Quote:
Originally Posted by Acajack
BTW plenty of countries in the world are nations of renters and apartment dwellers where owning property (especially spacious ones offering decent privacy) is only for the very richest population tranche.
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Other than FOMO and the ability to build some wealth security for later in life, the two other big issues with renting in Canada vs. buying are:
1. The threat of being evicted if your landlord wants to sell/redevelop, etc.
2. Not enough large rental spaces if you want to start a family with children
If we had more of a culture of large, institutional landlords that wanted to hold on to properties and tenants, rather than small mom and pop landlords - especially those who live in the same property they rent out - and if we could find a way to subsidize the development of more 2 and 3-BR rentals that actually have decent layouts, then we'd go a long way to solving our housing issues without dealing with housing price affordability per se.
Quebec has always been better than the ROC on both of these, but recently things have started to turn around at least here in Toronto on the purpose-built rental front. Getting rental developers to build larger units is still a challenge, though.