Quote:
Originally Posted by MindBomber
"Cultural family and peer pressure is one of the main drivers of RE in the lower mainland."
Astute observation.
I'm somewhat impassioned any time someone says, "renting is throwing money away," because they often do not understand the proportion of a mortgage payment that goes straight to interest.
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Amen, why buy a place when your mortgage
interest is $900 a month plus strata fees + property taxes, when you can rent the same apartment for $1,000 a month.
This doesn't even consider that there is a decent chance that property prices may drop in the next 1-3 years. So if the market drops say 10%, on a $300K condo that's $30 grand. for a person that makes $39,000 a year in that article, it would take her a a whole year to save that assuming her spending is zero and she makes $30K after taxes.
