OTTAWA, ONTARIO -- (Marketwire) -- 02/19/13 -- Deciding whether or not to take rent money and convert it into mortgage payments is one of the most important, yet difficult, decisions a consumer can make. Not only does buying a home involve saving up for a down payment, it involves making monthly mortgage payments, paying for utilities, taxes and upkeep, things you may have been able to avoid as a renter.
Industry Canada has developed a useful online calculator for potential homebuyers to help them crunch the numbers. The calculator is free and gives consumers a chance to see what their current expenditures on housing would look like when applied to buying a home. To begin your calculations, go to the Spending Smarter calculators at www.consumerinformation.ca and click on the "Rent or Buy Home" calculator. Once you enter the funds you have available, the cost of your rent and your potential mortgage, just click "calculate". The answer will give you a fast, realistic idea of whether or not you can afford to become a homeowner, keeping in mind that your total housing costs should not exceed 30 percent of your gross income.
You can also take advantage of the helpful links to other financial institutions such as the Canada Mortgage and Housing Corporation and the Financial Consumer Agency of Canada. These organizations offer a wealth of information to prospective homeowners.
Before you make your decision, do some research and number crunching on the Industry Canada Rent or Buy Calculator at www.consumerinformation.ca.
About Industry Canada - Office of Consumer Affairs
The Office of Consumer Affairs (OCA) promotes the interests and protection of Canadian consumers. Well-informed and confident consumers help stimulate competition and innovation in the Canadian marketplace.
The OCA aims to ensure that consumers have a voice in the development of government policies and are effective marketplace participants. It provides research and analysis on marketplace issues in support of both policy development and intergovernmental harmonization of consumer protection rules and measures.
It also identifies important consumer issues and develops and disseminates consumer information and awareness tools. Finally, the OCA provides financial support to not-for-profit consumer and voluntary organizations, in the form of a Contributions Program, to encourage them to reach financial self-sufficiency and assist them in providing meaningful, evidence-based input to public policy in the consumer interest.
www.consumerInformation.ca helps consumers find authoritative information on consumer issues. The information available on www.consumerInformation.ca is provided by objective, trustworthy and reliable sources, including federal, provincial and territorial governments, and non-government sources.
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