What's a millennial to do in this housing market? - Page 2
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Thread: What's a millennial to do in this housing market?

  1. #11
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    Between renting a place and staying at home, I would lean towards renting a place. Just because living with your partner is sooo much better than living at your parents'. Yes, it will cost some money, but it will let you try out living together before you get married, which is always good. I would hate to marry someone I'd never lived with.


  2. #12
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    Quote Originally Posted by Mortgage u/w View Post
    I hear you.
    The best advice I can give is to buy an average property that has a rental income suite. This will offset your payments and provide a good income supplement down the line.
    This is something I've given some thought to - buying a townhouse and living in the basement while renting out the upper levels. But, even still, everything in Toronto is overpriced! So it wouldn't be wise to buy a townhouse right now if it might stagnate in value for the next few years, or quite possibly even go down.

  3. #13
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    Quote Originally Posted by DollaWine View Post
    So it wouldn't be wise to buy a townhouse right now if it might stagnate in value for the next few years
    Well, contrary to what Canadians got in the last 10-15 years, a home is not supposed to be a wonderful long-term investment according to statistics for a long-term period.

    If the outcome is "stagnate in value"', I don't see why someone would not buy IF they want a home AND they are ready to pay the annual recurrent costs associated with one (taxes, maintenance, utilities, etc.).

    The potential issue is buying a home at a high price and needing to sell at a lower price in the future (or regret not waiting to buy at a lower price...)

    I had similar thoughts in Montreal area in 2012 (milennial that thought that prices were too high...). I decided to buy for personal use. Since then, mostly stagnation in my area ... jealous of people in Toronto/Vancouver, but I never planned to move anyway. I am happy my house does not seem to lose value at least.

    ____

    For a property with a rental income suite, I would check the price difference with a property without one, since the ones with income suite seem really popular in GTA area.

    ____

    I agree with the "live together before marriage" idea. I would not buy a home /marry before living with someone. You can learn a lot by living together 24 / 7... real life!

    Is renting throwing money away? Well... try a divorce and tell us after how expensive it is

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  5. #14
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    Quote Originally Posted by CrazyEights View Post
    Save up money for your wedding first - as that is not cheap either.
    If you're spending more on the wedding than you expect in gifts (cash/in kind), I would suggest paring back. In 20 years you are not going to regret having a more modest wedding.

  6. #15
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    I'm a millennial and I'm not buying. Even if I wanted to live in a house, I could just rent one.

    "Owning" a home isn't really owning one, when you have a massive mortgage that goes along with it. It's just renting by a different name, though admittedly it gives you more freedom and power to do what you want with the home.

  7. #16
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    You can rent a decent place in Toronto for much less than $1,700. You don't have to live in a CONDO. There are plenty of apartments and low rises that rent for $1000 - $1200 for a one bedroom and are close to downtown. We had a place at Bathurst and St.Clair for $950. Start small and see how it goes. I waited until 24 to move out of my parents house and it was far too long. Do it now and start living life as an adult. Its been 6 years and I still rent and save lots of money. I moved from Toronto to Vancouver, and now to interior BC to follow the lifestyle that I want. If I bought a house or condo in Toronto, these moves would have been a major headache.

  8. #17
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    Agreed, Toronto has some very affordable rent, and in good locations. Toronto is a very liveable city with quite reasonable cost of living. I highly recommend living right in the downtown core.

  9. #18
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    Quote Originally Posted by Spudd View Post
    Between renting a place and staying at home, I would lean towards renting a place. Just because living with your partner is sooo much better than living at your parents'. Yes, it will cost some money, but it will let you try out living together before you get married, which is always good. I would hate to marry someone I'd never lived with.
    I agree with this - live together for some time before getting married. You haven't proposed yet but you guys have already talked about how much the wedding will cost. You're considering buying a house with someone you are not married to yet. It could turn out well but also could be a disaster

    By renting a place you'll know what you guys need. What kind of a kitchen, what kind of space, condo vs. house, etc.

    P.S. After living together with my first fiancee for a year or so it became pretty obvious that it was not going to work out.

  10. #19
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    A comment on the wedding....a but unconventional but my wife and I dumped every cent we had into a down payment for our first house, then saved for our wedding, which occurred 3 years later. We had never lived together before, and she had only ever lived with her parents.

    Small wedding, less than 5K, and because we knew exactly what we needed, we asked for cash in lieu of gifts. We ended up generating enough cash to pay for our honey moon.

    13 years after buying our house, our mortgage is paid off and we still have great memories of our wedding and honeymoon.

    Unconventional, but we had the blessing of our family and I wouldn't change anything.

  11. #20
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    One could also point out that most of our ancestors, when faced with places too expensive to live in, moved across an ocean to barren land and started a new life.

    Canada is a big place, lots of opportunities all across it...no one has to remain in Toronto. Contrary to some people's beliefs the rest of Canada has electricity, internet, computers, cars, jobs, places to eat, places to shop, places to work (even places that pay more)...

    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

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