Will it be cheaper in the long run to buy my own home as opposed to renting an apartment?

Question

I would like to thank everyone who replied to my 1st question, each one was helpful to me. Now that I know rents cost arond 1,200/- per month, I would like to know what would be the monthly installment for a home bought on mortage. Will I be able to buy a house in Toronto or Vancouver?

Answer 1

I would definitely say buying is better than renting.You will never see that rent money again while your landlord gets rich. Also, I heard a statistic that says homeowners are 45% wealthier than people who pay rent. So buying is definitely the way to go.There are a lot of condominiums going up in Toronto and around the G.T.A. , which you would easily be able to afford on $1200 a month or less with a small down payment (5% is the norm).You should be able to get a decent place in the downtown core but a larger place for the same money and a nicer neighbourhood can probably be had for cheaper just on the outskirts of Toronto. I would suggest dealing with a Real Estate brokerage and speaking with a representative.They will be able to find you anything you need at no cost to you and steer you in the right direction for a reputable mortgage broker who can get you the best deal for your particular situation.They also have access to thousands of listings right across Canada at their fingertips. I would specifically call EXIT REALTY at 416- 259- 1147 and ask for Dario. He is brilliant and will be able to answer any question you have. Good luck.

Answer 2

Look at the amount you qualify for to buy a home,Right now interest is a little better than 6%. On a hundred thousand dollar home figure 600.00 a month plus add your taxes and insurance. Buying a home is an investment. Take care of it and your returns can be great. Just remember..location, location, location.

Answer 3

Yes. It depends on how much you put as your down payment. figure out how much you can afford for a mortgage payment. The more down payment you can afford up front the lesser your mortgage payments will be.
I don't know about the real estate market in Toronto or Vancouver.

Answer 4

Buying a house is a long term investment!
Renting an apartment is a waste of $

Answer 5

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Answer 6

I think you will find this web site will answer many of the questions you have about mortgages in Canada: http://www.cmhc-schl.gc.ca/en/co/buho/buho_005.cfm

Although housing costs throughout Canada have risen dramatically in the last several years, Vancouver housing prices top the list. Here's a recent article: http://www.canada.com/saskatoonstarphoenix/news/business/story.html?id=6891d3a7-03dd-43dc-b3e2-0d49c411b509

Hope this helps! Wish you luck!

Answer 7

Every month you pay rent is one month of money you could be paying on a morgage. So go for the morgage on a home. Why give your hard earned money to someone while you could be buying a home instead.

Answer 8

down scale your apartment to something smaller, save up for a nice down payment and Buy a house. don"t be like myself and put it off and now i will have it paid off when I'm 75 Good Luck

Answer 9

ok well if you rent an apt. you gota think it will add up quick every month it may be cheaper but your better off saving for a house!

Answer 10

yes