The housing market is in every newspaper around the country and is a hot button issue in certain cities in Canada. You would be hard pressed to find someone who isn’t talking about the housing market: to buy or not to buy is the question on everyone’s mind.
Your parent’s friends who bought their first homes for $3000 back in the day, your co-workers who go to at least 10 showings every weekend or your school friend who two years out of college was able to purchase a lovely condo in the heart of downtown. You know the ones who call you up often to ask you ‘what are you doing with your life’? When are you going to stop paying your landlord’s mortgage and pay your own?
Everyone is talking about it. And for those who anxiously jumped into the market to ‘not miss out‘, they just dropped a mill to get that piece of the pie, to enjoy the Canadian dream, so why aren’t you emptying your savings and begging every family member in your life for a loan to get yours?
Well let me tell you, buying a home is not for everyone, nor is it a true right of passage. It has to be the right decision based on a number of factors that are not always known to your friends. Your reasoning for taking that step relies on where you are at in life at this very moment.
You too can have that 3 bed, 2 bath home with the marble counters for a cool $1.5 million if you have access to the bank of mom and dad. For some millennials, that is the only way to afford to get into these red hot markets. So don’t beat yourself up, buying a home is a big decision and one of the most expensive ones you will make in your life and if it’s right for you, you’ll make it happen – or you’ll take that money and travel the world.
Either way, don’t let those nosey, yet well meaning friends force you into something that you’re not ready for. The next time they ask you why you aren’t attending every open house in the GTA or lower mainland, tell them that you like having peace of mind and the freedom to enjoy life experiences without all the expenses that come with home ownership. You’re living your life and you can sleep at night!
Do you rent or own? What are the benefits of each option?