Auraz
Active Member
I have to agree, some people are just financially illiterate and house horny brain-washed to believe owning is the only option.
example: I have a friend who was renting in the south annex (between Harbord and College).
it was the 3rd floor of a house - 1 bedroom unit with utilities (heat, hydro, cable tv) included for only $550/m.
instead, he bought a 1 bedroom condo (similar sq ft) and that same $550/m only covers his maintenance fees, property taxes and some of his utilities.
he's paying almost an additional $1400 just to pay the mortgage for the 'privilege' of saying he owns something.
so almost $2,000/m to rent from the bank for 25 years for a 1 bedroom condo
Whats to say that 550/month would stay the same in 5 years? where his condo went up 50k in 5 years? You're saving pennies.
not saying all condos are the best investment. But ask him if his quality of life has gotten better?
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