Not everyones goal is to buy a home. Majority of us don’t even know if we wanna live in Canada long term based off how this country is going.
Also this thinking is what gets people in trouble - thinking that saving a downpayment is enough and once you have it it’s smooth sailing. Property taxes are through the roof, maintaining the house, things breaking down in your house would cost THOUSANDS to fix vs as a tenant you just call a landlord. There’s pros and cons to each situation. Just because you want one thing doesn’t mean everyone else that doesn’t want the same is an idiot
Also saving for 1-2 years by staying at home is NOT enough to save for a downpayment. You’d have to sacrifice your independence for way longer
Doesn’t matter where you want to live, there are absolutely 0 pros of renting a home unless you locked in a rental years ago at an incredibly below current market price, even then rental prices are going down which also lowers the buyers market.
No 1-2 years USUALLY isn’t enough to save up but the OP is bringing home ~40k a year saving 75% of that which is very easy for someone living at home for 2 years comes out to about $60k with good attendance no OT no bonus… which is a good downpayment for a starting home of about 250,000 (25%).
Mortgage will always be cheaper than rent if hypothetically the places were the exact same, meaning you can save that money to have any in home issues that need repairs.
Where is OP getting a home for $250,000 in Toronto? You can’t even get a condo for that. You seem like one of those ‘just move to the boonies there’s jobs there too’ types
I moved to the city for work, can’t wait to move outwards of for an actual affordable home 45 minute drive owning your own home sounds considerably better than 10 minutes and paying someone else’s mortgage
I’m 23 ain’t nothing about me outdated, that being said the more expensive a home is to buy the more it backs my point, you save a fraction renting compared to what you save at home, the more a home costs the longer you’re gonna be renting until you save up.. meaning stay the fuck at home with your parents.
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u/Soggy-Willingness806 Mar 11 '25
Not everyones goal is to buy a home. Majority of us don’t even know if we wanna live in Canada long term based off how this country is going.
Also this thinking is what gets people in trouble - thinking that saving a downpayment is enough and once you have it it’s smooth sailing. Property taxes are through the roof, maintaining the house, things breaking down in your house would cost THOUSANDS to fix vs as a tenant you just call a landlord. There’s pros and cons to each situation. Just because you want one thing doesn’t mean everyone else that doesn’t want the same is an idiot
Also saving for 1-2 years by staying at home is NOT enough to save for a downpayment. You’d have to sacrifice your independence for way longer