Should You Rent or Buy in Today’s Market?

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With the recent interest and conversation around my beautiful Burlington lease listing, I’ve been hearing a question come up again and again:

“Is it better to rent or to buy right now?”

The truth is — there isn’t a one-size-fits-all answer.

Both renting and owning offer powerful advantages depending on your financial goals, lifestyle, timeline, and comfort level with responsibility and risk. The key is making an informed decision that supports where you are today and where you want to be in the future.

Let’s break it down.

The Benefits of Renting

Renting is often viewed as a “temporary” option, but in many situations it can be a strategic and empowering choice.

Flexibility

Renting allows you to:

  • Relocate easily for work or lifestyle changes

  • Try a new neighbourhood before committing

  • Adjust your housing needs as life evolves

This is ideal for people in career transitions, relationship changes, newcomers to a city, or those exploring long-term plans.

Lower Upfront Costs

  • Unlike purchasing, renting typically does not require:

  • A down payment

  • Closing costs

  • Land transfer tax

  • Legal fees

  • Home inspection costs

This allows you to preserve capital for:

  • Investing

  • Paying down debt

  • Building your savings

Predictable Monthly Expenses

With renting:

  • Maintenance and repair costs are generally not your responsibility

  • Major expenses like roof, windows, furnace, or appliances are covered by the landlord

That predictability can be incredibly valuable for budgeting.

Lifestyle Freedom

Renting can free up:

  • Time (less maintenance and upkeep)

  • Cash flow

  • Mental energy

For many, that means more travel, entrepreneurship, or investing in other priorities.


The Considerations of Renting

While renting offers flexibility, it also comes with limitations:

  • You are not building equity through your monthly payments

  • You are subject to market rent increases (within guideline regulations)

  • You have less control over renovations and long-term customization

  • Housing stability can be affected if the property is sold or repurposed (depending on the situation)

The Benefits of Owning

For many Canadians, homeownership is about more than a place to live — it’s about long-term wealth building and stability.

Equity & Long-Term Financial Growth

Each mortgage payment contributes toward ownership, helping you:

  • Build net worth over time

  • Leverage equity for future opportunities

  • Create a strong financial foundation

Stability & Control

Owning gives you:

  • The freedom to renovate and personalize

  • Predictability in your housing (especially with a fixed-rate mortgage)

  • A sense of permanence and community connection

Protection Against Rising Housing Costs

While expenses exist, your housing costs are not subject to the same rental market fluctuations.

The Considerations of Owning

Purchasing a home comes with additional upfront and ongoing costs, and it’s important to plan for them.

Closing Costs to Consider

These may include:

  • Land transfer tax

  • Legal fees and disbursements

  • Title insurance

  • Home inspection

  • Appraisal

  • Adjustments (property taxes, utilities, etc.)

Ongoing Responsibilities

As a homeowner, you are responsible for:

  • Maintenance and repairs

  • Property taxes

  • Insurance

  • Utilities and service costs

It’s also important to be comfortable with the longer-term commitment that ownership typically requires.

When Renting May Be the Better Choice

Renting can be the right move if:

  • You expect to move within a shorter timeframe

  • You’re rebuilding savings or improving credit

  • You want to eliminate maintenance responsibilities

  • You’re in a period of life transition

  • You’re prioritizing flexibility or investing elsewhere

When Owning May Be the Better Choice

Buying may be ideal if:

  • You plan to stay in one place for several years

  • You have stable income and financing in place

  • You want to build long-term equity

  • You’re looking for stability and control over your living space

  • Your lifestyle supports the responsibilities of ownership

The Most Important Step: Professional Guidance

The most informed decisions happen when you take the time to look at the full picture:

✔ Your timeline

✔ Your monthly comfort level

✔ Your long-term goals

✔ Your lifestyle priorities

✔ Your financing options

This is where working with a trusted real estate professional and mortgage expert becomes invaluable.

Together, we can:

  • Map out a strategy

  • Explore what’s possible in today’s market

  • Run real scenarios based on your goals

  • Help you decide not just what you can do — but what you should do

Final Thoughts

Renting is not a failure.

Owning is not always the immediate goal.

Both are powerful tools when used at the right time for the right reasons.

The best choice is the one that supports your life, your finances, and your future.

Let’s Build Your Plan

If you’re wondering which path makes the most sense for you, I would be happy to help you explore your options.

Through my trusted network of:

  • Mortgage professionals

  • Real estate lawyers

  • Inspectors

  • Financial specialists

we can create a clear, personalized roadmap based on your timeline and goals.

📩 Connect with me anytime to start the conversation.

Rachelle Bernardi, REALTOR®
RE/MAX Escarpment Realty Inc.
Burlington & Beyond
🌐 rachelletherealtor.ca