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- Feb 11, 2009
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Hi star,
If you are single, I think you might want to consider renting.
Do you really need to buy a place? And what kind of housing are you looking for? A single family home is probably too big for a single guy. Maybe a condo or townhouse but the management fees are quite high. What's your objective?
Mobile homes....sorry I don't know much about that but I don't know anyone who lives in something like that.
Property prices in Edmonton have softened since the peak in 2008. It is no where as crazy as in Vancouver though. Housing affordability index for Edmonton is one of the best in Canada.
I still think you should rent to begin with until you get a job etc.
It is possible to get a mortgage without having any Canadian Credit history and any Canadian income or job. I know. I did it. So that should not be a stumbling block anymore. But as Hock pointed out, you have to be careful what property you are buying.
Rent first would be good advice especially since you are single and not sure of your future plans. Who knows you might meet someone who comes from Calgary or Toronto and end up moving there?
i used to think that i should buy first...but you hit the nail about being single and all that.. I remember reading an article about how it is better to rent a place to stay, but buying would only be for investment purposes. For renting, it is easier to switch according to needs...only downside is that there might be restrictions and may not feel like it is home.
nevetheless, I think i will be renting for a few years when i run road.