Issue 86 · Housing
Renting is how rich & unbothered Canadians build wealth
The Canadian home-ownership myth is costing you six figures. CMHC premiums, land transfer tax, condo fees — here's the math nobody runs.
Owning a home is sold as the ultimate Canadian wealth move. The reality? With $1.2M average detached in Toronto and Vancouver, 25-year amortizations, CMHC insurance on anything under 20% down, 1.5% property tax, and condo fees that climb 8% a year — the opportunity cost of your down payment invested in XEQT often beats the "forced savings" of a mortgage by six figures over 10 years. The math is mathing — just not the way your parents taught you. HELOCs are not an emergency fund. Your principal residence exemption only matters if you actually sell.