That is the question, but there is no easy answer that’s right for everyone
It’s an age-old question that still gets hotly debated, particularly by young adults who are determining where they are going to live: should I rent or should I buy?
It’s not an easy question to answer, and there are no clear right or wrong answers.
“One of the big things to contemplate is your time focus, because when you do buy a home, it is a long-term commitment. It does involve a five-year mortgage that’s amortized over 25 years,” said Tim Gensey, a market analyst with Canada Mortgage and Housing Corp. (CMHC) in Calgary. “On the other hand, renting allows you to be a lot more flexible. You have to really consider where you are in your life and what your needs are.