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Old 03-17-2017, 01:59 PM   #6
Mortgage Made Easy
Crash and Bang Winger
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Join Date: Sep 2014
Location: Calgary, AB

Originally Posted by Calgary14 View Post
That's crazy, I didn't know the premiums increased so high. If someone only has a 5% down payment they'd be much better off renting in most cases
The premiums have been high for quite sometime... they were increased last spring and once again as of today.

There are plenty of debates over continuing to rent vs buy with 5% down payment. The payments are building equity (forced savings) and if the market you are in has increasing values, you can benefit as well (like Toronto).

But as you mentioned, there are some validity to continuing to rent. There are a lot of personal factors to consider and financial situations / strategies where either has merit... even with just 5% down payment.
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