What Are The Pros and Cons of Renting or Buying Calgary Real Estate?

Posted by on Monday, May 6th, 2019 at 2:21pm.

How to Choose Between Buying a Home and Renting an ApartmentMoving from an apartment into a home that you own is a huge step for any person, and the excitement that comes along with it is palpable. However, some individuals don’t get as excited about home ownership as others, as they prefer apartment living to buying a home hands down.

What makes them so different and why would someone strongly prefer one over the other? Let’s closely examine the various aspects of these two living situations and find out which option is right for you.

To Buy Or Not To Buy?

Anyone who says buying a home is easy probably had an exceptionally unusual experience; that’s not to say that home ownership is something to be avoided, but it definitely takes time and energy to get everything in line to purchase property. Aside from making sure there’s enough money to fund a down payment, closing costs, and move in costs, the fun part of owning a home also tends to cost some money.

New furniture, appliances, and even paint are all some of the joys and responsibilities that come with home ownership. Some individuals absolutely love this type of freedom, as owning a home allows you to make whatever changes you see fit.

It’s also a great investment for those who are thinking about building up a real estate portfolio with homes in North East Calgary or elsewhere. Considering the approval process, financial requirements, mortgage and tax payments, and so much more certainly makes one stop and think before making this huge step.

What Apartment Living Entails

Just as buying a home brings its positives and elements to consider, apartment living has its fair share of benefits and drawbacks. Many people enjoy the element of predictability that comes with an apartment, particularly when it comes to finances. Typically, apartment complexes regulate utility and water costs within reason, and as long as your rent doesn’t change, you can plan your bills fairly easily every single month.

If something breaks, rather than draining the bank account for repairs, there are on-site maintenance people to come help. Amenities are also plentiful, as many complexes have a pool, gym, and recreation center.

Yet there are some factors to consider when it comes to staying in an apartment versus buying a home. For the most part, apartments are considerably smaller than an average single family home, so those with children might find themselves needing more space than they can get.

Unlike owning a home, there isn’t much you can change to the structure of an apartment space, so if there’s a desire to landscape, paint, or take out a wall, these options aren’t available either.

Homeownership Offers More Value Than Renting

If you’re looking to buy a property for sale in Calgary, the success of your venture as an investment will certainly depend on how long you intend to stay in your home. Since the late 1990s Calgary real estate has consistently led other property markets in investment return, but the age old sentiment that buying has the unquestionable advantage over renting does carry a couple of provisos. If you are seeking a secure family home around which to pitch your white picket fence, sit back and watch your family grow, and your investment appreciate, a home purchase is a sound choice. On the basis of a financial analysis,The New York Times concludes that, "If you stay in your home for 6 years, buying is better."

Those less rooted may opt for the cheaper start and comparative flexibility of a rental to suit their current lifestyle or until they’re ready for the commitment. However, if you’re in for the ride you’ll reap what you sow in the form of these pointers below:


Undoubtedly a house purchase in Calgary is a long-term investment. The variety and stability in the local market coupled with a growing market confidence all suggest that you should benefit from the security that comes with knowing that but you’re building equity in your own home rather than your landlord’s. Once you’ve hurdled the typical outlay of insurance costs and outset expenses, you have the guarantee that your mortgage payments are steering you on course towards a secure financial future.

Money For Nothing

Renting might be cheaper initially, but in buying, you’re saving money long term. Take comfort in the prediction that Calgary interest rates will stay low for some time ahead. You can relax and potter in the garden, knowing that the pleasure gained here, and from choosing fabrics and designing renovations is simultaneously enhancing the property and contributing to your investment.

Fixed Period/Fixed Price

Most mortgages offer you opportunity to make additional monthly or annual payments to reduce your principal more quickly. If the mortgage is for a fixed period, the future holds no surprises and, perhaps most importantly, the end is always in sight. When you’re renting, you’re subject to period fluctuations in rent that can unwittingly take you over budget, in addition to facing an endless monthly bill.

Tax Advantages

Canada’s Economic Action Plan boasts various incentive schemes brought into existence to help you realize your dream. Both First-Time Home Buyers' (FTHB) Tax Credit and Expansion of the Home Buyers' Plan (HBP) are examples of these and depending on your situation, you may find that all or at least a portion of your real estate tax and mortgage interest may be deductible from your income tax. A specialised accountant will be able to further advise you.


You have the freedom as a homeowner to customise your castle as you see fit. Your home is an extension and an expression of yourself. You hold the keys and make the decisions on who is and is not welcome. Besides, as a home owner, you always have the ultimate freedom to choose to become a landlord yourself!

Fuzzy Logic

Let’s face it, there are a hundred untenable reasons that tell us why we want to be home-owners. There’s an inherent security that comes with ownership that taps our desire to create something beyond basic shelter. All of the above provide a heightened independence that reflects our status and self-worth. As a proud home owner, you are in charge of your life and the way you live it.

Both Choices Are Great

Whether buying a home or apartment living speaks to you, they are both great options depending on what your priorities are. Before feeling pressured to jump into the world of home ownership, take some time to think about future plans and what you’d like to do with your money. Sometimes investing in a home makes sense, while for others, a nice apartment is all they need. Either way, make sure to choose the scenario that’s best for your life.

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