Posted on: 18-12-13 12:13:41
Wow, very useful information.
Thank you, everyone.
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Madan Chartered Accountant team
http://www.madanca.com" rel="nofollow">LINK
Thank you all for the valued information. I am refraining from buying a condo. What is the forum view on free hold Town houses costing around 250k in Bramptopn?
Good .. though it gets better with the money you put in but compared to a 2.25 lac condo , you d be much better off in all senses ..... only thing that I d like to compare are neighborhoods of the townhouse vs that of the condo which might be an important aspect if you have school going kids...
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Fido.
Boothnath, Thanks for remembering me. I am not visiting CD site very regularly.
I am not against buying if it makes sense.
I bought primary residence in 2012 in US when owning and renting were same price, RE crash happened, super low interest rates for 30 yrs fix, write down mortgage interest in yearly tax, good down payment and keeping other savings (RRSP, 401K, RESP, IRA, regular saving and other stuff) in same fashion.
Every investment is about timing and your priorities. I still feel Canadian RE is overpriced and may not make sense to own for lot of people.
Quote:
Originally posted by bhootnath
Refer to Rahul Singh's posts here. About 4-5 years back he took such a hit with condo that he had been hardcore fan of greaterfool.ca and had been negative on RE market in Canada. Had he invested his money into a town/semi/detached home he would have aquired couple of more of such.
Condos are good only if you are a renter or retiree. With 1700 per month afforability. I would strongly recommend to get a semi or even a townhome but would stay away from condo. With condos the maintenace cost keeps going up while the value stays same or goes down in many cases. Whereas with single family homes you can control your monthly cost but value historically have gone up or stayed same.
Good luck.
Quote:
Originally posted by rahul_singh23
Boothnath, Thanks for remembering me. I am not visiting CD site very regularly.
I am not against buying if it makes sense.
I bought primary residence in 2012 in US when owning and renting were same price, RE crash happened, super low interest rates for 30 yrs fix, write down mortgage interest in yearly tax, good down payment and keeping other savings (RRSP, 401K, RESP, IRA, regular saving and other stuff) in same fashion.
Every investment is about timing and your priorities. I still feel Canadian RE is overpriced and may not make sense to own for lot of people.
Hey Rahul,
Could not agree less..you are at right place at right time. Very few are lucky to be in your situation. And wish you all the best in your perfect planning. HNY!
oh man ! this is so emotional... :'-| , the adversity of RE has brought people together..
http://business.time.com/2014/01/17/canada-has-its-own-housing-bubble-and-its-about-to-burst/?source=Patrick.net
What has so many observers worried? A few things:
7.5% of the Canadian workforce is in the construction industry, while 7% of the Canadian economy is based on residential construction — both record highs;
The latest Canadian jobs report was dismal, as its economy shed 45,000 jobs in December, and the unemployment rate rose from 6.9% to 7.2%; and
This decline in employment is occurring against a backdrop of unprecedented debt levels. The Canadian debt-to-income ratio has soared to a record 164%, above levels experienced in the US before the financial crisis.
