COVID and the housing market
- Thread starter mimico_polak
- Start date
Our townhouse started off at $280/month and went up to $330/month over the course of 3 years.
Included: insurance, water, common elements, grass cutting, roof, siding, windows and snow removal on the main road. We were responsible for our own driveways.
Mad Mike
Well-known member
I’d be happy with $600/mo. My place down south is bigger, in a gated complex with 30x the common area, security, pool, tennis courts and a wonderful clubhouse. Fees are $500 and cover water, security, cable, internet and phone. And taxes are 1/3rd.
There is no fair comparison to US vs CDN condo and homeowner fees. Our AZ house was cheap, our FLA glorified trailer park was pretty good , pool , shuffleboard and clubhouse with billiards and a ‘pub’ , $650 month covered everything except roofs .
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Mad Mike
Well-known member
Desert states are nice and cheap on maint -- I wish it was the same in FL. SIL has a place in Palm Springs, they have little to no grass and trees, no snow, no hurricanes, almost no bugs, and nothing meets the forces of water and mildew. The sun bleaches things -- but that's OK because everything is white or sand colored -- roofs, painting, wood trim, caulking only needs doing every few decades.
While it's supposed to be a joke, property tax and maintenance is a lot more than $800 a month.
Monthly:
$1200 - mortgage (my case $2400)
$170 - insurance
$400 - property tax
0-500 - maintenance
$300 - utilities
+++++
Rent:
$2000 - rent
$50 - insurance
$100 - utilities
Now we're about $2600 (owner) vs $2100 (renter). There's obviously a ton of other values that go into it and the capital appreciation needs to be taken into account. Let's also not forget the sanity of not having to worry about being renovicted...or having your rent increased, while your principal decreases, and every 5 years your payments (in theory) go down nicely over the long term as you nibble on the mortgage.
Funny when memes like that only focus on the single number...whereas reality is a little bit different.
Are you telling me people don't have a million to put down? Sarcasm font
Someone made an issue a while back saying if you can't afford a house you should have had richer parents. Maybe that should have been smarter parents.
You've got a slight math problem but right result. Utilities should be equal for rent or buy as we should be talking about the same dwelling. If you start comparing different dwellings, things get complicated.
Maintenance if you own is never zero if max is $500. Sure you may spend zero one month but you have maintenance debt accruing. A shingle roof now is in the ballpark of $100+ a month if you spread it. Otherwise, it's basically a special assessment every 15 years or so for $15k+.
Agreed...the math gets more and more complex as you dig into it.
Can't compare renting a single detached house against a rental unit (even though mortgage / rent may be similar).
The numbers edge toward ownership every 5 years as your mortgage costs continue to drop, as your rent costs continue to increase.
Priller
Well-known member
Well, what I was actually getting at is that by not putting down 20%, you have to pay for CMHC insurance, which takes a chunk of that $1200 and means the amount borrowed gets even smaller. I started by assuming that they put down $50k for a best case scenario on what $1200 gets you, but quickly realised that anyone with $50k ready cash for a down payment will probably be offered a way bigger mortgage than someone should ever take on. What the banks offered us for pre-approval was verging on ridiculous. They are happy to take 90% of your income if you're dumb enough to agree to that...
Turmoil in Ottawa as another low rent place gets renovicted, or to be polite revitalized.
A man from the country of XXXX is concerned about finding equal accommodations for his large after 20 years in his present place. He said, through his interpreter, there is a lot of stress. Another victim of small L liberalism.
A man from the country of XXXX is concerned about finding equal accommodations for his large after 20 years in his present place. He said, through his interpreter, there is a lot of stress. Another victim of small L liberalism.
My Mother Lives in a apartment build in Tillsonburg, for many many years the building was populated with mostly seniors. Now anyone paying under 1000 were evicted (Don't know all the details) New tenants are now paying 1900.00 a month with no inclusions. My mom pays 1275.00 and fears she'll be next on the chopping block...
Not surprised. Starting to see condos popping up in areas like tilsonburg and brantford as people struggle to afford housing. Most of the buyers seem to be older people that sell the family farm or detached home and buy a condo to free up hundreds of thousands of dollars.
As things spin a bit sideways , the condo lifestyle so you don’t need to mow or shovel or roof , when you on a pension. Well the condo fees in many cases would pay for a lifetime of mowing, shoveling and roofing when it’s beyond you. This ‘discovery’ may be part of why condos are nobeauno right now .
There is still no better rent control than owning the structure your living in
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There is still no better rent control than owning the structure your living in
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And the land under it.
Our friend just sold her house in Joshua Creek for about 1.7. Bought a condo on UTM (1700sqft) for 1.1, putting in 250k to renovate it, and her condo fees will be $1500/month all inclusive.
But they travel a lot so don’t want to deal with the upkeep around the house anymore.
$1500/month is almost my mortgage…
