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Not a week goes by in which some well-meaning but misguided person… - delta_november

Jan. 21st, 2012

06:27 pm

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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.

Comments:

[User Picture]
From:sylvia_rachel
Date:January 22nd, 2012 09:07 pm (UTC)
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No, you're absolutely not being irrational. My family is in the market for a house right now, because we inherited some money in the fall and we feel like we're outgrowing our condo flat, and OMG INSANITY.

Plus, if you rent, you can move! Whenever you want!! It's not your responsibility to find a new tenant! You don't have to fix your own plumbing catastrophes! I mean, okay, you're not building equity, but honestly.

I don't even *want* a house, particularly (though I would like a bigger flat), but I'm outvoted. And I would like a garden. The thing is, do I want a $600K garden? Really?



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