I'm graduating school soon, will be making reasonable pay.
In 4 years, I should have 60k usd equity saved up, on top of anything else I manage to save, I was hoping to use that for a down payment on mortage. Rent and mortgages are increasing at a frightening rate though.
I'm weighing the financial pro's/con's of leaving Canada (born and raised here).
I feel like buying a house in Canada is a lot like buying an NFT; not worth it's cost, and mostly speculative. It'll probably be the better part of a million by the time I'm ready to buy. I'm also worried that the line can't go up indefinitely; how risky is that asset? I'd really hate to overpay for a house, and then see all the money disappear.
I also don't want to overpay for rent much longer.
Is moving away from Canada a viable option? I feel like if I can live somewhere where housing is reasonable, and if I can land another good job in software development, I can try to save up until the housing market crashes in Canada?
Is this viable? Or is it still better to hold out hope in Canada? Any recommended countries? I'm probably willing to learn other languages.
Update: seems the main opinions are: (a) go the the US or (b) it sucks everywhere, suck it up and pay. Option b is so depressing. The optimist in my wants to believe there's somewhere affordable, so I'll keep looking. Sounds like a lot of people seem to be pushing towards b though; if that's the case I think we're kinda just screwed and might as well give up.
In 4 years, I should have 60k usd equity saved up, on top of anything else I manage to save, I was hoping to use that for a down payment on mortage. Rent and mortgages are increasing at a frightening rate though.
I'm weighing the financial pro's/con's of leaving Canada (born and raised here).
I feel like buying a house in Canada is a lot like buying an NFT; not worth it's cost, and mostly speculative. It'll probably be the better part of a million by the time I'm ready to buy. I'm also worried that the line can't go up indefinitely; how risky is that asset? I'd really hate to overpay for a house, and then see all the money disappear.
I also don't want to overpay for rent much longer.
Is moving away from Canada a viable option? I feel like if I can live somewhere where housing is reasonable, and if I can land another good job in software development, I can try to save up until the housing market crashes in Canada?
Is this viable? Or is it still better to hold out hope in Canada? Any recommended countries? I'm probably willing to learn other languages.
Update: seems the main opinions are: (a) go the the US or (b) it sucks everywhere, suck it up and pay. Option b is so depressing. The optimist in my wants to believe there's somewhere affordable, so I'll keep looking. Sounds like a lot of people seem to be pushing towards b though; if that's the case I think we're kinda just screwed and might as well give up.