Purchasing Real Estate versus Renting in Ontario

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Bullmoose
Posts: 2
Joined: Fri Nov 23, 2007 7:10 pm

Purchasing Real Estate versus Renting in Ontario

Post by Bullmoose »

If we accept employment in Ontario, what are the real estate rules? Is it better to purchase real estate or rent? I understand that there are not interest deductions in Canada for interest on mortgages, etc.

We own property in the US, but have not yet built a home on it. We are considering building our retirement home in the next year, during which time we will potentially be living in Ontario.

Your thoughts?
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

"Ontario" is a little vague in terms of giving advice. If you are moving near Hudson's Bay, I would proabaly tell you to rent. If moving to the exurbs of Toronto, I would tell you to buy. If moving to Toronto itself, and were even considering buying, I would tell you that you can afford professional advice rathe than my ramblings ;o)

As with all real estate, location, timinng, and budget as key
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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jenisebhruvel
Posts: 2
Joined: Wed Apr 14, 2010 1:17 am

Post by jenisebhruvel »

According to me if u really want to go there and stay there forever then you should buy it. But your shifting is temporary for a while then find out the best property for rent.
Purchasing is not a bad thing but think and try to utilize the money and personal assets.
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