Quote:
Originally Posted by jaydorn
Right or wrong, home ownership is still very much a marker of success & the dream for many Canadians. Condos are the first point of entry into the housing market for many homeowners.
I’m sure many would love to skip that step, but scrapping together a 5%-20% downpayment for a $200-$250k property is a much lower bar to clear than a $400-$600 SFH.
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It’s a bad financial choice. I get that people in Canada feel they’re only winners if they own something, but I’ll never understand the financial upside of owning a condo. I don’t think going to a condo and then trying to climb the latter to a SFH really makes sense, either.
Renting and investing will make an individual come out ahead financially over a condo, but most peoples grasp on personal finance is so terrible they will never consider it.