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To buy or not to buy, that is the question.

A recent report by the National Bank of Canada suggests it might be cheaper to rent than to own in some expensive real estate markets in Canada. Many thus wonder whether they might be better off renting if the monthly rental payments are lower than the monthly mortgage payments.

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There is no one right or wrong answer to the question of whether to rent or buy. In fact, the answer depends on individual circumstances, taste preferences and housing market conditions.

In the long run, though, homeowners often fare financially better than renters because homeownership enables forced savings that accumulate over the years, growing into a sizeable nest egg.