Bryan Yu, a chief economist with Central 1, told Global News that despite the availability, buyers still seem to be hesitant to purchase homes.

Housing crisis? There ain’t no stinkn’ housing crisis.

There is, however, an ‘overabundance of stupid’ crisis.

  • Victor Villas
    1·
    3 days ago

    My place could rent for $3500 While a mortgage is way less.

    If you’re talking about a mortgage that was signed years ago, that’s definitely feasible. If you’re talking about a mortgage that would be starting right now, that would be abnormal. A property costing ~ 1MM starting on todays 4.5% rate means a monthly mortgage above 4.8k but will go for rent for about 3.7k

    • BCsven
      1·
      3 days ago

      I think you may have cherry picked one where landlord wants to lose money? Landlords typically price the units so it is self supporting and covers all fees etc.

      I had counter examples but figured its not worth the back and forth. Ive run the calculators and here the mortgage including fees ends up way less than rental over 25 year period, and at end of 25 years I stop paying a mortgage, and a renter keeps paying till they die. You mentioned a smart renter would invest, but honestly I couldn’t afford to live in this place if it was rental, it would be over half my income. I’m better off owning and putting the difference from what it would rent for compared to my mortgage and fee, into an investment

      • Victor Villas
        1·
        3 days ago

        I think you may have cherry picked one where landlord wants to lose money?

        Sigh… yeah sure, let’s leave it at that.