That is the question, but there is no easy answer that's right for everyone

It's an age-old question that still gets hotly debated, particularly by young adults who are determining where they are going to live: should I rent or should I buy?

It's not an easy question to answer, and there are no clear right or wrong answers.

"One of the big things to contemplate is your time focus, because when you do buy a home, it is a long-term commitment. It does involve a five-year mortgage that's amortized over 25 years," said Tim Gensey, a market analyst with Canada Mortgage and Housing Corp. (CMHC) in Calgary. "On the other hand, renting allows you to be a lot more flexible. You have to really consider where you are in your life and what your needs are.

In Calgary's competitive rental market, homeowners looking to make a few extra bucks must set themselves apart

Short-term home renting has been going on for decades, but has now become an entrenched part of the economy, and a popular way to generate a bit of extra income, thanks to rental services and facilitators, such as Airbnb, VRBO, Kijiji and property management companies.

When Angela Casale lost a long-term tenant in the Ramsay property where she runs a wellness clinic on the lower floor and has a rental unit upstairs, it meant adjusting to Calgary's competitive rental market.

"There are no renters to be had. Apartment buildings are giving people three free months and TVs and all kinds of things," said Casale.

Tips on who is responsible and for what

The smoke continues to clear from the devastating wildfire in Fort McMurray, which, at one point, was estimated to be three times the size of Edmonton.

While it could still be weeks or even months before resident are able to return to the city, landlords and tenants will have questions before then. The Centre for Public Legal Education Alberta (CPLEA) is offering these five tips:

CMHC expects renters to benefit from soft economic conditions

Rental vacancy rates in Calgary will rise to seven per cent by this fall, up from 5.3 per cent during the same time last year, according to Canada Mortgage and Housing Corp. (CMHC).

In its semi-annual housing market outlook released today, CMHC said two-bedroom rents are forecast to average $1,270 in October 2016, compared to $1,332 in October 2015.

"A rise in the purpose-built rental vacancy rate along will additional options in the secondary rental market will put downward pressure on rents this year," said the report. "Although incentives will continue to be offered, some landlords will also lower rents to attract tenants."

By the fall of 2017, CMHC expects the vacancy rate in the city to decline back to 5.5 per cent. The two-bedroom rent, meanwhile, is forecast to average $1,260.

Beltline assisted-living building first for campaign

Calgarians at risk of homeless will soon have added housing options, with the news that Stepping Stone Manor, a 30-unit assisted-living apartment building in Calgary's Beltine, is near completion.

Representing the first new construction project to be completed through the RESOLVE campaign, the building has funded by donors, provincial grants and built by Cedarglen Living Inc.

Airdrie looks to improve acceptance of secondary suites with bylaw review

Calgary is not the only Alberta city tackling the controversial issue of secondary suites.

Airdrie is putting its current land-use bylaw under the microscope, meaning residents in that city could soon see changes to the way the suites are regulated.

Suites are currently allowed in just three neighbourhoods: Bayview, The Canals and Silver Creek. Under the proposed bylaws, the City would allow at least one secondary housing option (a basement suite, a garden suite separate lot unit, or a garage suite) in most residential districts, with the development authority having final say on appropriate usage of a secondary suite.

Calgary vacancy rate could go even higher in 2016, say experts

Renters in Calgary stand to gain the most from the energy sector's misfortune, with vacancy rates expected to increase after already jumping almost five-fold over the past year.

According to the Canada Mortgage and Housing Corp.'s (CMHC) Fall Market Report released in early December, Calgary's vacancy rate rose from 1.4 per cent in fall 2014 to 5.3 per cent in October 2015.

The national average was 3.3 per cent.

"We expect the vacancy rate to edge even higher in 2016," said CMHC principal of market analysis Richard Cho. "And with higher vacancy rates, tenants will have more choice in the market and landlords will have to do more to attract renters, naturally putting more downward pressure on rents.

A look back at secondary suites in 2015

City council made gains over the past year on encouraging development of legal and safe secondary suites in Calgary, but the topic continued to be a contentious issue for many.

While council approved relaxations to secondary suites regulations in two areas in late November, it also rejected a bid earlier in the year to legalize suites in four central wards.

This year also saw the introduction of a registry program and development permit exemption, both initiatives aimed at bringing more safe properties to the city.

White-knuckle ride likely isn't over yet

Only a short while ago it was hard to find a place to rent in Calgary. How things have changed.

Calgary's rental market has been a rollercoaster ride since oil prices began to fall in late 2014. The vacancy rate for purpose-built rentals was 5.3 per cent this past October, based on numbers released by Canada Mortgage and Housing Corp. (CMHC) in mid-December. That's almost a 400 per cent increase from October the previous year, when the vacancy rate was 1.4 per cent.

"Obviously, a big part of that is due to a change in the economy," said Richard Cho, principal market analyst for Calgary with CMHC.

High rents, job losses contributing to lease breaks, defaults

As the torrential storm of job losses in the province escalates, Calgary's rental community is beginning to feel the fallout.

Rental management groups in the city are reporting a higher incidence of lease breaks and defaults on rent this year as energy sector woes reverberate throughout the economy.

"We've certainly had to do a lot more of this recently than in years' past," said Brett Turner, owner of Redline Real Estate Group Inc., which manages a multitude of rental properties from single-family homes to small apartment buildings.

"We've seen significantly more lease breaks and defaults on rents than ever before."