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Originally Posted by CalgaryCowboy
I have had many friends in your situation have said DON"T RENT WHILE WAITING!!!. Buy what ever you can even if it not what you want. If what you want is $40K more than you can afford in 5 years it is +70k. Buy buying you are in the market. If you want that downtown property and you buy a house now your place place will appreciate and you only have to worry about the gap between where you are and where you want to be. Many freinds were wainting to buy there dream house but never got there because it just kept going up. The ones that bought something as soon as they could aford it are now moving up to their dream houses.
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That only works if you can afford it!
I agree that if he can find a place that he can afford buy it, but he says that he has an approval for a $200,000 mortgage. He has $30000 as a downpayment ($18k in RRSP and $12 K in cash). It is very tough to find a place for $230,000 (espically close to downtown)
Maybe look at some condos/townhouses in the burbs close to LRT so that you can get in the market