Quote:
Originally Posted by Cowboy89
Also, IMO if you need to do a 5/35 to make it happen right now, cannot withstand interest rates at more normalized levels, you're best served not buying. The Bank of Canada, and the Finance Minister think so, and they're more qualified to make that call than those whose livelihood depends on higher prices and more sales.
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I think it depends on the situation a bit. I have a friend who graduated a couple of years ago, and was putting all extra cash towards student payments. He's got a secure job as a teacher, with contractual raises baked into his next 5 years. He could rent for a few more years and save more money, but he could also buy now w/ 5% down. Even if rates go up, his income in 5 years will be higher.
All that being said, I hate it when the government tries to tell people what to do. You get your 40% of my money, let me spend the rest of it how I want.