BC city closing in on Vancouver for most expensive place to rent in Canada
Vancouver has done it again, topping the Canadian leaderboard for how much it costs to rent a one or two-bedroom apartment, but one BC...
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Rent vs. Buy
There's a simple rule of thumb called the rule of 5%. If the price of your house is less than the annual rent divided by 0.05, then you should buy.
example:
The rule of 5%
House Price: $650,000
Rent: $2,650
Annual rent: $2,650 * 12 = $31,800
Final: $31,800 / 0.05 = $636,000
$650,000 > $636,000
In this case the price of the house is higher than the calculation we got. So you're better of renting.
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