In the past, it has always been the long-term objective to buy your own property. Parents today will continuously push the idea of buying a home as soon as possible, stating that by renting you are simply wasting your money. While many people choose to take this path, it has become increasingly common to take the opposite standpoint. Home ownership in Canada is low compared to many other nations, with only around 63% of the population owning their home. Modern research shows that renting a property may actually have a number of benefits, especially in today’s fast-paced economy — from a more flexible lifestyle to how efficiently a building can be managed with less stress on your part.
Housing Prices
House prices in the Canadian market are currently at an all-time high, and home ownership has become less available for many people, particularly first-time buyers. More stringent mortgage qualification guidelines have also made it harder than ever to purchase a home. As a result, people are choosing to rent and use their disposable income in other ways — often those under 35, who are increasingly choosing to rent and invest the money they save on property taxes and repairs elsewhere.
We have witnessed this first hand in our apartments in Prescott and Brockville, where there has been lower turnover in the last year and a half because people cannot afford to purchase their own homes, so they are renting longer.
Flexibility
One of the main benefits of renting is that you are not ‘stuck’ in a single area or neighbourhood. When renting a property, you will normally be on a 12 month contract, meaning you have the option to move after one year should your circumstances change. This flexibility gives renters the opportunity to experience a range of different communities. We know from experience that sometimes tenants plan on staying long-term, but when life throws them a curve ball, they are glad they rented an apartment as opposed to being tied down to home ownership.
Maintenance Costs
One of the main downsides of owning a property is that you are in charge of the maintenance of your home. If your sink becomes blocked, a pipe breaks, or your roof is leaking, it is your responsibility to solve. This can be stressful and can eat into your savings. When renting, maintenance becomes the responsibility of the landlord. When making the decision to rent, we always advise that you rent from a landlord with a positive reputation — one who takes maintenance seriously. At GK3 Group, we believe in our motto of “Class, Quality, and Comfort.” We take care of the little things for our tenants so they can live stress free.
To rent or to buy is a big decision, and it will be different for each person. In the meantime, reputable landlords like GK3 Group are happy to provide quality apartment rentals. Good luck with your decision!