Millions Of Renters Worry They'll Never Buy A House In Canada But Here's The Good News
These expert tips might just cheer you up! 🏠
Condos in Vancouver. Right An older house in Thunder Bay, Ontario.
Millions of people rent in Canada, rather than buy their own homes. For some, renting is a choice, while for others it can be the only option on the table because of the rising cost of housing in Canada.
And, according to a new report by fintech platform Finder, around 29% of Canadian renters feel as though they will be renters for life — that's around nine million people.
And, if that sounds like you, personal finance and real estate expert Ramana King from Finder has advice to help renters save money, or even have a leg up on folks who own their own property.
From using the flexibility that renting gives you to your advantage, to using it as an opportunity to save some hard-earned cash, there are actually some major ways to make the most out of the situation if you're a renter
Take advantage of flexibility
One of the biggest perks of renting, according to King, is having more freedom than those who own properties.
People who own homes are more likely to be anchored to one place, while those who are renting are able to move around the country to get those primo jobs a little easier.
You also don't have to worry about selling or renting out your home, or buying a new one. Instead, you can just up and leave and head towards whatever opportunity comes your way.
It could be a good thing to not be tamped down like a homeowner might be, so hey! It's not all doom and gloom.
Keep this in mind and remember to take advantage of that precious flexibility!
Save smart
While renting and saving might sound incongruous, King suggests that you can actually save some cash while you're living the renting lifestyle.
A great way to start is to take a look at where you live and find out, or estimate, how much you would be paying in a mortgage, utilities, and other regular expenses if you owned a home.
Then, take a look at your rent and see if you can save the difference between them.
For example, if you would be paying $3,000 as a homeowner, but only pay $2,000 as a renter, try to save away that $1,000.
Of course, everyone has a different financial situation, so if you can't save that much, do what you can.
Even just $10 a month adds up in the long run!
Start investing
While this is a classic piece of advice, it still rings true.
King suggests you look into getting that investment portfolio growing, even when you're renting.
And, believe it or not, gains in the value of the Canadian stock exchanges actually have outpaced gains in the value of housing. So now is a good time to use that to your advantage.
You can plop some cash into some investments and actually, maybe, make some more money back than you would on the value of a house.
Of course, results may vary.
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