Number one: you will have a sense of personal satisfaction owning your own home. You will be able to create your own private space that is unique to you. When you own, you can do it all your way! A second benefit of owning is that you can deduct the cost of your mortgage loan interest from your federal income taxes. In the beginning, interest will compose nearly all of your monthly payment, for over half the number of years you will be paying your mortgage. This can add up to BIG savings at the end of each year. You are also allowed to deduct the property taxes you pay as a homeowner. Another financial plus in owning a home is the possibility of the home increasing in value over time. If you rent, you write your monthly check and it is gone forever. At the end of your lease, you have nothing and face the possibility of increasing rental rates.
The sale of the severed portion of vacant land would not be subject to GST/HST since it is not capital property used primarily (more than 50%) in a business and it is not being sold in the course of a business. However, if the land was subdivided into more than two parts, sales of the severed portions are not exempt unless the portion is sold to a relative (or to a former spouse or common-law partner) for their personal use.