In Canada, there are many benefits to owning your own home, here’s our list of the top five:
1. Tax breaks.
The Canadian government offers a variety of tax breaks and credits for homeowners that you can take advantage of.
Generally, in Canada, we’ve seen steady growth in land and home values year in and out.
Every payment on your home gets you a little closer to owning it. Each payment builds up the equity your have in that property. If you only rent, you’re simply paying to rent the space, and not building any equity in the property that you could potentially borrow from in the future.
Your mortgage payments will generally stay the same for the entirety of your mortgage. Inflation cost will affect renters, but not those who own a mortgage. With that said, property taxes and other expenses can still vary.
You own this property you can do what you’d like with it. Unlike renters, you have the ability to renovate and alter your home as you see fit. Over time, your renovations could ultimately lead to higher home value when it comes time to sell.