Renting is better than buying a home (with numbers)
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Published 2024-07-07
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Link to Calculator: www.growwithnav.com/money-tools
I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).
00:00 - Intro
01:23 - The Calculator
08:18 - Renting over buying example
11:23 - Comparing Renting vs. Buying
18:47 - Investing in stocks
20:54 - Buying in Calgary
21:50 - Why to buy a primary home?
23:09 - Outro
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All Comments (21)
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In an earlier video of yours you showed how people are financially better off buying a home in the long run compared to renting... what changed?
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Its better to buy home and suck it up all the hard-work to pay mortgage then living as landlord's puppet. Be responsible.....
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IMO 4% YoY home price increase % is being too conservative. Change it to 7% (based on recent trends) and the whole equation changes. Similarly, your figures state that rent will only roughly double after 30 years ($3000 vs $7070) which sounds wayyy off given current trends where it's often increased 10% YoY.
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Thanks Navjot for the calculator and the analysis. It seems , the hybrid approach is feasfible from a long term prespective if one is disiplined in investing and is able to get high returns in stocks . Would like to see a comparison of how the results would be if some part of the money that was to be invested in stocks is used to pay off the mortage early.
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Keep up the great work Navjot ❤
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I don’t agree with this video. This is not 100% correct. 10% avg every year return is not practical and it’s down mostly. Real estate growth by 4% is not practical either for Ontario. Ignore last 2 years but otherwise real estate has grown higher. What if stock market crashes big time and you have nothing left for ur retirement .. at that time you can’t go back n buy home. After retirement of home is paid off, I don’t have to worry about roof on my head. Common sense..
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Calculator link does not point to download excel file, can you plz fix it?
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Living in BC, where house hacking seems nearly impossible, do you think it would be strategic to relocate to Alberta temporarily? By purchasing a home in Alberta for $825,000, leveraging a basement suite rental for $1,500/month, and building equity, can one effectively implement the hybrid approach you discussed? I know it's subjective and your job plays a vital role, but I've been contemplating doing that and would love to hear your opinion on this! Fantastic video though, very nicely explained! đź‘Ź
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I really recommend this podcast to people who are trying to manage their finances because it's great to hear facts without any of the BS.
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Then why are you investing in multiple properties not just in Canada but in USA too.
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Great video!! One thing I am struggling to understand is why there is no stock portfolio in the “buy” scenario until after year 25? The cut-off point where renting gets more expensive is somewhere before year 20. That means there will be surplus money to invest for the homebuyer.
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How can I download the calculator? I am unable to find. Could you please share or add in pin comment!!
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Great video Navjot. Real trick here is using your hybrid approach explained but with buying home in Ontario GTA (around 1 million) and basement will provide you $2000 and it will be always in demand as per Canada’s immigration policies. I might be wrong here, just explained what some of my relatives have been doing in Ontario
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Looking for the link for Excel sheet:hand-orange-covering-eyes:
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Hi Nav, Thanks for the information - Can you please provide the password to unlock excel file
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Did not find the password for the excel
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Hey Navjot, I really liked your videos and I reached out to your website for helping in mortgage. I filled out form twice but I couldn’t get hold of anyone. What’s the best way to reach out to your team?
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There are many CASH FLOW properties in windsor, but I see you haven't invested in windsor at all, why? Share some light if setting is not known or spoken about. Thanks
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And the best thing about renting is you dont need to pay rent ...... eviction took 1 year
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America which is going to be leader for still few more foreseeable decades, will want inflation to keep going up to manage their fiscal deficit. That means the house loan you take now and get locked in with a fixed monthly instalments, you can pay it much easily in future with inflated money. 7000 dollars monthly repayments won’t look that bad after next 10 years. But the 7000 per month rent in next 10 years is much worse. It’s like paying interest only loan.
