this post was submitted on 20 May 2025
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This meme has to die, there's so much knowledge out there on how to properly do the math on this
Yes I did math, our mortgage at 2% interest is $1700, to rent this condo from a landlord would be $3500. In 5 years the property value has gone up $200K. So our equity is now close to $300k after 5 years. I could sell this year and have 300k cash. What would you have at 3500 a month to a landlord?
I'll have to trust you that you live in a place with bizarre market dynamics where mortgage is cheaper than rent for the same unit, or maybe you're the king of real estate deals or got lucky with a panic seller. Even in that situation, there's a whole lot of numbers missing from that calculation. Property taxes, maintenance, opportunity cost of investing the downpayment, insurance, whether your investments would be taxable or tax sheltered, expected RE growth, a time horizon of 20 to 60 years etc. You will be better off using a proper calculator made by a CFP.
Mortgages are less than rent in most markets.
If you’re talking about a mortgage that was signed years ago, that’s definitely feasible. If you’re talking about a mortgage that would be starting right now, that would be abnormal. I don't know what "most markets" mean to you but I doubt you can show the numbers for any major Canadian city.
A property costing ~ 1MM starting on todays 4.5% rate means a monthly mortgage above 4.8k but will go for rent for about 3.7k