Expert: Owning a home still better than renting

 

CanEquity News Staff  on July 21st, 2011

 

Owning a homeMagnifying glass

A recent article Canoe.ca article explained that, while tempting given the sector’s turmoil during the last several years, renting is not as fruitful as owning a home.

 

Experts relayed to the news source that renting a home is like paying another person’s mortgage. Furthermore, many experts now believe the Bank of Canada will soon raise its home loan rates, meaning now might be the best time to buy.

 

Thus, financial experts are still advising clients to enter the market now and leaving renting behind.

 

“I am of the mind that it’s always good to buy,” Judith Cane, president of a financial company, told the news source.

 

“People may have to lower their expectations about what they can afford, but it’s better, especially if you are younger to put your money into buying rather than renting.”

 

A recent BMO survey revealed that two-thirds of Canadians currently own their homes. Furthermore, men were more likely to be homeowners than women, by a 69 to 63 percent count. Regardless, experts remain high on the prospect of homeownership.

 

“If you have the opportunity to get into the market, it™s a great time to buy,” Laura Parsons, a mortgage expert at BMO, told the news source. “In many places it’s a buyers’ market.”