Is it better to rent or to buy?

[gschostack]

Hey guys,
I’ll be landing in Canada in June 2024 as a PR. I’m intent to live in Calgary or Edmonton. If I have the money to purchase a home, perhaps, smaller and a little distant from downtown, is it more advantageous to rent or to buy?
I’ll have a car as well.
What do you think?

 

[steaky]

Hey guys,
I’ll be landing in Canada in June 2024 as a PR. I’m intent to live in Calgary or Edmonton. If I have the money to purchase a home, perhaps, smaller and a little distant from downtown, is it more advantageous to rent or to buy?
I’ll have a car as well.
What do you think?

Why do you want to buy and down size in mid-town for the same price as a downtown condo? Usually you can get an older detached house (which has more living space) which is a little distant from downtown for the same price as a newer condo.

Rent or buy is a personal preference. One advantage of buying an older detached house is you can tear the existing one and replaced by a new one (that suits your character).

 

[gschostack]

And what about the maintenance fees for the property ? I've seen some properties that the fees go as high as 1000 dollars. Is it still worhty?

 

[steaky]

And what about the maintenance fees for the property ? I've seen some properties that the fees go as high as 1000 dollars. Is it still worhty?

What about it? If you don't want to pay directly, then consider to rent. Rental fee often includes strata fee (in the case of a downtown condo).

 

[steaky]

Basically the older the property, the higher maintenance fee. Your call if it still worthy.

 

[gschostack]

Basically the older the property, the higher maintenance fee. Your call if it still worthy.

Perhaps I'll be changing my city after two years. Considering that, the ideal is to find a place with low maintenance fees to rent or just sell it ?

 

[steaky]

Being a tenant is easier especially in a slow real estate market.

 

[Wolfpmd3]

Hey guys,
I’ll be landing in Canada in June 2024 as a PR. I’m intent to live in Calgary or Edmonton. If I have the money to purchase a home, perhaps, smaller and a little distant from downtown, is it more advantageous to rent or to buy?
I’ll have a car as well.
What do you think?

When you say you have the money how much are you talking about?

This will determine a lot, and also many times people do not realize just how expensive houses in Canada actually are.

 

[canuck78]

Hey guys,
I’ll be landing in Canada in June 2024 as a PR. I’m intent to live in Calgary or Edmonton. If I have the money to purchase a home, perhaps, smaller and a little distant from downtown, is it more advantageous to rent or to buy?
I’ll have a car as well.
What do you think?

Would not suggest buying especially initially. The housing market is very unstable at the moment and if you don’t know if you will live in a city longterm you could get stuck with a property that may not be cash flow positive if you rent it out and have the hassle of an income property that is on the other side of the country. Would suggest getting a feel for Canada in general and the city you live in. Getting to know a neighbourhood in person versus on paper is also important. If you are arriving in Canada without a job then you want to remain flexible especially in the first few years of living in Canada so you can move to where the best opportunities are. If you purchase a property make sure you will be able to hold it for 5-10 years. If you lock up your funds in one property and move will the prevent you from buying a property to actually live in? Would be prepared to rent for at a minimum 6-12 months and then reassess.

 

[mnova]

Perhaps I'll be changing my city after two years. Considering that, the ideal is to find a place with low maintenance fees to rent or just sell it ?

Honestly, if you are planning in moving after a couple years or so.. I would advise you to rent... since you'll still be new in Canada ( I assume) then just leave there as tenant for a couple years and this time you are in canada as tenant will give you time to search and look up about places and prices.. don't rush take your time...