For Millennials in Atlantic Canada, renting appears to be a cheaper alternative to buying a home ,at least in the short term.
lexandra Baird Allen of Turner Drake and Partners says their research shows it’s 40 per cent cheaper to rent an apartment compared to buying a house in the first five years.
Allen says Millennials face more financial barriers to buying home, starting with high student debt from getting an education then there’s a lack of job security and the rising cost of housing.
On average, it was 558 dollars cheaper to rent in New Brunswick over a five year period and 725 dollars less expensive in Nova Scotia. Mortgage rates are expected to increase slightly by the end of next year.