Buying a home is one of the biggest financial commitments that you will make during your life. Many who rent often ask our Ottawa mortgage broker team if it makes sense to take the plunge and buy their first home. There are many reasons for people choosing to buy a home rather than rent and it really is down to your needs at the time. However, we have the top 7 reasons why buying a home has its benefits.


When you buy a home, it offers you that sense of stability that you won’t get from renting. When you are renting, you always have those unknowns that can crop up at any given time, such as having your landlord suddenly choose to sell the property you are renting. If you share a home with other housemates, there is that chance that one will suddenly decide to move, leaving you to pay more rent per month than before. Having your own home grants that security of knowing your living situation won’t be jeopardized by another’s decision. You also get to choose who you share that home with.

Building Equity

Buying a home is making an investment for your future. From the time you make your first monthly mortgage repayment, you are beginning to build the equity in your home. However, when you rent, the money you pay each month leaves you nothing to show for it. Buying a home means you are building a nest egg for the future.


Buying your own home means you have the freedom to design, decorate, and make the home improvements that you want, without having to get permission to do so. Have you dreamed of having your own herb garden or a second bathroom? You don’t need to check with a landlord to get permission to make it happen.

Tax Advantages 

There are a lot of tax advantages that come with owning your own home. The money that you end up saving can also be put back into the home. Here are some of the tax advantages you can get when owning a home:

  • First time home buyers tax credit – those who have purchased their first home in the past year can qualify for HBTCM which is about $5,000 and can add $750 to your tax return refund.
  • Homebuyers plan – If you or your spouse qualify for RRSP (Registered Retirement Savings Plan), when buying your first home, you could be eligible for a withdrawal that is tax-free, of up to $35,000. That’s a down payment on a new home.
  • GST/HST rebates – if the home you are buying is a new build or has been renovated quite a bit, and you have paid Harmonized Sales Tax or Goods and Services Tax, you could get a rebate back on your taxes.
  • Disabilities Tax Credit – this is a tax credit you can be eligible for if you or your spouse has a disability and you are eligible for CRA.
  • Home Accessibility – this is a tax credit for renovations of up to $10,000 that you can get if you are over 65, you qualify for disability credit, you can make a claim for an individual that qualifies, the renovation you are making bring added accessibility to the home, are permanent, and have been done by a professionally qualified tradesperson.
  • Medical Expenses – with this tax credit you could get up to 25% of your medical expenses if they are eligible.
  • Rental Income – this is a tax deduction that you can make if you are renting out a property and covers expenses such as insurance, fees for advertising, property taxes, and any interest on funds that were borrowed for property renovations.
  • Capital cost allowance – this is a deduction you can get on renovations as a depreciating asset.
  • Moving deductions – if you have moved over 40 km so that you could take on a new job, attend school, or launch a new business, your expenses for moving can be tax-deductible. This would include hotel bills, moving company costs, and legal fees.
  • Working from home – you can get a homeowner’s tax deduction/credit if you are self-employed, a commission worker, or a professional who works remotely from home. Expenses that are deductible include homeowners’ insurance, office supplies, utility bills, internet costs, and more.


The equity that you build up in your home is like having a savings plan in place. When it comes time to sell your home, there is a certain amount of gains you can get that won’t be affected by taxes.

**Working with an experienced Ottawa mortgage broker can help you save even more! Call us today to learn more about your financing options.

Offers Predictability

When you buy a home, you have that predictability of knowing how much your monthly repayments are going to be. You won’t have the worry of a sudden hike in rent. If you have a fixed-rate mortgage, your monthly payments can often lessen over time too.


Even though some of the toughest years, the value of a home will increase over time. There will always be a demand for housing, especially if you live in a good area. Real estate has historically shown it has stable, long-term growth where home values are concerned.

Buying a home can have its benefits for Canadian homeowners and may be a better option for you than renting. If you have questions about whether now is the time to buy a home, give our Ottawa mortgage broker team a call today!