Home Ownership Hierarchy


Our culture seems to hold home ownership as the highest standard of achievement, let me tell you how much this upsets me and why. How many times I've heard "Why pay someone else's mortgage when you can pay your own?". People caught making these statements have either long settled into their home, or are clueless to current market conditions.This statement is no longer valid in today's housing market, particularly if you live anywhere near the GTA.

Yes, owning a home is a great feeling! Yes, it's a great investment/asset! But what are the true costs? Have you done a full affordability test to include TRUE costs such as: property taxes, rising utilities, perhaps a second car, longer commute, grass seed, lawn mowers, I can go on and on. These things add up to thousands a year a renter is not liable for, does your budget allow for that?

Now, let's look at this neat new product where mortgage insurers will kick in 10% of your purchase price on the condition that you pay them back at some point, and now they hold a 10% interest in your home. Should we be buying a home in exchange for 10% of the value? The 2016 census shows that 67.8% of Canadians own a home, our country has the highest home ownership rate over any other country, I'm not sure incentivising more homeowners is really necessary. Only 33% of Parisians own their own home, perhaps that's why they're so leisurely?

Not sure of your affordability and intimidated by all of the expenses? Speak with A la Carte Financial for a full overview.

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