User Tag List

View Poll Results: In 2013, would you BUY or would you RENT?

Voters
32. You may not vote on this poll
  • Better to Buy

    21 65.63%
  • Better to Rent

    8 25.00%
  • Don't know

    3 9.38%
Multiple Choice Poll.
Page 7 of 7 FirstFirst ... 5 6 7
Results 91 to 102 of 102
Like Tree105Likes

Thread: **Updated with answer to: In 2013, would you BUY or would you RENT?

  1. #91
    tightwad and proud of it! brunt's Avatar
    Join Date
    May 2009
    Posts
    540
    Likes Received
    592
    Trading Score
    0 (0%)



    Quote Originally Posted by brunt View Post
    Just wanted to bump this comment.

    Mortgage rates increased this last week, the governments did not increase them. As I stated preciously, the bond markets sets the rates.

    If you cannot handle an increase in future mortgage rates, I would suggest that you seriously consider what you would do in this case.

    I shake my head at many people. We have collectively been handed a once-in-a-lifetime opportunity of low rates. The ideal thing would be to use this situation to decrease ones debts while it is easy. Unfortunately, many Canadians have used it as an opportunity to increase debt. This is not a good idea, and it will become an increasingly bad idea going forward.
    Once again, it appears that the mortgage rates will be increasing without the government changing the overnight rate. This time it is due to limiting the banks' access to CMHC insurance. Since banks may have to take on more of the risk in writing mortgages, they will either raise their rates, or decide to not grant some mortgages.

    People have to learn that the market, not governments, set the mortgage rates (particularly the long term rates).

    ps. A bit of trivia. A lot of people think that CMHC insurance is great because it protects them in case they are unable to make payments in future. This could not be further from the truth. You may pay for the insurance, but it protects the banks, not you. Ultimately, as far as you are concerned, the only difference it makes is that if you cannot meet your payments, the CMHC will foreclose on you, not the bank.

    CMHC insurance is a really, really bad idea. It allows banks to keep the profits of mortgages, but unload their losses to the taxpayer.

  2. #92
    Smart Canuck neelkamalll1979's Avatar
    Join Date
    Oct 2009
    Location
    Surrey B.C.
    Posts
    1,084
    Likes Received
    772
    Trading Score
    50 (98%)



    We were so close to buying last week, however after doing the numbers and the way the market is going we decided to wait. We will continue to rent and save even more for the down payment.
    Shwa Girl and Frugalbigmama like this.

  3. #93
    Mastermind Shwa Girl's Avatar
    Join Date
    Dec 2010
    Location
    Ontario
    Posts
    24,146
    Likes Received
    40601
    Trading Score
    7 (100%)




    Quote Originally Posted by neelkamalll1979 View Post
    We were so close to buying last week, however after doing the numbers and the way the market is going we decided to wait. We will continue to rent and save even more for the down payment.
    Sounds like a good idea. Not an easy market. It's hard for people to break with tradition about seeking out and buying a home. I think they said that if you are already in a home, stay there. But if you are not there yet, think about it before diving in. You have done lots of thinking it seems. Great!
    Frugalbigmama likes this.

  4. #94
    Mastermind Shwa Girl's Avatar
    Join Date
    Dec 2010
    Location
    Ontario
    Posts
    24,146
    Likes Received
    40601
    Trading Score
    7 (100%)




    Kevin O'Leary was on Steven and Chris show and also said renting is better than buying in 2013

  5. #95
    Mastermind Shwa Girl's Avatar
    Join Date
    Dec 2010
    Location
    Ontario
    Posts
    24,146
    Likes Received
    40601
    Trading Score
    7 (100%)




    Kevin O'Leary was on Steven and Chris show and also said renting is better than buying in 2013
    (at 5:11 in the video)


  6. #96
    Smart Canuck matrix82's Avatar
    Join Date
    Jan 2007
    Location
    canada
    Posts
    4,558
    Likes Received
    828
    Trading Score
    2 (100%)




    Interesting. I know I really have a buying itch right now. I really want a home. If I could rent a house I would, but it is very difficult to find a house to rent. I am tired of sharing walls with neighbours and having sketchy neighbours. It does not matter where I rent, it seems that I always end up with awful neighbours.
    Try out the maven box by julep And code FREEFB, and get your box for one cent:
    Use this link
    http://www.julep.com/rewardsref/index/refer/id/2287/

  7. #97
    Smart Canuck
    Join Date
    May 2011
    Location
    Ottawa
    Posts
    1,164
    Likes Received
    1748
    Trading Score
    1 (100%)




    Quote Originally Posted by Shwa Girl View Post
    Kevin O'Leary was on Steven and Chris show and also said renting is better than buying in 2013
    (at 5:11 in the video)
    This was already posted higher up in the thread. He speaks in the context that buying a house when getting married is not a good idea. It's a very narrow view compared to a very general assumption.

  8. #98
    tightwad and proud of it! brunt's Avatar
    Join Date
    May 2009
    Posts
    540
    Likes Received
    592
    Trading Score
    0 (0%)



    Garth Turner, our former Finance Minister weighs in:

    http://www.greaterfool.ca/2013/08/13/renting/
    matrix82 likes this.

  9. #99
    Smart Canuck frugal50's Avatar
    Join Date
    Nov 2011
    Location
    Canada
    Posts
    3,996
    Likes Received
    10225
    Trading Score
    0 (0%)




    Quote Originally Posted by Shwa Girl View Post
    Kevin O'Leary was on Steven and Chris show and also said renting is better than buying in 2013
    (at 5:11 in the video)

    that's reassuring! being that i'm a lifelong renter.
    i also liked what he said about don't spend, save and invest.
    LIVE SIMPLE likes this.
    You can't change other people. You can only change yourself"
    - H. H. Getter

    when we change our attitude, we change our lives





  10. #100
    tightwad and proud of it! brunt's Avatar
    Join Date
    May 2009
    Posts
    540
    Likes Received
    592
    Trading Score
    0 (0%)



    For the fourth time in eight weeks, mortgage rates are up again, without any change in the Bank of Canada rate.

    This increase has affected real estate sales. Number of sales always drops before prices. It is still (typically) far cheaper to rent then buy, but my feeling is that this is now starting to change.

  11. #101
    Junior Canuck
    Join Date
    Jan 2009
    Location
    Nanticoke
    Posts
    417
    Likes Received
    422
    Trading Score
    0 (0%)



    I think some of it depends on where you are in your life. If you are a brand new married or career single and have only just started your job/business etc - I would venture a guess that renting really is the preferred market for now. However, if you have lived in your area for a few years and know you are planning on living there for a minimum of 5-10 years - then I cannot see how the renting would be a better option. Putting out $1500 in rent (per the original question) - would be better put into your mortgage that is payable on a weekly basis.
    matrix82 likes this.

  12. #102
    Smart Canuck matrix82's Avatar
    Join Date
    Jan 2007
    Location
    canada
    Posts
    4,558
    Likes Received
    828
    Trading Score
    2 (100%)




    We found out that we could get a house in our area, 3 bedroom, new, including property taxes for $100 per month than what we pay in rent. I am aware that there are other costs in home ownership over and above renting. We pay a rent that we are comfortable with but for a small two bedroom apt. To know that for a couple hundred dollars more we could have more privacy and space, it is appealing.
    neelkamalll1979 likes this.
    Try out the maven box by julep And code FREEFB, and get your box for one cent:
    Use this link
    http://www.julep.com/rewardsref/index/refer/id/2287/

Page 7 of 7 FirstFirst ... 5 6 7

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •