01-25-2017, 08:02 PM
$1600 per month in rent is properly compared not with a mortgage payment, but rather at minimum mortgage cost, property taxes, maintenance, insurance, and opportunity cost of the equity in your home. In Waterloo Region, $1600 a month does not get you much home, if you're accounting properly (in my experience, many home owners do not). On average, in the current market, it is cheaper to rent than to own.
I have to agree with Viewfromthe42 that we are in need of more affordable purpose-built rental units (I don't mean to be biased against retrofit units here- they can be quality, but it seems to me can't be depended on to be a big part of the mix). I'm not sure of the instrument to make this happen.
I have to agree with Viewfromthe42 that we are in need of more affordable purpose-built rental units (I don't mean to be biased against retrofit units here- they can be quality, but it seems to me can't be depended on to be a big part of the mix). I'm not sure of the instrument to make this happen.