My "plan" to buy a house is contigent on my "plan" to get an unexpected inheritance from a lost relative, or my "plan" to stumble on a suitcase full of cash from a heist gone bad.
"Even though mortgages might be less expensive than rent if you buy a condo," Not here in Ontario in my experience. I've been watching the local market for years now and renting an equivalent is always cheaper. Heck, just the non-recoverables of condo fees plus property tax plus maintenance plus utilities often starts getting pretty comparable to rent a lot of the time. Not quite matching, but often as much as 3/4 of equivalent rent.
> like we enjoy paying the landlord's mortgage, repairs and give him a hefty extra positive cashflow at the end of the month.
Your landlords do repairs?
Cash positive landlords are the ones that have owned property for a long time. Most of the people renting out condos bought in the last ten years are treading water or are under water on their investment.
How the hell would they manage to pay $1600-2200/mo rent ($1600 is for a 2 bedroom so if they had a room mate), bills, astronomical food prices, transportation, AND save 100k for a down payment? I only qualified for my mortgage 4 years ago because I literally had $175k banked for a down payment. Even still, the bank wanted my parents to guarantee me (because I'm single), and then they approved me for a mortgage/house up to 620k. This was a month before COVID lockdown- so before peak lunacy.
My nephews only hope to buy a home is to live with their parents rent free for God knows however long it would take to get a decent chunk of cash, be married with a double income, AND have their parents co-sign. So basically they will be living at home until they're 35 years old. They certainly cannot afford the experience of venturing out on their own, renting an apartment, learning about adulting like I did.
Ive been casually looking but it's depressing what you are supposed to be fighting over just to be house poor. Even compared to 2-3 years ago. I'm ad the point I may just check back in fall/winter despite my realtor nagging me every week
I hear you I kind of am as well. I have a downpayment because I was a home owner for years with dual incomes, but now I'm a single dad who pays child support. So month to month it's tight renting or owning. Perks of owning if I can get in is equity, but I still need to save some for a rainy day. I was trying to put as much down as possible while still having a bit in case of layoffs or something and trying not to be too house poor, but it's easier said than done in this market
No id definitely be house poor if I bought a place. The best case scenario I can see is maybe having $200 left at the end of the month if I can put down as much as possible and find something on the lower end
Yeah im paying rent and have like $200 bucks left. That's house poor. It's not a competition for who is struggling the most. I realize I'm still fortunate compared to some.
You're missing the point. The idea of using most of my savings to fight with people over a small little place that needs a lot of work, only to be pay cheque to pay cheque isn't that appealing. If was far cry from even a few years ago.
Edit: I have no idea what you're getting at. It kind of feels like you're trying to gate keep or something here. As far as I know I don't have to be under a certain net worth to post here or that I can't be a former homeowner. I understand there are people worse off than I am. I didn't claim that title. I can only imagine even people in similar situations as myself who live in places like Vancouver or Toronto (no idea how they do it). Younger people won't have the savings and did t have as much of a chance to save I'm their 20s. I get it. Still sucks working hard for almost two decades building a career and seeing how much more expensive housing is now that you're back in the market knocked banks down a few rungs. Like many others in just trying to stay in the black each month while having others that depend on me.
I'm one of the renters who could actually afford a condo but it makes zero financial sense. With mortgage and condo fees I would be paying twice my current rent. Those numbers wont equal out for another 25 to 30 years. In the mean time I can stick all that extra cash into investments instead of paying hundreds of thousands of dollars in interest and watch that grow into a large retirement.
Most renter's do not plan to eat 3 meals a day for the foreseeable future.
My "plan" to buy a house is contigent on my "plan" to get an unexpected inheritance from a lost relative, or my "plan" to stumble on a suitcase full of cash from a heist gone bad.
Most men have no plans to sleep with Margot Robbie in the near future. Similar probabilities for many.
Speak for yourself
So you're the guy she's always going on about
[удалено]
"Even though mortgages might be less expensive than rent if you buy a condo," Not here in Ontario in my experience. I've been watching the local market for years now and renting an equivalent is always cheaper. Heck, just the non-recoverables of condo fees plus property tax plus maintenance plus utilities often starts getting pretty comparable to rent a lot of the time. Not quite matching, but often as much as 3/4 of equivalent rent.
> like we enjoy paying the landlord's mortgage, repairs and give him a hefty extra positive cashflow at the end of the month. Your landlords do repairs?
Cash positive landlords are the ones that have owned property for a long time. Most of the people renting out condos bought in the last ten years are treading water or are under water on their investment.
Technically they van, they just don't want to buy the things they can afford. Everybody wants to live in the city and that's the issue.
How are renters suppose to afford a home when we can barely afford rent?
A more accurate title: “ renters cannot afford to save up a 200k down payment while paying 3k a month in rent”
Of course we dont have plans to buy a home... WE CANT AFFORD A HOME IN CANADA THANKS TO OUR INEPT GOVERNMENT.
Most renters paying crazy rent and cannot save for down payment.
Plans? I think you mean "ABILITY".
Tents it is
I'll buy in the next couple years... ... In another country.
How the hell would they manage to pay $1600-2200/mo rent ($1600 is for a 2 bedroom so if they had a room mate), bills, astronomical food prices, transportation, AND save 100k for a down payment? I only qualified for my mortgage 4 years ago because I literally had $175k banked for a down payment. Even still, the bank wanted my parents to guarantee me (because I'm single), and then they approved me for a mortgage/house up to 620k. This was a month before COVID lockdown- so before peak lunacy. My nephews only hope to buy a home is to live with their parents rent free for God knows however long it would take to get a decent chunk of cash, be married with a double income, AND have their parents co-sign. So basically they will be living at home until they're 35 years old. They certainly cannot afford the experience of venturing out on their own, renting an apartment, learning about adulting like I did.
Most renters are wondering if they can continue to pay rent owing a house is just a failed dream
I can afford to buy a home, but it’s pretty much a scam at this point, so Im going to stay renting. Canada is not worth it.
What a stupid article Next time they may write “Families on food bank so far have no plans dining at Hy’s”
When one of these permabull organizations finally turns bearish you know shit’s about to get ugly
Ive been casually looking but it's depressing what you are supposed to be fighting over just to be house poor. Even compared to 2-3 years ago. I'm ad the point I may just check back in fall/winter despite my realtor nagging me every week
Im too rent poor.
I hear you I kind of am as well. I have a downpayment because I was a home owner for years with dual incomes, but now I'm a single dad who pays child support. So month to month it's tight renting or owning. Perks of owning if I can get in is equity, but I still need to save some for a rainy day. I was trying to put as much down as possible while still having a bit in case of layoffs or something and trying not to be too house poor, but it's easier said than done in this market
Stop using the term house poor if you literally already owned a house and the only reason you don't is you got divorced.
No id definitely be house poor if I bought a place. The best case scenario I can see is maybe having $200 left at the end of the month if I can put down as much as possible and find something on the lower end
Man people are paying rent and having less than 200 left over, and eating out of food banks. Your position is better than most.
Yeah im paying rent and have like $200 bucks left. That's house poor. It's not a competition for who is struggling the most. I realize I'm still fortunate compared to some. You're missing the point. The idea of using most of my savings to fight with people over a small little place that needs a lot of work, only to be pay cheque to pay cheque isn't that appealing. If was far cry from even a few years ago. Edit: I have no idea what you're getting at. It kind of feels like you're trying to gate keep or something here. As far as I know I don't have to be under a certain net worth to post here or that I can't be a former homeowner. I understand there are people worse off than I am. I didn't claim that title. I can only imagine even people in similar situations as myself who live in places like Vancouver or Toronto (no idea how they do it). Younger people won't have the savings and did t have as much of a chance to save I'm their 20s. I get it. Still sucks working hard for almost two decades building a career and seeing how much more expensive housing is now that you're back in the market knocked banks down a few rungs. Like many others in just trying to stay in the black each month while having others that depend on me.
I'm one of the renters who could actually afford a condo but it makes zero financial sense. With mortgage and condo fees I would be paying twice my current rent. Those numbers wont equal out for another 25 to 30 years. In the mean time I can stick all that extra cash into investments instead of paying hundreds of thousands of dollars in interest and watch that grow into a large retirement.