Quote:
Originally Posted by MillerTime GFG
A $500,000 detached home that will rent for $1,700? Yea I feel like that is pretty cherry-picked. Certainly not the case for homes I've come across.
I had a client buy a $388,000 downtown condo, which is a completely over-saturated market, rented out for $1,700.
I will attest there may be more of a gap in today's economy/market than what we're accustomed to.
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Well you kind of start to cap out what “renters” pay. You aren’t going to find too many people who can pay $3000 a month to rent, but can’t afford to buy a place.
Even where I am in Ontario (not torana), it’s cheaper to rent than to own by a couple hundred a month + property taxes. So I’m in NO RUSH to buy. Of course one day I will. But why wouldn’t I save for 10 more years and drop an insane down payment on a place instead? No reason not to.