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  1. #1
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    Default to rent of to buy??

    I am just mixed up...I am renting now a beautiful appartment no strings attached, no headache...But would like to buy because everyone says it is investment...I think in 25 yrs from now you won't be able to sell to make money out of your investment...when all the babyboomers are into retirement homes...their homes will be empty...lots on sale...anyway...I think if you buy a house now these days it is to live in it forever, if you want it to be worth your money...maybe i am wrong...I guess I am just afraid to own again?? SHould I just stay where I am at and save money for later...to buy my dream house by the lake?? or buy that city house that I won't be able to sell later on??

  2. #2
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    William & Emily's Mom's Avatar
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    Default

    I want to tell you that if you love your current home and if it meets your families needs you should not feel any pressure to move or buy a new home.

    Nobody can tell the future, however I would not be worried about a real estate doomsday scenario caused by down sizing baby boomers. They will not all retire at once and any down sizing will occur over a period of at least 18 years (baby boomer generation was born between 1946 & 1964).

    As long as Canada's population continues to grow there will be a need for more housing so there should be lots of young Canadian families willing and able to buy large homes from the boomers.

    If your goal is to buy a dream home by the lake then you need to develop a financial plan to do that. Owning your own home has traditionally been a great investment which allowed Canadian's to accumulate wealth. However, it is not the only way to save enough money to afford your dream home, there are lots of ways to invest.

    I would recommend speaking to your financial advisor and setting up a monthly investment program. If you do not currently have a financial advisor let me know and I can make a recommendation.

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