Quote:
Originally Posted by Table 5
Not really sure how that's any different? All I'm suggesting is to buy within your means.
Add on another 500 bucks for condo fees + home insurance etc, and you're easily over $2100/month. It might be enough to push some people into a precarious situation.
I generally agree with you though, a lot of times it makes financial sense for people to buy than rent, especially on the condo/apartment side of things. We did that ourselves 2 years ago. I'm just not convinced that having a ton of 700k houses bought on 5% is a good thing for the long-term if things ever go south.
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I think we both agree that you should buy within your means, and quite honestly, I think the whole CMHC thing should be available for basically your first home and that's it. It helps people get started out, but after that you should have to put down far more than 5%. We bought our first condo (prior to the boom) with 5% down, I think our mortgage was 800 bucks, so it made a lot of sense for us to do that especially since we are both professionals and knew that our salaries would increase and even if they didn't, it was something we could afford.