What are the pros and cons of buying and renting Canadian real estate?

If you can afford it, you will be better off buying compared to renting. A new report sponsored by Royal LePage looked at 278 scenarios, assumed a 20% downpayment, and included buying and selling costs like fees, closing costs, and taxes and ongoing costs like utilities, repairs, and insurance. It found that buying was financially beneficial in 91% of the scenarios. Renting was beneficial only in luxury homes in expensive neighbourhoods.

While the total monthly costs for owners may be higher than renters, it's where the money goes that makes the difference. Mortgage payments go towards the principal and interest, and the principal is a form of forced savings.

While mortgage rates were low during the pandemic, even if rates rise dramatically, ownership still wins. And even with a 10% drop in home prices, about half the homeowners would still see a positive return on investment.

Owning a property allows more freedom and stability than renting. There are no worries of the landlord hiking rents or forcing renters to move. And homeowners can make a place their own, with renovations or decor.

(Source)

House hunt can be really daunting at times if you don't have the Right realtor. Before Indranil we spoke to a couple of realtors in the past who I felt were extremely pushy to make a sale however we were really lucky to be introduced to Indranil who had been extremely patient with us throughout the whole process. Being new to the country and buying our first house in Canada we had a lot of questions in our mind but Indranil guided us at each and every step of the journey not  just as a realtor but also an friend and helped us make the right decision to purchase our dream home in Canada. He is the most calm, seasoned professional I have come across and highly recommend his services.

It was great experience working with Indranil and is now my GO-TO person for anything to do with real-estate.

As a homeowner, how can you protect yourself from nightmares because of easements, encroachments, or zoning violations?

Title insurance is a policy that protects property owners against losses related to the property’s title or ownership.

For example, without a title insurance policy, any costs arising from easement disputes, like a shed built on easement area, will have to be borne by the homeowner.

Other problems may arise due to existing liens (e.g. the previous owner's unpaid debts from utilities, mortgages, property taxes) or encroachment issues (e.g. a structure that is on your neighbour’s property); Title fraud; or Errors in surveys and public records; and more.

For more information, read Understanding Title Insurance, a publication by Financial Services Commission of Ontario. FSCO is an arm’s­ length agency of Ontario’s Ministry of Finance.

Are you looking to invest in bank owned, estate properties, fixer uppers, cash flow properties, and power of sale properties?

I have access to properties across the GTA.

Here is a selection

omyGhosh, Just call me. I can help.
(647) 404-9471

Special pricing for my clients for JennAir, KitchenAid, Maytag, Whirlpool and Gladiator  products!

Call Me For More Information - (647) 404-9471