Quote:

---

Originally posted by crenshaw

Quote:

---

Originally posted by rahul_singh23
4. How expert people define "long term" if your mortgage (cost) is nearly double than the rent?

---

In which parts of the country (or in which parts of Calgary) are rents 'more than double' the mortgage amount? Can you substantiate that with any figures?

---

http://www.thestar.com/News/GTA/article/274664

Anxious realtors pay others to camp out in the cold at Bloor St. building until sales commence Tuesday

What is happening? Looks like our economy is more than perfect. Buyers still out there.

My condo rent is $1500/month (including gas, hot water, condo fee-$250) and no down payment on rent (one month advance only). The price of this condo in June month was 390K now it's 360K. This owner bought this condo few yrs back in 210K.

1. $1500/monthly rent makes sense and good business of he bought in 210K. Yes I am paying his mortgage on 210K price.
2. Does this condo make sense to buy in today's market if mortrage/tax/codo fee ($250/month) all comes around more than $3000/month for this condo.
3. Price already down 40K in 3-4 months. How expert/CREB can convince me July was the right time to buy?
4. Long term, long term? How long someone can loose $1500/month to make money on this today’s real estate?

People are broke who bought investment property in last one year and loosing money every month on renting too. They lost down payment only in 4 months and lot of people are waiting in spring next year that some magic will happen.

Quote:

---

Originally posted by rahul_singh23


1. $1500/monthly rent makes sense and good business of he bought in 210K. Yes I am paying his mortgage on 210K price.

---

-----------------------------------------------------------------
Chandresh

Advice is free – lessons I charge for!!

Quote:

---

Originally posted by chandresh

Quote:

---

Originally posted by rahul_singh23


1. $1500/monthly rent makes sense and good business of he bought in 210K. Yes I am paying his mortgage on 210K price.

---

According to my calculation, even at the cost of 210k, and 5 year mortgage interest at 6% (plus tax plus condo fee) is not covered by the rent, so it is not good business sense. All he is doing is putting principal amount in cost of the condo, which he could have put in any type of investment - but not truely as 'business' sense.

But reading pieces of your posts and stats, I am unable to understand what exactly are you trying to convey, or are you just trying someone else to validate your thoughts of not buying?

For me, buying a house is not only investment but much more than that. It gives you more freedom to live in your own house, and creates a better feeling of belongingness (yes, I am saying that after having lived in rental properties for 20 years which now I repent - not at all due to appreciation of the property, but for he joy lost and also because by now I would have become free of mortgage).

---

Prices have crashed 11% in the past 14 short weeks a $55,000 loss is hard to take add to that a 5% realtor fee to sell your investment. It’s just a start because around 50% off all the mortgages in Calgary last year were 5% down or less according to the stats. That means there are roughly 17,000 people with no equity left in their properties.

I think 2 yrs back President Bush said in State of union speech under my administrator most Americans are home owner in history of America. Are they really home owner? A lot of them lost everything (even down payment) that kind of practically impossible ownership for average families are just fake ownership with these prices/40 yrs mortgages/easy loan to every one. We have to understand getting mortgage is start of ownership but not a ownership. If you don’t believe then stop paying for 2 months then you will hear the music from Mortgage Company. Now my question is how many people are mortgage free and compare their earning/house price ratio. That is called practically approach.

Do you think Working on $15/hr and owning 400K home with interest only loan and 5% down payment will make people home owner?

Quote:

---

Originally posted by rahul_singh23

Prices have crashed 11% in the past 14 short weeks a $55,000 loss is hard to take add to that a 5% realtor fee to sell your investment. It’s just a start because around 50% off all the mortgages in Calgary last year were 5% down or less according to the stats. That means there are roughly 17,000 people with no equity left in their properties.

I think 2 yrs back President Bush said in State of union speech under my administrator most Americans are home owner in history of America. Are they really home owner? A lot of them lost everything (even down payment) that kind of practically impossible ownership for average families are just fake ownership with these prices/40 yrs mortgages/easy loan to every one. We have to understand getting mortgage is start of ownership but not a ownership. If you don’t believe then stop paying for 2 months then you will hear the music from Mortgage Company. Now my question is how many people are mortgage free and compare their earning/house price ratio. That is called practically approach.

Do you think Working on $15/hr and owning 400K home with interest only loan and 5% down payment will make people home owner?

---