I'd recommend not listening to anyone who makes crap blanket statements.
You've just called my statement crap? Who's crap? Hit the bricks pal! You're not giving Mike any favours with your lies. I tell it like it is.
So simuls most likely invests in condos if you read his posts. So he's either a real estate agent, makes money by flipping condos and/or homes(most likely), a mortgage lawyer, a banker, or a combination of these. Take a look at his posts, all real estate related.
Radioheadmike, condo living is a big lie. It's a money pit. I had to learn the hard way.
I'm telling it like it is, you can sugar coat condo living all you want. If you're a programmer who's on a fixed income, I would recommend something with the potential to help you pay your mortgage such as a home that you can live in and rent a room or the basement. This is especially important in these uncertain times.
For example, a techie at my company makes about $60k a year. He just bought a home for $294k in the Dufferin/Bloor area. It's a decent home, semi-detached and very modest. He walks to the subway in 4 minutes, rents out his basement for $740 which covers 2/3 of his mortgage. He saves the money he would otherwise waste on maintenance fees (app. $500 a month).
Thing is, people will say that homes have unexpected costs. Yeah, so do condos. In fact, talk to every home owner you know and you will see the total they've spent over 5 years in fixing up their home or unexpected costs ends up being a lot less than what you'll pay in maintenance costs for a condo.
I pay approximately $450 a month in maintenance in my current condo which is a very modest 700 sq ft. This does not include energy costs which is another $65 a month, more or less. Also, your maintenance cost DOES NOT include property tax. I pay about $1955 a year in property tax, plus add in maintenance and heating, electricity bills and you see the big picture. Plus, since it's early days, I've heard through the board president who's a decent bloke that our condo fees are set to increase by a staggering 15-20% during the next annual board meeting.
If you think you'll be saving on a gym membership, many people in condos still hold on to their memberships because the facilities in condos pale in comparison to Goodlife or Extreme Fitness.
Good luck, and talk to as many home owners you can. Do not believe what real estate agents tell you about the argument: "it's about lifestyle choice". If you truly want to save for the future, forget that line and do what's right not what fancy marketing brochures or real estate agents are trying to tell you.
