There was quite the debate on Moneyville last week after two bloggers shared their home buying experiences in Toronto and Vancouver, respectively. There were a flood of comments arguing that the author’s wasted thousands of dollars in CMHC fees by only putting 10% down.
This week I shared our home buying experience and why we waited 18 months to make sure we had a 20% down payment.
I recognize the challenge with buying in hot real estate markets like Vancouver and Toronto is that housing prices were rising faster than most people could possibly save, which meant waiting to buy would put you further behind. We were fortunate that prices were not rising as quickly here in Lethbridge, which made our decision to wait a lot easier.
Here are some other interesting personal finance articles from this week around the blogosphere:
- Young and Thrifty looks at the financial benefits of waking up early
- Canadian Finance Blog explains how to go back to work if you’re already retired
- Budgets are Sexy asks could you quit using money forever?
- My University Money shares the best job interview tip you’ve never heard
- Bible Money Matters asks if you’re behaving like a future millionaire or aiming to end up broke?
- The Blunt Bean Counter explains the business and income tax issues in selling a corporation
- Retire Happy Blog asks do we need a debt course and exam before taking on debt?
- Mr. Money Mustache shares his deprived life: raising a family on under $27,000 a year
- Best Rates In explains 5 things you shouldn’t say to your auto insurance agent after an accident
- Give Me Back My Five Bucks shares her student line of credit disaster
We were also included in the following blog carnivals this week:
- Festival of Frugality
- Carnival of Personal Finance
- Carnival of Wealth
- Carnival of Financial Camaraderie
Have a great weekend everyone!