An average house/condo costs approx. $350,000 minimum.
The regular down payment needed is about 20-25%, which comes to $70,000-$87,500
How on earth do people come up with that money?
I think I’m having a quarter life crisis here. How am I going to afford buying my own place?!
Comments (2)
I think a lot of folks will simply rent and there’s nothing wrong with that. What’s the point saving and saving for years when you still have student loans etc… to pay? And you got to start worrying about RRSPs. The money that would otherwise be dormant and locked away can be put to better use.
@ElusiveWords -
I’ve always had the notion that “why rent when you’re simply paying off someone else’s mortgage?” But then I guess you’re right. There’s nothing wrong with that and the money definitely can be put to better use.
Now that you got me thinking, I think there are pros to this even though you may be helping landlords own their property. Though, rents in Toronto have skyrocketed, it’s actually not much of a difference paying for rent vs. making monthly payments for a mortgage & condo fees if you’re able to manage to find that down payment somehow.