Nice job! I found that really interesting. I'm curious – you mentioned the 5 bedroom condo was about $160K CAD. Obviously, in Ontario, that would be 10x the price (if there even was such a thing as a 5 bedroom condo). Are wages in Ukraine 1/10 of Canada? Or is the relative earning power larger, so that's why you can pay for property without a mortgage (presuming that your parents are paying out for this on the first property.) There's a very wide range of practices here, and it's often cultural. Canadian parents, *if they are able to* will help kids with a downpayment. In some cultures here (thinking about Italian Canadian friends), cash is given as wedding presents by (most) guests to help with a downpayment (and to pay for the wedding expenses). In some cultures here (thinking about Indian Canadians, though I'm sure there are more cultures) families will build large multi-generational houses that the grandparents, oldest son, his wife & their kids, will share. Sometimes adult siblings will also live in the house until they've saved enough to get their own. The family will pool their money and help the adult siblings with their buy/build their own house if they don't live with in-laws.
Thank you both for doing this, it is very instructive to learn about how home ownership works in Ukraine and in comparison to (Ontario) Canada. I live in Quebec and I’m waaaayyyy older than you are, and I say this because it may explain some differences between your experience and mine. My generation comes from parents who could not afford to help out their children buying a house, although it was very much their aspiration for their children to own their home. Also, I come from a family of five children, which was relatively small compared to other families of 8 or 10 children. A modest inheritance from my grandfather helped my parents achieve their home ownership goal, but it was not enough to help all 5 of us. I pursued post-secondary education and I paid my own way all the way through to university. Owning a house was never a dream of mine; I much preferred to rent, leaving all the maintenance and taxes to my many landlords. That changed when I got a landlord that would not lift a finger to do repairs when repairs were necessary. We purchased a brand new house in 2002, with a substantial down payment and a morgage at a 5,4% interest rate, that remained relatively stable over the following 19 years. We live morgage-free since then, and the value of the house has quintupled over that period. We were ‘lucky’, in the sense that the economy was good and real-estate was not insane! I’m just trying to say that my generation experienced different economic conditions and different environmental and social pressures than my parents did. When I was younger, I could not understand why owning a house was so important to my parents, but it’s something that time (and age) has taught me!
Over time, home values always go up. Over time, your income rises, while mortgage payment stays the same over the term (so a mortgage grows less painful over time). I bought my 1st house for $40,000 in 1984. Today that same house can be sold for over $400,000. Growth of home home equity is a winning strategy. As the saying goes: "Buy land, they don't make it anymore." Accelerate your mortgage payments as much as you can. The sooner you are mortgage free, the better.
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Nice job! I found that really interesting. I'm curious – you mentioned the 5 bedroom condo was about $160K CAD. Obviously, in Ontario, that would be 10x the price (if there even was such a thing as a 5 bedroom condo). Are wages in Ukraine 1/10 of Canada? Or is the relative earning power larger, so that's why you can pay for property without a mortgage (presuming that your parents are paying out for this on the first property.) There's a very wide range of practices here, and it's often cultural. Canadian parents, *if they are able to* will help kids with a downpayment. In some cultures here (thinking about Italian Canadian friends), cash is given as wedding presents by (most) guests to help with a downpayment (and to pay for the wedding expenses). In some cultures here (thinking about Indian Canadians, though I'm sure there are more cultures) families will build large multi-generational houses that the grandparents, oldest son, his wife & their kids, will share. Sometimes adult siblings will also live in the house until they've saved enough to get their own. The family will pool their money and help the adult siblings with their buy/build their own house if they don't live with in-laws.
Thank you both for doing this, it is very instructive to learn about how home ownership works in Ukraine and in comparison to (Ontario) Canada. I live in Quebec and I’m waaaayyyy older than you are, and I say this because it may explain some differences between your experience and mine. My generation comes from parents who could not afford to help out their children buying a house, although it was very much their aspiration for their children to own their home. Also, I come from a family of five children, which was relatively small compared to other families of 8 or 10 children. A modest inheritance from my grandfather helped my parents achieve their home ownership goal, but it was not enough to help all 5 of us. I pursued post-secondary education and I paid my own way all the way through to university. Owning a house was never a dream of mine; I much preferred to rent, leaving all the maintenance and taxes to my many landlords. That changed when I got a landlord that would not lift a finger to do repairs when repairs were necessary. We purchased a brand new house in 2002, with a substantial down payment and a morgage at a 5,4% interest rate, that remained relatively stable over the following 19 years. We live morgage-free since then, and the value of the house has quintupled over that period. We were ‘lucky’, in the sense that the economy was good and real-estate was not insane! I’m just trying to say that my generation experienced different economic conditions and different environmental and social pressures than my parents did. When I was younger, I could not understand why owning a house was so important to my parents, but it’s something that time (and age) has taught me!
always expect the unexpected
Over time, home values always go up. Over time, your income rises, while mortgage payment stays the same over the term (so a mortgage grows less painful over time). I bought my 1st house for $40,000 in 1984. Today that same house can be sold for over $400,000. Growth of home home equity is a winning strategy. As the saying goes: "Buy land, they don't make it anymore." Accelerate your mortgage payments as much as you can. The sooner you are mortgage free, the better.
О, нашел! Рад, что все у вас получается. Всех благ!
I have lived in the states for over 13 years now and it seems like ur English is already better than mine. Good job, keep it up! ❤
Класс на одном дыхании