With Canadians spending more of their income on housing than almost anyone else in the world, there’s an incredibly important conundrum to solve no matter our financial reality: should we rent or buy?
Thanks to a nifty new calculator by RentSeeker, the decision doesn’t have to be as hard as deciding whether or not to pronounce the ‘t’ in ‘mortgage’.
The Rent vs. Buy Calculator lets you choose between dozens of cities from coast to coast and determines what’s best for you based on factors that range from apartment type to mortgage, down payment, property taxes, utilities, home insurance, condo fees, etc. – essentially everything except sentimental considerations.
If there’s one flaw, it’s that the calculator does not factor in future changes to your initial monthly rent or housing payment. The reason that’s important is because those future changes are expected to be pretty tremendous – to the point where no one will know what the hell to buy within a decade.
And if you’re dealing with any of this in Vancouver, our condolences all around.