The financial side of home ownership has more to it than tracking price increases in your neighbourhood and city
The buy-versus-rent debate is mainly about how you can end up with the most money, which is fine if you’re an “eye on the prize” kind of person.
Let’s not dispute that aspect of housing here. If you own a house for at least five to 10 years in a desirable market, you should see an average annual price appreciation at least equal to inflation and quite possibly higher. But the financial side of home ownership has more to it than tracking price increases in your neighbourhood and city.
Containing the risk of higher rental costs is possible if you can find a rent-controlled apartment. Ontario has limited increases in rent-controlled units to, which is below the most recent inflation rate of 2.8 per cent and the same rate as for 2023. Another risk in comparing owning with renting relates to maintenance expenses, which Mr. Nunes has estimated at an annual average 1 per cent of the value of a home. Renters don’t pay to maintain their units, but landlords can factor upkeep into rent increases.
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