Debate simmers in hot housing market
David Friend, Canadian Press
"TORONTO - Staking a claim in the Canadian housing market has never been this expensive, and it's enough to make some prospective buyers consider renting a long-term home - but is renting going to save money or is buying still worth the investment? "
"Financial planners say both are viable options, depending on your lifestyle choice and personal discipline"
"However, even in a torrid market "you shouldn't think this is really going to be the end-all and be-all, your best investment," Mastracci cautions.
"It may not be - especially if you buy at a high time."
"If you buy today and, lo and behold, real estate values roll back, you're not going to look like such a great investment manager for a while."
"Over 20 to 30 years most homeowners might get an annualized return of four to six per cent, he estimates. " Full Article.
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I have decided to rent for awhile. I don't think we are going to see the gains we have the last few years.
RE started to slow down late last year and it looks like it isn't picking up this year. If we are following the US, we will see a downturn in 2008.
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