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Forum: Canada

Apr 28th 2012, 2:21 am

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

Very hard, especially in a Toronto condo. But you've got to have a longer perspective, say 30 years, which might be the period between "getting on the ladder" and retirement.

Simple solution....

Forum: Canada

Apr 20th 2012, 8:24 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

Why do Brits moan and groan about anything? In this case it's Inheritance Tax, which Canada doesn't have. BTW I don't know what the IHT threshold is at the moment in the UK, but it was about 360K...

Forum: Canada

Apr 20th 2012, 5:37 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

The assessed value in Ontario is done by MPCA and it based on location, lot size, living space, age of house, quality of construction & finish and extras like a pool, outhouses etc.

Perhaps you're...

Forum: Canada

Apr 20th 2012, 4:31 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

Out of curiosity, where is that one? BTW it's about twice the size of mine, but I have 0.75 acres in the best possible area of RH.

Forum: Canada

Apr 20th 2012, 3:32 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

It's alright, but luckily the assessed value of the property has lagged considerably behind my estimation of market value (based on local comparisons) over the last few years. But, as ever, I don't...

Forum: Canada

Apr 20th 2012, 2:03 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

In Richmond Hill I pay about $6500 in property tax, in France about 1000 euros (~$1300).

Forum: Canada

Apr 20th 2012, 2:35 am

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

You look older. ;)

But aside from that 100% +1 in agreement. If I hadn't invested $5K in my first house purchase (in Toronto, 1984) there's no way I'd now own a roughly $1M value house here and...

Forum: Canada

Apr 19th 2012, 10:17 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

The Op has been here 18 months. Long enough to decide

I disagree in the long term. But see above, renting for a year or so when you first arrive makes perfect sense.

Yes, yes, yes,...

Forum: Canada

Apr 19th 2012, 8:42 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

As you said, the past is no guarantee of future performance, but it is a guide and the only one we have. House buying is always a long term proposition, just make very sure you can comfortably meet...

Forum: Canada

Apr 19th 2012, 8:12 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

Where it always will be I'm afraid. How are you going to feel in 10 years (when you're 55) if you rent all that time and property values and your rent have gone up by 50% while your investments and...

Forum: Canada

Apr 18th 2012, 10:54 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

Obviously I don't know (or want to know) your present or future income, but 20 years is long enough to pay off a mortgage (I did it in 17), after that you presumably will have an asset worth quite a...

Forum: Canada

Apr 18th 2012, 10:25 pm

Replies: 103

Buying v/s Renting

Views: 8,512

Posted By Novocastrian

Re: Buying v/s Renting

You haven't said how old you are or whether you plan to stay in Canada after retirement. I think this is relevant.

You said you owned something in the UK for 20 years, so perhaps you're 50-ish?
...

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