EVERYONE should buy a home as soon as they are able to. Long term, the property value goes up, the mortgage gets paid off and the gain is tax free.
For most people, the paid off value of their home is most if not all of their retirement security (and ultimately their estate, to leave to the kids). For the vast majority of people, their after-tax income is used up covering the cost of living, so if they rent their whole lives, there is usually not much to show for it at the end of the day.
Renting at the outset may be necessary, but it should never be a long term goal in this country.
Mind you, at the rate the NDP is going, property owners’ rights may be dwindled down to those of renters by the time they are finally kicked out of office.
DISCLAIMER: The foregoing is not legal advice and is presented for information purposes only. Readers of this material should consult with their own legal counsel before making a decision based on this blog post.
For information about this please feel free to contact Kenneth Pazder or Melissa Valana at 604-682-1509.