This seems more of a question for a real estate blog; however, it is an issue that affects newcomers. Being new in the country means starting over and the place where you live plays a big part in this process.
The current state of the housing market makes things complicated enough. There is already a lot of debate on whether it is best to rent or to buy a home right now. For newcomers, the issue becomes a bit worse when taking culture into account.
Coming from different countries, newcomers may have preconditioned ideas regarding owning vs. renting. For example, in Mexico it is a given that people will buy a home as soon as they get married or after a few years of working. The system there is different. There is a government institution that facilitates getting a mortgage. The houses people get through this system are simple but customizable. So it is expected that people will own rather than rent a home. Renting is seen like wasting resources on someone else’s home.
In the current housing market in Canada, homes are said to be overvalued; especially in areas like the GTA. This means a lot of people need to save more and for a longer period of time before buying a house. For newcomers, it is best to realize that the market conditions and the system itself may differ from that of their countries of origin. It makes sense to analyze what the best option is for them at the moment. Jumping to a decision based on preconceived notions about what is more socially acceptable may not be wise. Whether you decide to buy or to rent, remember to keep in mind your own personal circumstances. Make an informed decision; in the end, that may be the deciding factor to living a happy life.
As a newcomer, what is your opinion on buying vs. Renting? How is the Canadian housing market different from that of your native country?