"I just don’t understand how RE in Vancouver makes sense. I rent in downtown Vancouver and if I were to foolishly buy a place, the mortgage would EASILY be double what I pay in rent."

West End Girl at greaterfool.ca 16 Mar 2010 1:06 am -

“I just don’t understand how RE in Vancouver makes sense. I rent in downtown Vancouver and if I were to (foolishly) buy a place, mortgage would EASILY be double what I pay in rent. And luckily, I make above the average income (which was recently reported in the neighborhood of $40K/year) Yet most friends/acquaintance/collegues I know own and think me foolish for not owning. I tell them that if I invested the difference between rent and mortgage, in 5, 10 whatever years, I would still be ahead by renting. I guess we’ll see who’s right, in the meantime, I’m not a slave to my mortgage and can still go out and enjoy life. Time will tell who’s right!”