This is a question posed to me on a regular basis surrounding the costs of home ownership over renting. The expenses initially of course are higher for home ownership and based on today's market qualifying under our stress tests in Ontario are much more difficult. So how do you determine if its worth the investment and if so how do you establish whether or not you can afford the carrying costs over the next 5 years?
This simplified calculator will allow you to determine your risk vs rewards and show you what capabilities you may have while looking to advance in real estate or build your equity.
Based on an average rental amount of $2000 for homes ranging from $400,000-$450,000 its quite close but there's no denying in the long run the equity superseceds the initial expense and working with me to invest in your long term goals you can build a portfolio allowing you to continue growing your dreams.
Looking to Purchase or invest?
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Ideal calculator for Tablet or Computer, if you're using your phone (click on the 3 lines/dots -> Click desktop Version -> Using calculator)