In short, there’s no simple answer to your question. A number of factors play into this decision. Your location and rental rates in your area, tax write-off laws, current mortgage rates, contract terms and equity appreciation (to name a few).
You can use this Rent vs Own calculator, provided by bankrate.com to get a general idea.
To go over your specific situation with a Licensed Mortgage Adviser and determine what’s best for you, give us a call, we’re happy to help find the life-plan that’s best for you!