Owning vs. Renting

It's all about timing

There are many pros and cons to both owning a home and renting a home and this is especially a pressing issue in the case of Vancourites with rising housing (and living) costs.

Not that's it's ever a bad idea to buy, but if buying causes you to be strapped for cash and puts you in jeopardy of walking a very fine line every month with regards to paying basic bills, then it might not be the right time.

The most important thing is to sit down with your advisor and look at the overall picture - see how much you have, how much you can save, and how much you can afford to put aside for not only a downpayment, but also the monthly mortgage, property tax and possibly strata fees that come with being a home owner. When you have a written financial plan created with specific goals in mind, you'll find that you achieve them not only much quicker, but also with less stress.