Rent vs. Buy in London? What makes more sense (Infographic)

Rent or Buy, what's smarter?

The fact is it depends on you!

Most people have a sense on if home ownership is a goal they want to attain. And one of the greatest things about living in London is that it's a very attainable goal here compared to many other Canadian municipalities.

Upfront costs of home ownership are USUALLY higher, but ongoing costs tend to be lower, and you will see a return on any of the equity you earn in your home.

If you are crunching the numbers, there are some calculators out there that can help including THIS one from getsmarteraboutmoney.ca.

In my experience it's rarely a purely financially driven decision- almost always people look at the lifestyle factors towards buying or renting- and there is a full range with either option. From renting a detached home and doing your own maintenance, or buying a condo where all you need to do is move in and enjoy- all the upkeep is done for you.

I'm obviously bias towards home-ownership, but I think in London, at least, it makes a lot of sense with the financial incentives, property prices still so affordable and interest rates as low as they are.