Quote:
Originally Posted by shermanator
On an entry level salary, it's hard to put money away for retirement when even the average price of renting a 2 bedroom condo in this city is around $1100 a month. I bought a condo in 2009 with the reasoning that the mortgage and condo fees and all that were the same price as renting, therefore it made sense to have that money paid each month go towards some assets.
For myself to be able to buy an average priced house in Calgary (which IIRC is around $410k), I would have to triple my mortgage payments alone. I can't fathom how people my age are able to afford one.
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You're bang on. This is what I don't get. When people are just starting out why do they think they should be buying the average price. They're just starting out so they should be buying the bottom-level house. Something in the 200K range like a town house condo. Anything higher is over-reaching.