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?

2 comments

2 Comments

black.laura27d 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.

tessagarcia27d 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.