Buying or renting?

[gschostack]

Hey guys,
I’ll be landing in Canada in June 2024 as a PR. I’m intent to live in Calgary or Edmonton. If I have the money to purchase a home, perhaps, smaller and a little distant from downtown, is it more advantageous to rent or to buy?
I’ll have a car as well.
What do you think?

 

[foodie69]

If you can afford to buy, buy..no point in renting and paying off someone else's mortgage

 

[gschostack]

And what about the maintenance fees for the property ? I've seen some properties that the fees go as high as 1000 dollars. Is it still worhty?

If you can afford to buy, buy..no point in renting and paying off someone else's mortgage

 

[Naturgrl]

And what about the maintenance fees for the property ? I've seen some properties that the fees go as high as 1000 dollars. Is it still worhty?

What do you mean? Are you buying a condo as there would be monthly fees. Fees depends on the condo. You have to include property taxes and insurance too. So you have to look at how much the property is, how much down payment you are making, mortgage payments, condo fees (if you purchase one), property taxes and insurance.

 

[gschostack]

If I pay for the property upfront, is it better than having a mortgage, considering that as a PR i wont have a good credit score ?

 

[Naturgrl]

If I pay for the property upfront, is it better than having a mortgage, considering that as a PR i wont have a good credit score ?

Well you need to look at the high interest rates and see what your monthly mortgage would be as well as what amount of mortgage you can get as a newcomer.

 

[iSaidGoodDay]

If I pay for the property upfront, is it better than having a mortgage, considering that as a PR i wont have a good credit score ?

You'll have to show permanent employment or work for a Fortune 500 to be considered for a mortgage without a credit score in Canada.

Also, look for freehold properties if you are worried about $1000/mo condo fees. But for that you'll need to be prepared for maintenance, repairs, etc too.

Current interest rates are 5.5%+ (very conservative), realistically would be 6% or slightly more right now.