TIL buying a condo in Vancouver was a better move than renting for me

Everyone kept telling me renting was smarter, but I bought a 600 square foot place in Kitsilano last year. My mortgage payment is $2,800 a month, which is only $200 more than my old rent for a similar unit. In 12 months, my place has gone up in value by about $40,000, and I'm building equity instead of just paying a landlord. Has anyone else found that buying, even now, worked out better than they expected?

3 comments

3 Comments

black.laura1mo ago

Consider the hidden costs you're not adding up. That 40k gain is only on paper and could vanish in a market correction. You also pay thousands in property tax, strata fees, and maintenance that a renter never sees. If your furnace breaks or the roof leaks, that bill is yours alone. You're locked into that mortgage and that location, while a renter can pack up and leave if life changes.

tessagarcia1mo ago

Had you asked me a year ago, I would have argued owning was always better. But you're right about the hidden bills. I just dropped $5k on a new sewer line, and that paper equity feels pretty fake when you're writing that check. The freedom to move without a huge sale is something I don't have anymore.

jennifersmith2d ago

The part about renters never seeing property tax isn't quite right. Landlords build those costs into the rent, so tenants are absolutely paying for them, just indirectly. My old landlord straight up told me the rent hike was due to the city raising property taxes. Renters cover all the owner's costs, plus a profit margin, with zero chance to build equity back.