It’s a question of value

Home ownership is considered the ideal for so many reasons. Stability, intergenerational wealth creation, and security in retirement are just a few reasons why people buy a home. Renting a house or apartment has it’s own benefits, such as low-maintenance, rent control, and the ability to move without the expense of selling. Let’s compare the two and see which one might be best for your situation.


  • Added costs such as mortgage interest and property tax
  • Pride of ownership, flexibility
  • Build equity through mortgage payments
  • Make improvements or customize
  • Appreciation is not guaranteed


  • Fixed monthly cost, all-inclusive
  • Freedom to move at any time
  • Discipline to invest is required
  • Limited opportunity to customize
  • Rent controls limit increases

When you’re comparing the two, ask yourself which scenario suits your lifestyle better. Buying a home is a popular choice and best suited for those who want to live in the same property for 7-10 years. If you’re intending to buy and then move within 7 years, your costs can exceed the appreciation (depending on area), which means that renting is the most cost-effective choice.

A larger down payment . . .

  • 20% or more down eliminates the need for mortgage insurance – a savings up to 4% of the purchase price
  • Reduces the amount of your monthly principal and interest payment
  • Reduces the total amount of interest you pay over the life of your mortgage

Three alterntive financing options are available

Norfolk Home Ownership Program

  • Provides down payment assistance to first time homeowners who are qualified low-to-moderate income households wishing to purchase a home. Funding is provided in the form of a 20-year interest free loan registered on title and up to 10% of the purchase price of the home. Funding is provided in the form of a 20-year interest free loan registered on title and up to 10% of the purchase price of the home.

RSP Home Buyers’ Plan

  • The RSP Home Buyers’ Plan (HBP) lets a first-time buyer withdraw up to $35,000 from RSPs for a home purchase. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn.

Federal Shared Equity Fund

The incentive is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual income.

  • 5% or 10% for a first-time buyer’s purchase of a newly constructed home
  • 5% for a first-time buyer’s purchase of a resale (existing) home
  • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

Mortgage insurance

CMHC, Genworth Financial, or similar companies insure mortgages up to 95% of the lending value of the house. Eligible borrowers include anyone who buys a home in Canada intending to occupy it as their principal residence. Buyers who insure a mortgage loan with CMHC or Genworth pay a premium. The premium is based on the down payment and loan amount.

Contact our office for more information.

Are you ready?

  • Home ownership is more than economics!

  • Will owning a house or condo improve the quality of life for you and your family?

  • Ask your REALTOR® to explain the benefits of home ownership to you in detail

  • If you want to own a home and you’re financially prepared for the commitment, then now might be the time

Ask us how you can receive a free down payment

  • A higher down payment means a lower monthly payment

  • Interest savings over time can be significant – talk with your mortgage broker about the best option for you

  • More equity means a stronger financial position now and in the future

Down payment assistance Norfolk County - should I rent or buy a home in Norfolk County