Quote:
Originally Posted by gladaki
Is there any post by u on rent vs own in Calgary market.
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Not at the moment but it's probably a good idea for a future post.
Generally I'd say it depends on the personal situation. The rent vs buy debate has so many variables and really depends on personal circumstances. Anything short term (ie. life in transition, expat, coop students, students, recently divorced etc) I think should rent because buying is too risky for the short term and could cost more through mortgage penalties, legal fees, realtor costs etc. Short term requires flexibility and renting can provide that.
As a rule of thumb I'd say if its 5 years or more then buy.
Renting isn't a complete waste of money and does have some positives.
The local market is high but if the plan is to stay in a place long term, I'd bite the bullet and buy as I think prices will rise steadily in the long run.