Renting or Buying a house in Calgary: What’s Best for Newcomers? Episode #4
Renting or Buying a House in Calgary: What’s Best for Newcomers?
Published by Olena Sobkovych, a real estate expert with over 20 years of experience in Calgary.
When deciding whether to rent or buy a home in Calgary, the choice can often feel overwhelming. However, it should always be based on your personal needs, financial situation, and long-term goals. Let’s explore both options to help you make an informed decision.
Advantages of Renting a Home in Calgary
If you’ve just arrived in Canada or are starting a new life in Calgary, renting can be the ideal option. It allows you to get a feel for the city, figure out which neighborhood suits you best, and adapt to your new environment.
Lower upfront costs: You don’t need to save up a large down payment like you would when purchasing a home.
Flexibility: Renting allows you to move easily if your job or schooling changes. Many Calgary rental agreements even permit finding a replacement tenant without penalties.
No maintenance worries: Your landlord is responsible for repairs, which reduces your out-of-pocket expenses for property upkeep.
However, renting also comes with its downsides. You aren’t building any equity, and your rental situation can be uncertain if the property owner decides to sell or raise the rent.
Advantages of Buying a House in Calgary
If you plan to stay in Calgary long-term, buying a home is one of the best investments you can make for your future. Not only does it provide stability, but it also allows you to build equity over time.
Building equity: Calgary property values are rising, making homeownership a great investment. For example, property prices have increased by 10-18% over the past year.
Personalization: As a homeowner, you have the freedom to modify your home’s interior to suit your preferences—something you can’t do when renting.
Tax benefits: If you’re self-employed, you may be able to write off certain home-related expenses, further reducing your costs.
On the flip side, buying a home requires a substantial upfront investment. You’ll need a stable income and a good credit history. For example, a 10% down payment on a $350,000 home in Calgary is $35,000.
Conclusion
Renting offers more flexibility for newcomers, but buying is the best long-term investment. If you’re looking for more detailed guidance or advice on whether to rent or buy, join my free seminars for newcomers to Canada.
Watch Episode 4 of “Real Estate 101 with Olena Sobkovych”
Renting offers more flexibility for newcomers, but buying is the best long-term investment. If you’re looking for more detailed guidance or advice on whether to rent or buy, join my free seminars for newcomers to Canada. Watch Episode 4 of Real Estate 101 with Olena Sobkovych for a deeper dive into the pros and cons of renting vs. buying a home.
