Community Experience 
Driving can cause you to miss out on experiencing all your community has to offer.  Strolling through the streets of your neighbourhood offers a more complete perspective as you discover shops and people you might not have had the opportunity to encounter from behind the wheel.  

The Walk to Wellness
According to Time Magazine article “10 Things Your Commute Does to Your Body”, a daily drive commute to and from work “impacts your mental and physical health” and is associated with increased cholesterol, blood sugar, blood pressure which over time can increase your risk for diabetes, heart disease and stroke.  Not to mention the toll it takes on your mental health, according to report from the U.K.’s Office of National statistics fighting traffic on a regular basis increases anxiety, puts you a risk for depression and actually declines “happiness and life satisfaction”.   In case you needed any more incentive to re-think a car commute, according to a 2014 study from McGill University, commuters who walk to work tend to be happier overall compared with those who have a lengthy commute. 

Cost vs. Car Share
A major bonus in forgoing a vehicle is saving on all the costs associated with regular maintenance, fuel, insurance, license, registration and parking.  According to the CAA car ownership is the second largest expense after housing for Canadians. On average, including depreciation, owning a vehicle in Canada costs approximately $9,500 annually.   Many would argue that the convenience of having a car is well worth the price tag, yet car sharing services like Modo are a more cost-effective option for those times when you just really need a vehicle.  Unlike traditional car rental companies, Modo bills by the hour or with a full day rate of $50 which is inclusive of gas, insurance and maintenance.  With the flexibility to book on the fly, residents in our Novare, Glenmore Central and Lynncreek Apartments have added incentive with Modo car share services located right on site.   

Central living maybe more costly rent wise but in a vibrant community close to major amenities, you have the luxury of living “car free” without the added stress and expense of owning a vehicle.  “Car free” may become the new “carefree”, healthier approach to urban life.  

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1. Location, location, location
Many first time home buyers “settle” on neighbourhoods they don’t necessarily love because they can’t afford the price tag associated with more central or desirable areas. Renters have more options at various price points within the communities of their choice and they aren’t locked down. When life changes, like having a baby or taking a job in a new city; it’s much easier to up-grade or relocate.

2. Cash in hand
 Real estate is not the only option when investing. Often renters have more disposable cash because they aren’t weighed down by things like initial down payment, repairs and property taxes. On a month to month basis, renting is also less expensive then owning a home after you factor in all the utilities and maintenance. So that extra money can be easily put into investments that offer more liquidity in the short term should you need to access your savings for a sudden expense or that trip to Amalfi coast you’ve been dreaming of.

3. Time is on Your Side
Owning a home comes with extra work which can be physically demanding, as well as, a drain on something most people already feel really stretched for – time. Whether it is regular lawn maintenance or ripping out the early 80’s wood panelling in the basement, the time involved in the general up-keep of a home, coupled with increasing it’s value is something renters just don’t have to contend with. Choosing to opt out of buying a home leaves more time for the important stuff like hot yoga and weekend wine tours.

If the concept of purchasing feels like pressure, then it may be best to hold off and evaluate whether becoming a home owner is really in line with your overall lifestyle preferences. If you think outside the box, there’s more than one way to create a life you love – mortgage or not.

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