61
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 05 Oct 2023
61 points (91.8% liked)
Canada
7106 readers
321 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
🍁 Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
> variable rate loans with fixed payments that lead to negative amortizations shouldn’t be allowed at all
I agree with that, it does not make sense really
You have to be mindful of ending up underwater, but otherwise it's not much different than renting – without all of the baggage of renting that sees people want to own.
Unless monthly payments on renting from the bank are lower than renting from someone else it’s a worse deal. If you rent you don’t need to worry about things like replacing roof, windows, etc.
Also, if you rent you’re more free to pick up and leave vs. being tied to a mortgage.
Renting is usually a better deal, but that's not why you might choose to own.
In the past when. I've done this calc renting was worth it till you'd lived at a place for about 5 years. Don't think this flat statement is true even now
It can, if you make good money, says 6000$ after taxes per month, you can rent at 1500$ and invest 2 or 3k per month and it can be better than having a mortgage for a big house and paying like 4k/month, I think.