Local REALTOR® Kyle Scali has noticed rumblings among renters lately, with many tenants in Sault Ste. Marie expressing dissatisfaction. They’re unhappy about the limited availability of well-maintained rental properties, rising rents and the lack of affordable housing.
“This issue has become increasingly noticeable over the past few years, as demand for rentals has outpaced supply,” says Scali.
Tenants often share other concerns too. These can range from landlords not addressing maintenance issues promptly to properties being outdated or poorly managed, and feeling as though they are paying more than they should for what they’re getting.
“These frustrations are driving many to explore alternatives like home ownership,” he says.
If it’s feasible, now may be a good time for renters to consider taking the leap.
Owning offers several advantages, including the ability to build equity and enjoy greater stability. “With every mortgage payment, you’re investing in your future by building equity, rather than contributing to a landlord’s profits,” says the REALTOR®. “Home ownership also provides long-term stability. When you own, you’re no longer subject to rent increases or the possibility of being asked to move out.”
Another reason to consider buying now is that the cost of borrowing is still relatively manageable. “Locking in a mortgage now ensures predictable payments, and in a city like Sault Ste. Marie, housing prices remain more affordable compared to larger cities.”
The downsides to renting are well known. It often comes with a lack of control over your living space. As a tenant, you can’t make significant improvements or personalize your home. And lately, rental costs can increase unpredictably, leaving tenants with fewer financial options. It also offers no return on investment; those monthly payments only benefit the landlord.
Equity is perhaps the biggest long-term financial benefit of home ownership. Over time, property values increase and so does the value of your investment. “Owning a home also provides potential tax benefits and ensures your housing costs are stable—especially if you have a fixed-rate mortgage,” says Scali. “Over decades, the cost of owning a home can be significantly less than renting.”
But what if you’re not sure if you’ll be staying in the Sault long-term? What kind of timeframe justifies purchasing a property over renting?
“Buying can still make sense even if your stay in Sault Ste. Marie isn’t permanent,” says the REALTOR®. “Real estate here remains affordable, making it a good investment opportunity. If you plan to stay for at least three to five years, purchasing allows time to build equity. If you do move, you could rent the property out, turning it into an income-generating asset.”
“Owning a home is more than a financial investment—it’s a way to gain independence and control over your living situation. For tenants who are frustrated by rising rents and limited options, it’s worth exploring home ownership. Even in the short term, owning can provide financial benefits and peace of mind that renting often cannot. Now is the perfect time to consider making the leap.”
For more detailed market insights, including up-to-date listings and resources, contact Kyle Scali of Century 21 Choice Realty Inc., for a no-obligation consultation or a FREE home evaluation.
Call 705-297-5866 or connect with him on Facebook.
