RE: Apartment or house? 07-15-2022, 03:17 PM
#151
Renting is unfortunately the only viable option for most families living in large Canadian cities as of today. I would need to push at least $300K/year to afford a 3 bedroom in Vancouver/Toronto, with obscene mortgage payments. Suburbs are not much cheaper. Should have bought 10 years ago... good news for me is that the market is currently crashing by up to 25% in my area, so I might finally be able to buy something soon. In the meantime, it's renting all the way and investing my savings -- which gives me about the same/better ROI than real estate would.
Either way, I'm frankly unsure if paying $8K in taxes every year + maintenance + ever increasing insurance is worth the trouble of becoming an owner. Now I know the situation is very different in rural areas and other countries, so take this with a giant grain of salt.
Either way, I'm frankly unsure if paying $8K in taxes every year + maintenance + ever increasing insurance is worth the trouble of becoming an owner. Now I know the situation is very different in rural areas and other countries, so take this with a giant grain of salt.
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