I do the math on buy vs. rent for myself every year when my lease is up and I make the decision to sign on, move, or jump into home ownership. So far it’s never tipped in the favor of owning, even as real estate prices have fallen or stayed flat in my city five years running. However, making the case for renting instead of buying rarely is met with a positive response. Last Thursday I sent a tweet that I didn’t think would go viral, otherwise, I would have double-checked my spelling and made sure the numbers for property taxes & utilities were in the right place (they should be switched): "Renting is a waste of money" – person who buys $500,000 house with 10% down at 3.39% and over 25 years will pay: – $14,000 CMHC insurance– $300,000+ interest on their mortgage– $100,000+ property taxes – $150,000+ home […]
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