Quote:
Originally Posted by Table 5
I think if anyone is planning to live in a place for 2-3 years minimum and has the down payment, you'd be a fool to rent instead of buying.
Our mortgage condo fees are $300 cheaper than what we would be paying for rent...that is if we could even find something like this. It's pretty ridiculous how insane the prices for rentals are these days....and I don't really see that changing soon.
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That’s what you heard in Vancouver and Toronto a year ago. And now? Crickets.
RE is in a down cycle across the country. Especially condos. We will see it here too, we were never spared before, why would we be different this time around?
Considering the risk of market downturn/special assessments etc, I wouldn’t say that buying right now is the best idea.
Buy for 300K.
15K down
1400-1500 a month mortgage.
300 condo fees
2K property tax
Insurance
So you have roughly 35K in mortgage, plus another 12K or so for the other expenses. You gain a bit of equity.
Roughly the same as rent for 1500/month.
Now, if you need to move you need to include 10K for RE fees just to sell. And what if the condo is down 10%? Another 30K? What if it’s worse than that? Then you can’t sell, period.
If you don’t plan to move then sure, all bets are off. It may make sense long term. Short term? Rent is safer.
Just things to consider.