There is an entire college semester's worth of valuable knowledge neatly packed into this brilliant 10-minute video!😅 This should be shared and shown to new Canadians and new home investors throughout Canada. 🙂👍
Municipal government has only two incomes: property tax on existing homes, and development fees on the new homes. New home construction is collapsing, and I doubt the municipal government will slow down their spending. So chances are, property tax will go through the roof in the next years till most people can't afford keeping their homes.
I can probably buy a cardboard box as a home, that’s how expensive real homes have become.. absolutely ridiculous. I could move to the U.S and afford a home there and it would be more n likely bigger than a home in Canada.
Yikes. To have payments that are around the same as my current rent, I'd have to find a house under 200k in price. Another reason why buying a house isn't realistic. I would pay so much more getting a mortgage. But my landlord didn't skyrocket my rent yet. My neighbor pays much more than me for the same thing.
You don't buy a house for just cheaper than rent. You buy a place for more space as well. Also could rent out the basement or extra rooms to cover mortgage. Your rent only pays landlord's mortgage while living under their rules.
If you can still hang out to a rent that's much lower than a mortgage (and invest the difference), it can be a good option, depending on your financial goals. The biggest reason why I still value home ownership is this: rents can and will go up at some point (by landlord or when moving to a new place). Mortgage payments stay fix (e.g. for a 5-year period, or lower, assuming interests rates go down. Even if payments are super high because of the high interest rate environment at the moment, the price of the home is locked in at time of purchase, so you kinda buffer yourself against home price increases for the next 20-25 years, or however long your mortgage is. That being said, it all depends on your personal financial plan.
@LivinginCanada yeah combination of lower rent and investment is not a bad idea short term but as with you im a fan of home ownership as that fix my rent in the long term, give me more space, and also provide supplemental income via rent or airbnb.
@D4rkBl4de That's actually a steal! In your case (just me!) I'd probably hang on to that for a while and invest any leftover cash. It can't get cheaper than that!
I got an apartment 2 months ago. But i made the mistake of getting mortgage from my bank RBC. 3 year term on 5.19%, and my credit score is more than 800. Do you think i could have gotten less interest somewhete else?
Definitely the bare minimum to start with! But for those still in a lot of other consumer debt, looking forward to buying a home one day can also be a motivation to get out of debt.
I bought my house in 2012 in Brampton Ontario Canada 🇨🇦 for 290k and in 2024 its worth about a million dollars and it will be paid off in 2027 and i have never made more than 90k dollars in my life and im 54 the key is live below your means i also have 400k in investment account and zero debt im not rich but i can eat what ever i want and travel where ever and when ever i want😂
There is an entire college semester's worth of valuable knowledge neatly packed into this brilliant 10-minute video!😅
This should be shared and shown to new Canadians and new home investors throughout Canada.
🙂👍
Thanks for supporting the channel! Living in Canada will treat herself more coffees this summer 😎☕️
😂
Also check your Multiple Careers Buy Me A Coffee Account.
Life in Canada has become pretty expensive for everyone
Yeah, it's crazy how little a decent income can afford! Without proper budgeting it's easy to get out of control
Municipal government has only two incomes: property tax on existing homes, and development fees on the new homes. New home construction is collapsing, and I doubt the municipal government will slow down their spending. So chances are, property tax will go through the roof in the next years till most people can't afford keeping their homes.
Very informative ❤
Glad to hear! Thanks!
@@LivinginCanada by the way which is better Variable or fixed? Pls let me know ❤
I can probably buy a cardboard box as a home, that’s how expensive real homes have become.. absolutely ridiculous. I could move to the U.S and afford a home there and it would be more n likely bigger than a home in Canada.
Yikes. To have payments that are around the same as my current rent, I'd have to find a house under 200k in price. Another reason why buying a house isn't realistic. I would pay so much more getting a mortgage. But my landlord didn't skyrocket my rent yet. My neighbor pays much more than me for the same thing.
You don't buy a house for just cheaper than rent. You buy a place for more space as well. Also could rent out the basement or extra rooms to cover mortgage. Your rent only pays landlord's mortgage while living under their rules.
If you can still hang out to a rent that's much lower than a mortgage (and invest the difference), it can be a good option, depending on your financial goals. The biggest reason why I still value home ownership is this: rents can and will go up at some point (by landlord or when moving to a new place). Mortgage payments stay fix (e.g. for a 5-year period, or lower, assuming interests rates go down. Even if payments are super high because of the high interest rate environment at the moment, the price of the home is locked in at time of purchase, so you kinda buffer yourself against home price increases for the next 20-25 years, or however long your mortgage is. That being said, it all depends on your personal financial plan.
@@LivinginCanada sorry i wrote 200k a month. I meant 200k in price. 😬 That's really hard to find. My rent is 868$ a month for a 2 bedrooms.
@LivinginCanada yeah combination of lower rent and investment is not a bad idea short term but as with you im a fan of home ownership as that fix my rent in the long term, give me more space, and also provide supplemental income via rent or airbnb.
@D4rkBl4de That's actually a steal! In your case (just me!) I'd probably hang on to that for a while and invest any leftover cash. It can't get cheaper than that!
I got an apartment 2 months ago. But i made the mistake of getting mortgage from my bank RBC. 3 year term on 5.19%, and my credit score is more than 800. Do you think i could have gotten less interest somewhete else?
First viewer
But before this u need to be able to get a + figure every month and not go into debt
Definitely the bare minimum to start with! But for those still in a lot of other consumer debt, looking forward to buying a home one day can also be a motivation to get out of debt.
Oh and WOW!... just WOW!!🩵🩵😊
I bought my house in 2012 in Brampton Ontario Canada 🇨🇦 for 290k and in 2024 its worth about a million dollars and it will be paid off in 2027 and i have never made more than 90k dollars in my life and im 54 the key is live below your means i also have 400k in investment account and zero debt im not rich but i can eat what ever i want and travel where ever and when ever i want😂
how about one guy marry 2 or more wives so the total income goes up and can afford a house.
I don't care what you say I just enjoy watching you. You are so pretty!
I have no money no wife? 😂😂😂
Your videos are so impressive. You deserve more subs! ❤🫡