Quote:
Originally Posted by Cowboy89
Why not rent indefinately until prices reflect owning as a cheaper option?
Right now that's actually a better financial option in most Canadian markets. The rental costs vs. owning costs have rarely been this cheap in Canadian history. The hypothetical young adult in question here might actually get more utility now a days out of paying half as much to live in the same style of property while not being tied down by a mortgage. They might actually have room in the budget to save money for their RRSP and TFSA. Seems to be that the more 'common' the sense of building equity through home ownership became the less 'sense' it made.
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Putting 1600/month is stupid when its literally going to nothing.
Even if your mortgage payment is 2000/month, at least it is going towards something that you will have.
Renting just throws money away IMO.