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Supply in Canada's property market surges as mortgage renewals loom
(ca.finance.yahoo.com)
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this post was submitted on 17 Jul 2024
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I'm only eyeballing graphs, but from this one, a Toronto detached house in 1999 was roughly $300k, and today it's roughly $1.7m. That matches about a 7% annualized rate of return. A document from S&P Global says the TSX index has grown at an 8% annualized rate.
A house you buy as an investment might slightly lag behind an investment in an index fund. But, if you have to pay rent because you're not living in your investment house-purchasing seems to win by a long shot.
You are ignoring maintenance, tax and other "running" costs that have to be paid to own and live in your own house.
I am a homeowner and while I intially agreed with you out of instinct, if you figure that monthly rent should be thr equivalent to property taxes, maintenance and whatever utilities are included in the rent the big push I'm favour of home ownership is the fact that you don't pay capital gains on a primary residence. In the above example, an investment gaining $1.4M in value would have (Ontario) taxes of around $350k... So it really depends on whether the house being considered is a primary residence or not.