Brick x Brick Episode 3: To Rent or Buy? That is the Million Dollar Question

Welcome to Brick x Brick, where we’re breaking down real estate truths over a glass of wine. Today, we’re tackling a hot topic: buying vs. renting. With housing in Central Alberta, including Red Deer, Sylvan Lake, and beyond, becoming more competitive, it’s a decision that requires some serious thought.

Renting has become increasingly expensive due to Canada’s housing shortage, with projections showing a deficit of 500,000 homes by 2025. Renting offers flexibility—ideal for those who like to move frequently or avoid maintenance responsibilities. However, the downsides are hard to ignore:

No equity: At the end of your lease, you leave with memories but no financial return.

Limited control: Rules about pets, decor, and even your living circumstances are in your landlord’s hands.

Uncertain costs: Rent can increase, and moving costs add up over time.

For a family renting a four-bedroom home in Red Deer, paying $1,800/month for three years amounts to over $64,000—with no asset to show for it.

Owning a home in Central Alberta offers financial stability and personal freedom. Here’s why buying is often the better choice:

Build Equity: Homeowners benefit from appreciation. One client purchased a fixer-upper, invested in minor upgrades, and saw a $90,000 equity increase in just three years.

Creative Freedom: Paint your walls, build a garage, or add that hot tub you’ve always wanted. Your home is truly yours.

Stable Costs: Fixed-rate mortgages provide predictable monthly payments.

Even with challenges like saving for a down payment, owning a home is a wealth-building move that renting simply can’t match.

If you’re looking to buy in Red Deer or Central Alberta, the best time to start is now. Here are a few tips:

Save for Your Down Payment: Whether it’s extra shifts or selling unused belongings, every dollar counts.

Adjust Expectations: Your first home might not be perfect, but it’s a stepping stone.

Think Long-Term: A modest start now could mean significant equity in a few years.

When I saved for my first home, I lived in a budget apartment in downtown Red Deer. It wasn’t glamorous—far from it—but it helped me save enough for my down payment and kickstart my journey to homeownership.

Everyone’s situation is unique, but owning a home offers unparalleled financial and personal benefits. Whether you’re eyeing a condo in downtown Red Deer or a family home in Sylvan Lake, RoxyK Real Estate is here to help.

I believe that everyone deserves the chance to own a home, and I’m here to guide you every step of the way. Want to learn more?

Let’s make your homeownership dream a reality.