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this post was submitted on 02 Oct 2024
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Do you? Or do you start owning it after paying off the mortgage?
At least you can't get kicked out or have your rent raised for arbitrary reasons. Some renters are basically moving every year.
Mortgages can change repayments amounts as the central lending rate changes.
We’re in a squeeze in Canada right now because rates went up and a bunch of mortgages are up for renewal. (5-year fixed rate is standard here)
It went up a little, but nothing compared to the equivalent in rent you'd pay for the same place.
It's actually pretty comparable for me. My mortgage went up 40% which made the whole monthly cost of housing go up by 28%. Rents in the same building went up similarly but actually haven't quite caught up.