Rent or buy?

Compare what renting and owning cost you each month and over the years, starting from your numbers on the home page.

Monthly rent

$ 1,875 CAD

Costs you don't get back

Each month: $1,875
First year: $22,500
Over 5 years: $112,500
Over 25 years: $562,500

Monthly mortgage payment

$ 1,706 CADPlus $267 a month in property tax.

Costs you don't get back

Each month: $1,365
First year: $28,540
Over 5 years: $90,787
Over 25 years: $287,857

Interest and property tax. Each month is the first-year average, and interest falls each year after that. Each total includes $12,160 of mortgage insurance, a one-time cost at purchase.

Over 25 years, owning costs $274,643 less in costs you don't get back.

Cash you need up front to buy

$16,000 down payment. It becomes equity in the home, so you get it back when you sell.

What you could save by renting

Renting costs $98 a month less than an owner pays out in mortgage payment and property tax. If you put that aside, and the $16,000 down payment too:

What a renter could put aside, and an owner's equity, over time
After	Renter's savings	Owner's equity
1 year	$17,174	$11,135
5 years	$21,871	$43,584
25 years	$45,357	$320,000

Savings count deposits only. Equity is today's price less what is still owed.

Rent, the home price and property tax stay at today's levels. Interest follows the payment schedule, so it falls each year. Home insurance, maintenance, land transfer tax and other closing costs are to come.