Buying with FirstStep vs Renting
When you buy your home with FirstStep your payments are fixed for the entire term of the Agreement for Sale. You will be responsible for annual property tax and strata fees (if applicable) but at the same time you are building equity in the home you own. Your monthly savings are also now hard at work, building a nest egg for your future.
When you rent the landlord has the legal right to increase rent at the end of each contractual term (usually every one or 2 years). You do not pay the property tax or strata fees but all of your rent goes to the landlord and you do not build up any equity.
Taking the total payments and landlord increases into consideration, comparing the purchase of a $1 million new condo in Vancouver versus renting the same unit, a buyer using FirstStep financing would save $97,000 over a 10 year period.