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

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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[@jamericanrebel]

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.

[@jamesakinyemi9441]

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]

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

[@martpeteranimashaun3305]

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]

well said ✅ There is time for everything!

[@wycliffeluswata9097]

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]

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

[@DawnOnline]

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

[@WhizQueen]

I'm so glad!

[@stevenaniche9309]

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]

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]

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]

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

[@ktp.]

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]

Exactly! They just want to make their commission.

[@sageakporherhe783]

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

[@WhizQueen]

i'm trying 😄

[@santzforever]

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

[@shantanaredman]

this was so informative, I love your transparency

[@WhizQueen]

Glad you liked it!!

[@a.r1832]

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]

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

[@a.r1832]

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

[@CharisMaggieTV]

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]

Exactly! Calculated moves only

[@faithakpokighe7972]

Nice one whizqueen, I love the analysis

[@Emmanuella_Nti]

This is insightful 😍😍 Break down on point ✅

[@user-ll7bu2xb4e]

Impressive 👏

[@adetunbidamilola8167]

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

[@abrahamabah5369]

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

[@WhizQueen]

Glad it was helpful!

[@cecilebulonzamuvanga3579]

I love your videos, thanks for sharing 🙏

[@hemoreley]

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]

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]

@@WhizQueen true

[@FolaY]

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.

[@Tinuola]

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]

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

[@clementblessing5872]

This was really helpful, thank you❤

[@MrSa458]

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 ✝️🙏🏾🕊🔥

[@bamgbosetobiloba823]

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

[@JesusFocus]

Thanks for the video… good information to stock up

[@SommyCharles]

Love this video! 💯

[@WhizQueen]

Glad you enjoyed it!

[@bimo.5632]

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]

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

[@kingsleychibogu1594]

So Whiz Queen is now landlady in Toronto. Great!

[@WhizQueen]

Landlady indeed 😂

[@udabasylvesterodinaka1511]

Love your content 😊

[@WhizQueen]

Glad you enjoy it!

[@olufunkefatai8085]

You made the right decision by renting first

[@STEVEANYE]

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

[@WhizQueen]

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.

[@MajorrBison]

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

[@WhizQueen]

Agreed!

[@silviaokoye8472]

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]

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.

[@sunmonu-adedejiolawale4959]

Smart WhizQueen

[@olusolaaminu6115]

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]

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

[@oscaritcorner]

We need a condor tour please

[@WhizQueen]

Let’s see 😅

[@K-boy22]

Love from Nigeria

[@Tinuola]

btw when are we coming for isile 😃

[@WhizQueen]

soon babyy ☺️

[@oluwatunmiseatunlese618]

Sabi queen

[@JesusFocus]

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

[@WhizQueen]

i owe you a cup of coffee 😄

[@JesusFocus]

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

[@AdeyemoKR]

Hey Whiz, consider buying some crypto

[@WhizQueen]

I have some. The market is not good lately though

[@chudiokoye5569]

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

[@WhizQueen]

I consider myself super observant and calculative lol

[@samanthadzavakwa4093]

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

[@WhizQueen]

😂😂😂😂 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

[@Est.1993]

Wisdom from the WhizQueen. Ese.