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Nobody here talk about the real numbers and every home owner believe that they "built equity" and can only get richer when signing that 30 years mortgage.
Tell me the real cost of living in that 2 bedroom one bathroom house without cutting on water, heat or electricity usage and then lets compare it with cost of renting similar size apartment.
I can understand if you say "it's an image thing" or "I love to stay home and work in my own garden" or "because my mom said so" but the numbers doesn't add up at least in Toronto. Less and less young couples can afford buying that house yet you want me to believe that in 5, 10, 20 or 30 years you will sell your houses and get even or make profit?
I like to visit my friends in the summer, having a beer or two at theirs backyard but feel sorry for them when the summer is over. Love the possibility of working in your own garage but there is only so much you can do there if you have assholes neighbours.
I don't know who is buying today but I know that most of the people hate math and are not good at it.
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