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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Fuel prices are another thing to consider. Maybe not a huge thing in Calgary, but in cities like Toronto where people often commute 50km/100km round trip to work everyday, you end up paying $300 to $400 a month more in gasoline. They might have to buy a cheaper house further from where they work because of down payment issues, but the additional expenses don't make it significantly cheaper per month (not to mention the 2 hours wasted per day in traffic for a lot of people).
There are so many little things that can screw people in these situations.