Quote:
Originally Posted by seven
Yo dude! I pay property taxes, ins and all that too and I know very well about the expenses in Vancouver (which isn't really the largest or most expensive city in Canada anyways in contradiction to a popular belief of BC people.. quite a few close friends I have in this biz are from there) let me tell you the gap wouldn't be anywhere close to $1700.. $500 to $800 is more like it on average home vs average apartment. Besides scotia bank isn't the biggest bank in Canada probably for reasons  Either way, buying a house ain't no poor man's game who's hardly getting by, it's for people who can afford it and afford it well. When you say investment you should mean investment ie. you got the money to invest not that you barely have an equivalent of rent money to invest  |
Your an absolute idiot but that is besides the point. Vancouver and Toronto are very similar in their cost of living. Nobody is arguing that fact anyway. I've pointed out the market you are in determines the value of renting vs buying. And in a city like Vancouver where the average "HOUSE" is now $540k and a mortgage of $2800 a month and the rent for a house of similar size (location can vary) is renting for $1050 average.
You keep trying to compare houses to apartments. Are apartments going to be a lower gap than houses? Of course. But some families needs houses and not apartments. Some singles or couples don't need space and like apartments over houses.
But you percieved reality over hard facts from a major lending bank in Canada says it all. The average gap for a 2 bedroom home "IS" $1700 a month over renting in Vancouver right now. Whether you choose to believe it or not.
But if you want to buy in Windsor, Ontario you are paying even if not a bit cheaper to buy a house or a condo over renting there. All depends on the area you want to live and if you want to do renovations are not. In that market you are better off buying since there is no gap.
Again its all moot if you dont use that difference in rent vs mortgage payments to invest in other things.