Quoting doesn't seem to be working, so this is @ 81MC:
Quote:
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Every time a young couple gets approved for a mortgage at the top of their ‘affordability’ the inflates price is maintained, while a 25 year albatross is proudly clinched around their necks.
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If someone doesn't own a home though, they're most likely renting. Renting really isn't much cheaper than a mortgage payment, so while you may have this massive liability around your neck for 25 years, at the end of it you have an asset. When renting, you do not.
The mortgage insurance (ie. CMHC) you eluded to is generally paid off within the first 2-3 years of your first term (based on today's interest rates).