They did the meme!
From the Toronto Star:
The federal government recently announced changes to the borrowing limits on the RRSP Home Buyers' Plan and introduced 30-year amortized mortgages for first-time homebuyers purchasing new homes, moves meant to make home ownership more affordable.
(If you didn't know, mortgage terms can change in Canada, so when inflation and rates started ramping up, many Canadians either had to pay more on their mortgages or extend the loan terms, sometimes to INFINITY.)
These measures don't bring unreachable housing prices down, nor do they bump up household salaries required to support higher mortgage interest rates. In the most expensive markets in Canada, including the GTA, households need to earn well over $215,000 to buy a very basic property — we're not talking yards, views and pools.
If you live in a big city where you earn more money at some white-collar finance gig, just understand that this is not normal. Homes could be bought for less than $100,000 across America and Canada less than a decade ago. We're talking 3-bed, 1-bath properties on a quarter acre.
While it's easy to feel owning a home is a life goal, it might not be a bad thing to consider forgetting it altogether.
UNHOLY KLAUS SCHWAB 2030 AGENDA, BATMAN!
She (I didn't even know the writer of this article was a woman until this very moment but somehow I knew) goes on to list five reasons renting forever is just the best.
- "There's geographic flexibility in being a renter" (Who wants to be attached to the land or feel a sense of belonging, anyway?)
- "You don't have to get your hands dirty as a renter" (Because life is more meaningful when there's no hard work and you have no sense of personal pride in something you built or own!)
- "You might end up with a lot more free cash flow" (Giving all your money to landlords who raise rent is how you build wealth!)
- "Less debt as a renter" (There's nothing worth investing in, anyway!)
A really good financial planner or money coach can prepare a long-term financial projection, and help get this money working for you.
Enjoy your pod!
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