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Link Related to Canada in some say More Canadians than ever can't afford to buy a home. But is owning always better than renting'
 Category  Economics
Poster  DrCaleb
Hits  70379
Date  2022-03-19 09:10:39

Comments:

  • DrCaleb: Yes. The answer is yes. Even if you could find a place to rent that wasn't the same as the cost to own, if you own it you will get that money back out if you sell.

    Generational wealth cannot be underestimated as a source of societal movement.
  • Tricks: The problem is the down payment. If you average house price is 700k, saving for a down payment is virtually impossible unless you live at home.
  • DrCaleb: I hear you man. I've been considering building from scratch, in the boonies, and the best I think I can do is $400k. But I have to put down at least 10%.

    My first place I bought for $60k, so $3k for a down payment was easy.
  • DrCaleb: An empty lot across the street from my sisters' place just sold for $395k. That's absurd.
  • Tricks: "DrCaleb" said
    I hear you man. I've been considering building from scratch, in the boonies, and the best I think I can do is $400k. But I have to put down at least 10%.

    My first place I bought for $60k, so $3k for a down payment was easy.

    And now, that's not enough. Pretty much everyone says you have to do a 20% down payment.

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