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500-599 sqf with no parking at the price of $575k? That is outrageous price. Even if I have the cash, I rather buy GIC to collect interest. It is better to rent.
Ответитьright now and I pay $5000 a month like living alone DT Toronto. Been there for 8 years moving out in end of Aug to a property I own cash out at in a 4.5 star hote room. My month cost will be about $800 now. I never had a mortgage before because I bought that property 100% down. So would I qualify got first time home buyer? My monthly income is 20,000 a month take home.
Ответить500 sq ft of shoebox living
ОтветитьWith the current crisis its hard to see a scenario of 5% per year for the next 5 years. Fair to say its a buyers market, and that can't raise the prices, specially considering the inventory sitting there. I have a condo for sale in Montreal, 475 sqft and only 2 visits in the last month with no offers, and the price is 278K, which seems like a fair deal to me when I study the area of current listings and those sold. A buyer could easily negotiate this price down.
ОтветитьBut how do we know, it will go up 5% per year i next 5 years? There been a scenario like Lost Decade in the past.
ОтветитьDidnt they get rid of the first time home buyers incentive rebate?
ОтветитьWhat a great comparison - thank you so much !
ОтветитьNice summary. What about 1.) out of pocket costs for repair/maintenance issues in the unit? Sink/toilet leak? 2.) shitty renter - misses a payment? 3.) special assessments from condo board for bigger repairs over time? It seems to me your P/L should include some estimates for those three items. For the renter, with so many tax free accounts (FHSA, TFSA, RRSP) and index funds like VOO (earn 7% on average doing nothing) savings options have never been better. Now that interest rates have normalized ‘investing’ in real estate looks an awful lot like a speculation (not an investment) - singularly hoping bubble prices go ever higher. Could happen. But if prices go sideways for 5 years the investor will lose a boatload of money. If prices actually go lower the investor will be bleeding cash. Eyes wide open…
ОтветитьTotally misleading analysis.
There is 90,000 CAD differential which renter was saving why you are not adding that to an investment. The simplest thing you can do is put that in an ETF. 10% growth on a minimum.
Second part buying a home means you have to stay at one place meaning job losses is a problems for you now. Second if somewhere there is better opportunity you can not go.
Consideration
- You have super stable job owning seems to good idea
- You will not get more money if you move owning seems to be a good idea.
- Kids Then definitely you don't want shitty shoeboxes . Its better to rent and move where you can raise your children.
- Real estate is very illiquid
- You are not diversified. All you money is put in one city. What is it goes the Texas way. Investment is all about risk.
- Renting your house is not passive income Dividend from stock is.
- You have 10 millions dollars and like to waste money owning house makes sense.
why didn't you just do it based off a condo bought 5 years ago today, we have the interest rates and prices and rental costs of the past. and then compared it vs just renting and buying s & p 500 with the difference
ОтветитьGreat video! Only thing you forgot is selling costs!
ОтветитьDoes the land transfer tax rebate for first-timers happen immediately, or is it paid up-front and then returned the next year?
ОтветитьThank you for this great educational video. Keep up the good work!
ОтветитьThanks for sharing this insightful comparison. Could you please do the same comparison for two bedrooms condo?
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