I live in a high class neighbourhood and rent a 2 bedroom apartment with my mother for $899 plus hydro which is $41 . We live in a small, quiet 3 floor brick building on the top floor, it has hardwood floors and is getting balcony renovations soon and the roof done and new windows. The houses in the neighbourhood are at least $500,000 (the cheapest one) meaning we would have to pay $2000-$2500 monthly if we get a mortgage. Does it make sense for us to rent in this situation? My mom thinks so.
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