Ontario Math Curriculum | Financial Literacy | The Cost-of-Living | Grades 7-9

Students will learn about the pros and cons of buying and renting a home and determine whether they should rent or buy. This cost-of-living financial literacy resource will help your students become wiser spenders!

ABOUT THE READING

The reading is interactive (and there is a fillable form included). Essentially, they'll fill in the blanks as they read. They learn about rates, budgeting, net income, up-front costs, down payments, mortgage terms and variables, and examine various factors that you should consider about the location of your new home. 

MAIN TOPICS

• Mortgages, rentals, landlords, payment plans 
• Rates, taxes, and net income
• Upfront cost of purchasing a home (infographic) 
• Federal and provincial tax calculations 
• Financing details (mortgage terms, payments, amortization period)
• Extensions on open vs. closed mortgages
• Deciding where to live factors

WHAT'S IN THIS RESOURCE?

• Reading comprehension on the pros and cons of buying and renting a home 
• Variables that one must consider when purchasing or buying 
• A mini-research on additional pros of buying and renting
• A paragraph assignment (with rubric) to decide what they should do
• A hypothetical situation of a girl named Maria. Students will determine whether to buy or rent based on their current situation.
• Graphic organizers and calculation space
• Answer keys 
• QR codes for online videos
• Fillable form version (distance learning approved)

THE PROS AND CONS OF BUYING / RENTING

This educational resource is a financial literacy series that focuses on the pros and cons of buying and renting a home. This includes reading comprehension activities and variables to consider when making this decision. The mini-research section also covers the additional pros of buying and renting. To help students apply their knowledge, there is a paragraph assignment (with a rubric) where they must decide what to do. This resource also includes a hypothetical situation of a girl named Maria, where students will determine whether she should buy or rent based on her current position.

REAL-WORLD APPLICATION

This resource covers mortgages, rentals, landlords, payment plans, rates, taxes, and net income. There is also an infographic on the upfront costs of purchasing a home, information on federal and provincial tax calculations, and financing details such as mortgage terms, payments, and amortization period. The resource also covers extensions on open vs. closed mortgages and factors to consider when deciding where to live.

Knowing about mortgages, rentals, payment plans, and other financial details related to buying and renting can help students make informed decisions about their housing expenses and budget. It can also help them understand the responsibilities and obligations of owning or renting a home, such as paying taxes and maintaining the property.

GRAPHIC ORGANIZERS AND HELP

In addition to these activities, this resource also includes graphic organizers and calculation space to help students organize their thoughts and work through calculations. There are also answer keys provided, as well as QR codes for online videos that cover the topics in more detail. For distance learning, there is also a fillable form version of the resource.

If you're interested in purchasing more financial literacy resources:

Financial Literacy - Budgeting 101 - Reading + Assignment Grades 7-9

Financial Literacy - Living On Your Own + Assignments - Grades 7-9

Financial Literacy - Credit Cards and Loans 101 + Assignments - Grades 7-9

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