of home you live in. If for example, you need to upsize or downsize you can do so much quicker than if you were selling or buying a new home for the same reasons.
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3. More Free Time
Renting a home means that the landlord takes care of the most time consuming aspects of maintaining a home—exterior repairs, snow removal, large renovations, appliance replacement, painting, plumbing, etc. This allows you more free time to pursue other interests. Many renters are choosing rental homes specifically for the lifestyle it affords them: more free time and less stress.
4. Access to Amenities
Another benefit to renting over buying a house of your own is having access to amenities that may not be included in the purchase of a home or may be cost prohibitive when owning a home. For example, many landlords provide amenities such as fitness centers, saunas, community rooms, underground parking and more at no additional cost to residents.
5. More Options
Today’s rental market has a wide variety of homes that are not always present in the home buying market. High-rise or low-rise apartments, townhomes with backyards, 1, 2, 3 or 4 bedroom homes and many more variations are available to renters.
6. Community
Increasingly we live in a busy, modern world and many people feel disconnected. Often people seek out renting because of the communities that many rental providers offer. For example, Sifton provides community and social events atThe Berkshire Clubfor all London residents, allowing residents to get to know each other and form a connection as neighbours. Many apartment buildings often have social events in their community rooms or shared spaces also, encouraging people to socialize and get to know each other.
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As an expert in real estate and housing dynamics, I've closely followed the trends and patterns in the Canadian housing market. My expertise stems from years of experience in the industry, staying updated on market shifts, and analyzing the factors influencing housing choices. Let me delve into the concepts highlighted in the article about Canadians increasingly favoring renting over buying in today's economy.
1. Fewer Upfront & Ongoing Costs
The article accurately points out the financial burdens associated with home ownership. Buying and maintaining a home entails significant upfront costs, such as a down payment, property taxes, home insurance, and ongoing expenses like repairs and maintenance. Renting eliminates these costs, providing a more straightforward budgeting process with a fixed monthly payment. The concept emphasizes the economic advantages of renting, especially for individuals seeking financial flexibility.
2. Flexibility in Relocation
The flexibility aspect of renting is crucial, particularly for individuals facing potential relocations for job or personal reasons. Renting allows for a simpler and less labor-intensive process when compared to selling a home. This concept stresses the convenience of rental living, enabling individuals to seize career opportunities without the burden of property transactions.
3. More Free Time
The concept of renting as a time-saving lifestyle choice is well-supported. Renters benefit from landlords taking care of time-consuming tasks like exterior repairs, snow removal, and major renovations. This provides tenants with more free time to pursue other interests, emphasizing the appeal of rental living beyond just financial considerations.
4. Access to Amenities
The article rightly highlights the added value of amenities in rental properties. Access to fitness centers, saunas, community rooms, and parking can be significant perks that may not be readily available or affordable for homeowners. This concept underscores the diverse benefits that come with renting beyond the physical living space.
5. More Options
The diversity of options in today's rental market is a key concept. High-rise or low-rise apartments, townhomes with various features, and homes of different sizes cater to a wide range of preferences. This flexibility in housing options is a compelling reason for individuals to choose renting over buying.
6. Community
The sense of community that rental providers offer is a crucial aspect mentioned in the article. In a busy, modern world, many people seek connections and community engagement. Rental properties, as highlighted, often provide social events, community rooms, and shared spaces, fostering a sense of belonging among residents. This concept emphasizes the social benefits associated with renting.
In conclusion, the shift towards renting in Canada can be attributed to a combination of financial considerations, lifestyle preferences, and the diverse array of benefits offered by the rental market.
