After more than a decade living in Canada now I realize how important owing a property is and what big of role it can play in someone's life. At this time which the economy is devastated and people are being laid off on daily basis, it might not seem a very good idea to purchase a dwelling. The people who have done it in the past 2 years or so, some regret that now because they are in the verge of losing it. For me it was possible to buy an apartment or even a small house years ago but I was slacking and was not thinking of future. That's why I'm in such a shit now!
I remember clearly once back in last 2006 I received a call from a lady the bank I have all my accounts with, offering me home loan. I don't know whether I was employed at the time or not because I was unemployed during the last few months of 2006 but I turned down the offer. I have a little saving now and if it's not wasted in the next 10 months of 2016 and if I get a job, I will definitely purchase a house.
Rent of mortgage is the biggest expense of families here in Canada. For someone like me I could have paid as much as $1500, 10 years ago and probably a big chunk of that mortgage have been finished or I might have sold the house and bought another one. But it is in the past. I wasted so much money and I was being stupid. But look at it from this perspective: The ones who were not stupid and were watching what they were doing are in shit now. The time doesn't distinguish between smart and stupid. Everyone's being treated the same. Everyone's now equally worthless unless they can prove in their resume and get a job. But again: It's not being smart that gets you ahead of others. It's also being an ass-kisser and having a good network. The last two are probably more important!