Not in my experience in the GTA. The cheapest all-inclusive maintenance I’m aware of is in the $600 area and that’s for 2-bedroom units in much, much worse building. Larger 3-bedrooms (1200-1500 sq.ft.) in decent buildings cost $800-$1200. Whenever I see cheaper maintenance for such units it typically doesn’t include hydro/water. Let alone Internet and cable.
it typically doesn’t include hydro/water. Let alone Internet and cable.
I have literally never lived anywhere that had included utilities. Nowhere I have ever rented in 24 years of renting has done literally any maintenance per month. It’s basically “Did you water heater explode?” They always use some family friend they pay 50 bucks to cut a hole in the wall, replace a plastic pipe, and then just screw in a cover over it.
Rather that renting can be significantly cheaper and less risky to your savings in the current market.
I can’t tell if you’re joking or not.
The value of owner-occupied homes grew by almost 40% between 2016 and 2021.
Get out of here with that ‘oh woe is the landlord’ garbage.
I don’t think you understand what I’m saying and what you cited here doesn’t contradict any of what I said. Perhaps I’m not explaining well enough. Back in 2016 I had no doubt that I would be buying if I had the money to.
those who own their home have been lucky enough to offset those costs by way of a significant increase in the value of their homes
That said this part is simply false for people who own just one property - the one they live in. If you own a 1-bedroom condo which went from 400K to 800K between 2016 and 2021 and want to take the difference, you have to sell it. Great, you have 400K extra. Now where would you live? Unless you’re moving to a less expensive area or downgrade (to … a studio?) you have to buy another 1-bedroom condo. Guess what, that also went from 400K to 800K between 2016-2021, so the extra 400K you made is gonna go to cover that. Price appreciation only makes money if you switch to living somewhere cheaper, in smaller property or a cheaper location; or if you buy an additional property that you rent.
Get out of here with that ‘oh woe is the landlord’ garbage.
We’re talking about what’s better for a person looking to house themselves via renting or buying, not sure what you’re going on about.
That said this part is simply false for people who own just one property - the one they live in. If you own a 1-bedroom condo which went from 400K to 800K between 2016 and 2021 and want to take the difference, you have to sell it. Great, you have 400K extra. Now where would you live?
I don’t know, but based on your previous comment where you said you’d save about $1700/mo renting you’d be 15 years of savings ahead of the renter.
