Not a week goes by in which some well-meaning but misguided person… - delta_november
Jan. 21st, 2012
Not a week goes by in which some well-meaning but misguided person doesn't tell me that I should buy a house. The arguments are usually couched in financial terms, though the underlying concern is far more visceral. At my age if I haven't bought a house, got married and had children then my life has clearly run off the rails.
For kicks I just ran the ING Direct mortgage calculator: http://www.ingdirect.ca/en/tools/calcs/Rent_Translator.html
Right now I pay $1800/month in rent. If I wanted a 25 year mortgage, I could get $366k from ING with equivalent payments.
I then went to www.realtor.ca and asked for a Toronto house with 3 bedrooms, 2 bathrooms and a garage for less than $375k. There is nothing listed within the square bounded by Keele, the 401, the DVP and the lake [AKA the pale of civilization]. This result does not surprise me.
I don't expect this data to convince anybody already infected by the property-owning "you can't live in the bank" "they're not making any more land" meme, but it's nice to know that I'm not just being irrational.