645
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 06 Sep 2023
645 points (96.9% liked)
Canada
7193 readers
415 users here now
What's going on Canada?
Communities
๐ Meta
๐บ๏ธ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
๐๏ธ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
๐ Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montrรฉal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
๐ป Universities
๐ต Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
๐ฃ๏ธ Politics
- Canada Politics
- General:
- By Province:
๐ Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
For what it's worth, surveys in my country repeatedly show that renters would prefer to own. But the market here is rough and banks are denying people loans even with a lower monthly payments than their existing rent.
I would think it is the same in the US, but most people here rent because they can't buy.
That does not mean they prefer to own right now. If you plan on moving to a new place in a few months, for example, it would kind of silly to buy only to have to buy again a few months later. You may prefer to buy, but the rational person would rent for a few months to bridge the gap, and then buy once they get to where they plan to stay.
And, given the current state of housing, with a high risk of it soon imploding, a lot of people would rather wait a few months, even a few years, before they buy to see what happens to the market. Again, preferring to own doesn't imply right now.
The data shows a clear downward trend in price, especially in the traditionally desirable areas. If you have somewhere to rent, why would you choose to buy at this exact moment, knowing โ with reasonable confidence โ that a house will be cheaper in six months?