Quote:
Originally Posted by Igottago
How many Canadians have been able to use their investments in homes to actually increase their net worth and financial standing. You don't want to kneecap people's opportunities for upward mobility. There's cab drivers who've been able to build a good quality of life using by saving up for home purchases.
I wouldn't argue that things aren't way more difficult now -- they are. But to say homes shouldn't be investments period, ignores the opportunities that have come with investing in homes. And it hasn't been just for the already rich.
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People who can't pay their mortgage without their rent income make some of the worst landlords. In my experience they are price gougers who constantly raise rent, unreasonable expectations for damage deposits and never fix anything when its broken.
I once rented from a millionaire and they were the best landlord I had. The price was low because they wanted me to stay, when something broke they would fix it right away, and when I moved out they took a little money for a minor thing and ignored the rest.
It's not entirely an investment problem so much as people enter it like its nothing but numbers. Yeah it's your house, but while I am renting this place is my home.