If you’re renting, you might dream about having your own home – a place to decorate and enjoy, and where you feel settled and can entertain friends and family. But you might not be sure if you’re ready to switch from renting to buying, especially if you haven’t started saving money. Thankfully, with today’s low mortgage rates and easier down payment options, your first home could be closer than you think.

People have different reasons for wanting to own a home. Maybe you’re getting married, moving out of your parents’ place, starting a new job, or planning to have children. You might want to live in a neighborhood where you feel comfortable and safe. Having a secure place for you and your family is another big reason. Owning a home can also be a smart way to invest your money.

Homes generally increase in value over time, which means buying a home could be one of the best financial decisions you make. For example, in Canada, home prices have been going up steadily. If you stop paying rent and start paying a mortgage sooner, you can start building equity in your home faster.

Buying a home is also a good financial move because homes are usually stable investments that give good returns. Factors like low inflation, low interest rates, and changes in population support the idea that homes will likely continue to be good investments, especially in most parts of Canada.

Location is a big factor in how much homes are worth. In strong housing markets, homes in really nice areas often go up in price more than others. Even in slower markets, these homes usually keep their value better.

No one can say for sure what home prices will be like in 25 years. But on average, home prices in Canada have gone up a lot in the past 25 years, making buying a home one of the best investments around today.

There’s also a tax benefit to buying a home. When you sell your main home for more than you bought it for, the extra money you make (called capital gains) isn’t taxed. So if your home sells for 25% more than what you paid, that extra money stays in your pocket.

At the end of the day, the most important thing isn’t just what the market is like or what mortgage rates are doing. It’s about whether you want the comfort and privacy of owning your own home. So the best time to stop renting and start owning is when you feel ready.