this post was submitted on 28 Mar 2024
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I don't think that's the advice. Rather that renting can be significantly cheaper and less risky to your savings in the current market. Here's an anecdote from where I live. If you were to buy the unit I live in today, you'd have to pay $3700/mo in mortgage, $1000 in maintenance, and $250 in taxes. That's $4950/mo to "own" this place. Instead you could rent it for $3200. That's $1750 difference. That's a lot more than what's going to be going towards your principal, your equity in the purchase case. Out of the $4950/mo, only $860/mo would be going towards equity. Everything else goes in someone else's pocket. The renter would be able to stash more money than you till your 13th year in the mortgage. If this is the reality you're looking at renting is significantly cheaper. I think that's what the advice is about.
What the hell are you doing at this house that you need $1000 in maintenance every month.
You can't buy a house in the GTA for 700K. You're buying a 2 or 3-bedroom condo for that much today. Check the maintenance fees for such units in the GTA. I don't think you'd see much under $600 for a 2-bed and often without hydro/water/heat in it.
good thing I'm not living in Grand Theft Auto I guess