Should you continue renting
or purchase a home in Victoria, British Columbia?
Deciding whether it’s the right time to take the leap into home ownership isn’t a choice to make lightly, which is why you’re here getting all of the information needed before you decide! Depending on your current monthly rent and the price of the home you’re hoping to purchase, it might be cheaper to carry a mortgage or to continue renting.
Ready to see what the numbers say? Fill out everything you know in the calculator below. You can check our interest rates page for an idea of what your interest rate may look like. Not sure what one of the numbers means? Check our terminology page for definitions. Then, keep scrolling for more information and research depending on whether financially you should continue renting or purchase a home.
When is renting the better choice?
Renting is a fantastic choice for many people. Here are some circumstances when renting may make more sense than buying:
- Our calculator above says that renting is currently a better financial decision
- You are planning on moving either to a new neighbourhood or city in a few years
- You know you will likely need more/less space than your current needs in a few years
- You have an unstable financial situation and don’t feel comfortable taking on the risk of a mortgage
When is buying a home a better choice?
Decided to purchase a home? You’ve come to the right place. There are many reasons even beyond the numbers for why purchasing a home and carrying a mortgage is a better decision over continuing to rent. Here are some situations where this is the case:
- You foresee living in the same neighbourhood for many years
- Your current monthly rent is similar to or more expensive than your estimated mortgage would be
- You feel comfortable with taking on a mortgage
- The size/type of home you want is available and in your price range
Resources for first-time home buyers in Victoria
At Auxilium Mortgage, we specialize in helping first-time home purchasers and those with less-than-A+ circumstances find the best mortgage for their situation. We’ve got a number of resources available online dedicated to helping you make the best decision for your circumstances. Not only that, but we are happy to meet with you in a no-obligations consultation to review your current financial situation and what you’re looking for in your first home to help you make the best financial decision.
Articles for First-Time Home Buyers
Everything You Need to Know About Mortgage Pre-Payment Penalties for Canadians
Considering a change or paying off your mortgage early? Learn about pre-payment penalties and how to minimize them.
Government Incentives First-Time Home Buyers in BC Should Know
Affordability remains one of Canadians’ top concerns with the housing market when purchasing their first home. Fortunately, a number of federal and provincial programs are available for BC residents to take advantage of in 2025.
How Can I Get a Mortgage for a Rental Property in British Columbia?
Short answer? Yes! However, there are a few differences between getting a mortgage for a rental property vs your primary residence.
Why Use a Mortgage Broker vs a Bank?
Before the year 2000, the majority of Canadians turned to banks when they needed a mortgage, however now mortgage brokers are more popular. Find out which is right for you.
Ready to purchase a home?
Let the expert team at Auxilium Mortgage help you find the right mortgage for you! Contact us today for a free consultation—no credit check required!"*" indicates required fields