Renting in Toronto: A Smart Financial Move or a Mistake? My Experience

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As an investor, we are sometimes faced with challenging decisions. This is one of the situations where I had to make a rational decision whilst taking calculated risks.
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Опубликовано:

30 сен 2024

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Комментарии : 76

@jamericanrebel Год назад

I’m not sure about Canada but In America, you get the write of the interest during tax season. I own 2 houses in America. My mortgage for my 5 bedroom single family is only $1680. But I just got lucky when I bought it in 2020 I guess. I got a 2.9 infest rate.

@stevenaniche9309 Год назад

Whiz you maybe getting negative cash flow now by paying out of pocket to cover your mortgage if you decide to rent all 3rooms but don't also forget the house would appreciate. What you bought for 600k now may be 850k in 3years which would obviously cover the interest in this case (2500x36months=90k), property tax, home insurance while leaving you with some profit. Which high interest savings will give you this ROI in 3yrs? Real estate is long term gain reason I would always prefer a mortgage.

@WhizQueen Год назад

I understand your perspective but capital appreciation is also based on hope. All the people that bought properties a year/two ago are currently in negative proper value. One can never be too sure of how the market will turn out in the next 5 years. Plus you forget that even with capital appreciation there is capital gains tax. Like I mentioned in the end of the video, I do believe real estate is a profitable investment but it could also go south if not properly planned.

@zainmalonga Год назад

Your financial literacy keeps impressing me. I just don't understand why you won't offer private counseling. I'm your first client I really need help putting together my finances.

@WhizQueen Год назад

Thank you! I'm considering it partially but it doesn't seem like a rewarding venture long term.

@AndrewHumphrey-j2o Год назад

Impressive 👏

@jamesakinyemi9441 Год назад

This is well put together! However, I'll add that it depends on your goal. If one is buying for the purpose of staying in the long term, then one needs to time the entry point into the ownership market properly (which could take a good number of years) in order to break-even and incur the most minimum cost over the mortgage life, except one's down-payment is already mammoth. On the other hand, if it's in a view to resell at good appreciation in some years, then an early entry into an area which boasts good potential is fantastic. Again, like you showed, doing the numbers is key!

@WhizQueen Год назад

Absolutely! There are definitely different ways to look at it and defining your long term goal is important.

@wycliffeluswata9097 Год назад

Thank you for this insight into the property sector in Canada, what doesn't make sense to me is paying bigger interest verses actual principal value, that mortgage system favours lenders!

@WhizQueen Год назад

It’s ridiculous. You’re literally working for the bank

@martpeteranimashaun3305 Год назад

Thanks WizzQueen. You are very correct and I love ❤️ your analysis. Some people want to make the name of being a property owner at the wrong time, then enter into bondage. There is time for everything.

@WhizQueen Год назад

well said ✅ There is time for everything!

@CharisMaggieTV Год назад

This is a perfect example of watching your pocket as only you know your financial situation and don’t do things just to say “oh I bought a house” The payments if u don’t have it are no joke 😭

@WhizQueen Год назад

Exactly! Calculated moves only

@santzforever Год назад

Correct. Toronto is expensive. Getting a condo is a wise option.

@ktp. Год назад

Many real estate agents and brokers do not guide new buyers because they want that sale. Just like you WhizQ, I also am not sure I want to be pinned down to one location so your vid really hit home for me.

@WhizQueen Год назад

Exactly! They just want to make their commission.

@samanthadzavakwa4093 Год назад

😂😂😂😂😂😂😂😂😂😂😂😂 You lost me in the first 5 min of your video.... So much mathematics for just owning a property .

@WhizQueen Год назад

😂😂😂😂 a lot of mathematicians goes into buying a property and not everyone understands it so they go in blindly which ends up costing them more. I will try to be more simple next time

@sageakporherhe783 Год назад

I see we are stepping up our editing game. I love it. 😂

@WhizQueen Год назад

i'm trying 😄

@silviaokoye8472 Год назад

Please that is not how mortgage works since pay interest on the depreciating value and so it's not static on the initial $600k of the first year since, the principal you pay is deducted from the cost of the house. You misunderstood it cos of your over confidence. There is no way you principal will be $700k and interest $2500k cos i just did the calculation and found out you are wrong. $700×12(yr)×25(yr)= $210k?? you said the actual cost of the house is $600k. On the other hand, $2500×12(yr)×25(yr)=$750k?? Please don't mislead people from doing the right thing.

@WhizQueen Год назад

Did you watch the part I shared the breakdown from the Online calculator? I literally did the analysis with a mortgage broker so I know I'm not wrong.

@a.r1832 Год назад

Whiz, I applaud you again girl. You made the right decision by renting first: you limit your libility that way as your mortgage will be paid will after tax dollars. If you are going to buy it's better to buy with at least one parner, this way you"ll have some support. I would buy one with you because you are smart woman. Sadly I cannot say so for many others. Keep up the good channel.

@WhizQueen Год назад

Agreed! Buying with one's partner is also a good way to go, there is more protection and room for flexibility.

@a.r1832 Год назад

@WhizQueen Oh absolutely. You'll be better able to sleep at nights.

@DawnOnline Год назад

Very informative video. Your editing skills have also improved! Congratulations on the new apartment. 💛

@WhizQueen Год назад

I'm so glad!

@STEVEANYE Год назад

What if I have cash to buy my house .does it have an advantage or disadvantage .

@WhizQueen Год назад

Most people cannot afford to buy a house in cash but if you can, go for it! There aren’t any disadvantages as far as I know.

@shantanaredman Год назад

this was so informative, I love your transparency

@WhizQueen Год назад

Glad you liked it!!

@bamgbosetobiloba823 Год назад

Nice one from whizqueen she is too smart that is a good decision, ehen the right time comes you wilk buy I outrightly and God will provide for you my dear

@MrSa458 Год назад

We need to be the lenders and not the borrowers So anyways, God bless you, sister Whizz, and keep up the great work that you're doing for the kingdom of Heaven ✝️🙏🏾🕊🔥

@clementblessing5872 Год назад

This was really helpful, thank you❤

@cecilebulonzamuvanga3579 Год назад

I love your videos, thanks for sharing 🙏

@Emmanuella_Nti Год назад

This is insightful 😍😍 Break down on point ✅

@JesusFocus Год назад

Thanks for the video… good information to stock up

@faithakpokighe7972 Год назад

Nice one whizqueen, I love the analysis

@olufunkefatai8085 Год назад

You made the right decision by renting first

@adetunbidamilola8167 Год назад

Great insight. I need to send this to a few people.

@SommyCharles Год назад

Love this video! 💯

@WhizQueen Год назад

Glad you enjoyed it!

@sunmonu-adedejiolawale4959 Год назад

Smart WhizQueen

@abrahamabah5369 Год назад

Really great Info and insight👍🏾👍🏾 I really needed this

@WhizQueen Год назад

Glad it was helpful!

@MajorrBison Год назад

Unless interest rate comes down, most people will never buy.

@WhizQueen Год назад

Agreed!

@oluwatunmiseatunlese618 Год назад

Sabi queen

@bimo.5632 Год назад

She reasons just like me lol. Smart woman👍Most people tie themselves up with a mortgage just because they want to show off and tell people they own a property, when in fact renting is usually way cheaper. Only get a mortgage if you have a lot of money to throw around and really don't care about paying property tax, monthly maintenance and other extra expenses.

@WhizQueen Год назад

One has to make a strategic decision and ensure you're investing for the right reasons.

@olusolaaminu6115 Год назад

You are amazingly intelligent. This is an eye opener for me, I never look at it from this angle before. Is there any way I can contact you? Thanks

@WhizQueen Год назад

Thanks. So many ways to look at it depending on your perspective. You can email me.

@AdeyemoKR Год назад

Hey Whiz, consider buying some crypto

@WhizQueen Год назад

I have some. The market is not good lately though

@kingsleychibogu1594 Год назад

So Whiz Queen is now landlady in Toronto. Great!

@WhizQueen Год назад

Landlady indeed 😂

@chudiokoye5569 Год назад

I'm sure you've never fallen for a Ponzi scheme 😭

@WhizQueen Год назад

I consider myself super observant and calculative lol

@Tinuola Год назад

btw when are we coming for isile 😃

@WhizQueen Год назад

soon babyy ☺️

@oscaritcorner Год назад

We need a condor tour please

@WhizQueen Год назад

Let’s see 😅

@hemoreley Год назад

Damn You just changed my perspective People just post buying a house in 1 year in Canada blah blah and never explain this much Thank you

@WhizQueen Год назад

A lot goes into the process than is actually shared. And some people believe not been a homeowner is them been a failure. Sometimes, renting can be a smarter decision

@hemoreley Год назад

@@WhizQueen true

@FolaY Год назад

If you can afford to buy the it's good to buy instead of renting, the money you use in renting can be used to pay your mortgage and it's your house at the end of the day.

@udabasylvesterodinaka1511 Год назад

Love your content 😊

@WhizQueen Год назад

Glad you enjoy it!

@JesusFocus Год назад

Now that I came first, what’s my price?😂

@WhizQueen Год назад

i owe you a cup of coffee 😄

@JesusFocus Год назад

@@WhizQueen Ok na… I will remind you by September 👌🏽😁

@K-boy22 Год назад

Love from Nigeria

@Tinuola Год назад

Buying a house on mortgage is not worth it if you can’t comfortably afford it. People eventually spend almost double the actual home price after 30yrs of paying mortgage. I love how simple and detailed this video is, well done b!👏🏾🤍

@WhizQueen Год назад

Very true! Sometimes it could be a trap rather than for investment.