Quote:
Originally Posted by Infiniti
Disclaimer: If you were being sarcastic then please disregard.
An individual who is consumed by work throughout their 20's while foregoing the opportunity to enjoy the pleasures of being young just so they can afford an apartment is regrettable as well. You're only young once. I am by no means advocating that pleasure be the only pursuit for someone in their 20's, but failing to take advantage of ones youth is unbalanced and can be conducive to regrets later on.
As the saying goes, "Youth is wasted on the young".
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I'd believe he was being sarcastic.
But seriously though... I see people around me and I find it scary.
A vast majority of their entire disposable income is in the housing. And quite frankly, I find it hard to reason from a pure math perspective.
In-law recently sold and currently rent a nice 3600sqft house valued at 1.9xM in the last assessment for $3000 a month. For simplicity sake, let's just assume he can buy it today for 1.7M.
The mortgage payment plus the property tax is at roughly $8000 a month (assuming 3.29% interest rate, which I have my doubts of getting this low now). The $3000 he's currently paying isn't even enough to pay the INTEREST (which rounds at about 40000/year at 3.29) for the first 10 years. Should the rate go any higher, say an average of 5% throughout the 25yrs term. The total in interest would be about 1M throughout the 25yrs. If he rents for the entire term, he'd still pay slightly less than what the interest would have cost him. And the owner has to worry about all the repairs and maintenance for that 25yrs period... which really adds up if one was strict to keep the house in good shape.
This is how absurd YVR's housing market is now. Landlords are literally paying their tenants to stay in their house.
