How to Decide Whether You Should Rent or Buy
Rent or buy? It is the great debate for young Canadians wondering if they should jump into the housing market. When is the right time to buy a house? For first-time homebuyers, that question can be difficult to answer. Even in a relatively stable housing market, there are still ongoing challenges for Canadians in their 20s and 30s.
One of these challenges concerns student debt. According to the Canada Student Loan program, it takes nine to 15 years for graduates to pay off their government loan — which means that some Canadians are paying off student debt well into their 30s.
In addition, student loans might not be the only kind of debt you are carrying. If you are also making monthly payments on a credit card balance, a car loan and/or a line-of-credit, you may be wondering: Am I better off renting a home instead of buying?