Quote:
Originally Posted by azndude69
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.  |
plus mobility, which is HUGE in vancouver
given our crap economy, i'd hate to be in a situation where i have to take a scrappy shite job to stay in vancouver versus being able to move to calgary, toronto, or the US when the need calls.
being mobile make you way more valuable, and opens loads of doors for your career development.
in my relatively young age, i own real estate as an investment (not locally, and up about 35-40% in value since acquisition, and yield of about 6-8%), and i will continue to buy real estate when the time is right, but i will NEVER stretch myself to live in a place that if i have to move i'd either lose my shirt if i sold, or could not rent for positive return.
a house is a home - purchasing a house is a financial decision, but you can still make your home in a house owned by someone else!