Renting vs. Buying

I’ve heard, way too many times, that one should buy a house or condo as soon as possible to stop throwing away money in rent. The Torontoist blog has a nice post debunking this myth, with numbers for the Toronto market. Interesting read.

About Jorge Aranda

I'm currently a Postdoctoral Fellow at the SEGAL and CHISEL labs in the Department of Computer Science of the University of Victoria.
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3 Responses to Renting vs. Buying

  1. Neil says:

    Have you seen the NY Times calculator?

    http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html

    It’s a great way to do these comparisons. My conclusion is for less than 3 year stays, renting is the way to go — if you have the discipline to save. Of course, if you spend the difference on board games, then you might be in trouble …🙂

  2. Jorge says:

    You know me too well.

    Thanks for the link to the calculator, I hadn’t seen it.

  3. Amy says:

    thanks for the article. It was really interesting. Housing, like stocks, is not always a good investment, and I think housing in Toronto is overvalued right now. On the other hand, buying property in any great city is a stable investment, though there are good and bad ways to do it. Obviously, buying anything outright is better than borrowing to buy. However, if you bought property in London, Paris, or New York at any point in history, you did well. I just think we need to realize that one should SAVE for what they want, then buy, rather than borrow for what they want, then live in debt.

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