Buy Or Not To Buy

Hamlet of Shakespeare is I think that you were living in the 20s in Toronto today, chances are to be working in the career of his first boyfriend. I have a inherited some in the bank, but he, there is a possibility that he also lives in the basement of his mother.


Job security a little, no pension, no one will be soliloquizing dilemma about the same as his age probably'm certain he.

Instead of buying or to buy, that is a problem, suffering to rent ridiculous, by doing so or and take the sea of ​​mortgage payments, or noble 'of TIS in a notebook to retire the capital Whether.

They and more than 50 years, a decrease for the first time since 1996, the interest rate, best of them for the first time buyer many potential buy in the market you do not have access to otherwise at least you've been apartment prices and home I have seen this as an opportunity.

What led to purchase a high-rise apartment of his first Lake Shore Boulevard and nearby Ren Ramkhelawan Bathurst St., it is partially.

System architect of 27-year-old Ramkhelawan, and local charity, reckoned spent $ 18,000 in rent for one-bedroom apartment of his because his Bloor Sts and Supadina. After feeling that he was, "wash away the rent to the toilet," Ramkhelawan began looking for an apartment in October 2007, but had been sold from the market immediately.

"A long time ago I would make suggestions, and then, the seller is going to be a number of services, it was beyond the scope of my price just," he remembers.

I think at the time of one of his search, he would like to negotiate the purchase of the apartment of 500 square feet for $ 222,000 actually. He was too small it is, and because he felt more of his large apartment would be better, but he backed out.

A year later, taking the condominium market with it, the economy had plunged. He is a new owner a proud 700 square feet, the $ 227,000 apartment now.

He even though it has already been paid more than $ 200 per month with a combination of property tax payments and condo fees, mortgage than was the apartment of $ 980 months of his earlier, he felt are getting a better deal are.

"Finally, I was looking for a place of their own. I. You have wanted to know that you not only to invest in something, you pass the money to rent my away"

However, as the owner of the first of many other, when you planned that to flip it, make a profit, Ramkhelawan have not seen themselves living in an apartment for more than three years he.

The problem, claims Ramkhelawan Many of the real estate business, someone else is, is banking on the return from the world does not exist anymore.

"Everyone wants to reverse the condominium and housing as pancake," Greg Stanley, mortgage brokers say.

We, the house like they did a long time ago, you may have considered to be home actually, have a change of view "Maybe. If at that time, you bought a house, and sold it, It will be the same price. value that no one can expect the house to go up, they are expected to pay them off only ".

Recently, the Economic Co-operation and Development (OECD) has announced data indicating house prices fell in Canada, but it ... affordable if the price of such "must fall still, to preface it with the view, The revenue is measured as the ratio of house prices, and. is to return to its long-term average "

In that case, after you choose to jump into the market, I was able to first time buyer looking to have a heavy mortgage safely home now own. When the housing market crashed after a few months, people who bought the house when it has reached its peak in 1989, saw a dive "investment" of their market. Still, homeowners they do not recover before the bust value of their homes in two decades later if you factor in inflation.

"There is a myth of so many around the real estate," professor of real estate development says James Macke, at York University.

Never for a long period of time. Let's not forget that it was that before the 1980s ", the motto was a money pit house, houses keep pace with inflation. Do not look at it as an investment . home is the cost. "You so if you need it, you buy" "as a good investment, do not buy a car

"Conditions are advantageous in terms of affordable and (x) interest rates, but it is only 1 concern.Remove format from selection

your ability, (in order to repay the mortgage): Ask yourself, including how the in the work situation you safe and needs of the individual "and" depends on the personal circumstances of your decision to buy " I have done the same thing in a few years? "

As might surprise you, in some cases, they are otherwise, to borrow the money that would have been thrown into the mortgage of their coming out on top in the long term results people who are invested.
That to have said house, and is an asset to have in order to pay off the mortgage, it will force you to throw your savings into something of wasting your money on your behalf.