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Renting Over Buying: Your Real Estate Questions Answered




What you want to know about buying and selling a home.  CTV's chief financial commentator Pattie Lovett-Reid and real estate expert Sandra Rinomato have your answers.


Why would I purchase a home over renting?


  • Lost opportunity cost: not only will you forever lose the money you pay in rent, but you will lose the potential equity you can build by paying down the mortgage debt and from an increase in property value over time.
  • If you purchase properly real estate is a very good tax free investment. (Principal residence)
  • Why should I rent? Because you want to have flexibility to move for a job, you can't afford a place as nice as what you are renting and don't want to downgrade, you've just hooked up, you just broke up, you just moved here and want to figure out where to purchase. Or, you have bad credit or no down payment and need to improve your standings in order to qualify for a mortgage.

Should you sell before you buy… or, buy before you sell?


  • You want to do what is less stressful or less risky. For example: if your house will sell in a day, you can buy first. If your house may sit on the market for 30-60 days or more, sell first. That way, you will never be forced to accept a low ball offer due to time constraints. If you buy first and your home is not selling, every day without an offer can not only seem like 100 years, but you may not be able to close on the new home, which is a serious issue that you want to avoid at all cost.
  • If you are buying your 'forever home', buy first because it may take a long time to find. If you are flexible about the type of home, then sell first.
  • Ask your realtor how many days your home will be on market  and have a look at a couple homes to determine if you are hard to please or easy to please.

What to consider before downsizing


  • First of all, a downsize does not always mean lower carrying costs so make sure you know what you are getting into before you make your move.
  • Sell or give away as much furniture and belongings as you can.  You might even want to consider bringing in an auctioneer to have a look at your stuff. Donate, sell, give to family or friends or have a perpetual garage sale on EBAY.
  • Always give yourself extra time to deal with your stuff. If you are going from larger to smaller space, you will need a lot of time.  People always underestimate just how much stuff they have and how long it will take to get rid of it all. I moved and left full boxes untouched for over 10 years. If this is something you want to do next year, start now!
  • Letting go can be tough, so you may need to sift through things more than once. Even when you think you have reduced enough, you may discover that you will not be able to bring it all with you. Giving away your memorabilia and furniture doesn't mean you have to give away the fond memories. Find a way to retain the memories without the junk.

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Sandra Rinomato is simply THE BEST agent anyone could ask for. We are blessed that she was so available, so helpful and so understanding of what we wanted and needed. Call Sandra. You cannot lose.

- Marianne Englert


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1984 Bloor Street West
Toronto, ON   M6P 3K9

Office 416-565-3001
Direct 647-725-0191

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 3/22/2019 9:07:24 AM