Toronto rents vs mortgage payments since 2008

Wow. That is an amazing, yet concerning depiction.

@echipiuk Strait line up since @JustinTrudeau was elected

People don't believe me when I tell them that renting has always been more expensive than owning. The barrier to owning when I was a younger man was always being disciplined enough to save for the down payment. Then the government, in their infinite wisdom, decided to federally insure mortgages with just 5% down, effectively allowing people to speculate on housing with a whopping 20:1 margin! Unsurprisingly, housing prices exploded. So now I'm renting again. But this time because it's actually cheaper and makes more financial sense than owning.

What happened in 2015 for such a drastic increase to kick off?

Congratulations Canadians, the banks convinced you “rent is a waste of money” so now our market expects you to rent from the bank for 25+ years R.I.P to the condos asking for a $600+ maintenance fee on top of this😵‍💫

Hmmm what happened in 2016

Cash Flow getting really negative right now

I think the biggest concern of course if the market in 2024, but really how it shot up like a rocket in 2016!

Rent shouldn’t be paying someone else’s mortgage