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Renting vs. Buying in Richmond Hill

If you’re deciding whether to rent or buy a home in Richmond Hill, consider this information prepared by Mike Zembowski, our Mortgage Broker expert:

Paying rent for your principle residence versus owning?  Ever dollar you   spend in rent is gone.  When you own, you are paying more per month, however a large portion is your principle payment and you are actually paying yourself.   Consider the following scenario, a condo or house bought  say in Richmond Hill with $20,000.00 down payment and a small appreciation of 2% per year lower then the national average;

If you buy for $395,476.58 (the maximum you would qualify for) you will pay down your starting mortgage amount by $54,601.14 over 5 year(s) with your principal and interest payments of $1775.00 per month, plus your property will increase in value by $41,161.52 for a total investment growth of $95,762.66.

The profit you make from the appreciation of your principle residence is completely tax free income.  The appreciation of your principle residence is the one break your government offers to every citizen for building wealth. 

You have a right to own property.  If you make $95,762.66 buying stocks expect to pay 15% – 20% in taxes. This principle residence going up in value is actually like making over $114,000.00 in the stock market over five years.  Your house is your home, a place to live and raise your family, but make no mistake it is also an investment.


Mike Zembowski

Mortgage Agent, Lic. M12000729

(416) 907 – 6058 x 105



Afshin Noohi, Broker

Direct: 416-722-7772

Office: 416-391-3232

Right At Home Realty Inc., Brokerage

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