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Not to finance-savvy. I am 24 years old with about $12k saved. Working full time. No debt. No investments.

What should I be investing in at this age? I was thinking of saving about 20 percent down payment for a condo. Thoughts? Any suggestions instead of saving for this condo?

closed as primarily opinion-based by Victor, user32479, Dheer, JoeTaxpayer Jan 25 '16 at 11:05

Many good questions generate some degree of opinion based on expert experience, but answers to this question will tend to be almost entirely based on opinions, rather than facts, references, or specific expertise. If this question can be reworded to fit the rules in the help center, please edit the question.

  • What market (eg. city) for the condo? Detached house is probably the safest bet, but it doesn't suit everybody's lifestyle. You could buy an investment property and rent, as an option. If there is a significant correction in the high-flying Canadian real estate market, it will probably affect condos disproportionately. – Spehro Pefhany Jan 25 '16 at 4:55
  • I'm in Toronto if it helps . Anyways I decided to save for a down payment instead of renting – Jonathan Feb 23 '16 at 22:11
  • You might find this answer helpful - in particular take a look at the advice regarding the Home Buyer Plan under the RRSP section: money.stackexchange.com/a/79890/44232 – Grade 'Eh' Bacon May 18 '17 at 18:05
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It is hard to give an appropriate answer without knowing more details about your personal finances, other than just how much cash you have on hand right now.

What you need to calculate, is if the cost of rent minus the return on your investments is greater than the cost of the mortgage you will take out.

In many cases the old knowledge of buying is better than renting is not true. If you have a good income and can save while earning a good return on your investments, you may be better off saving more money go to towards your down payment, and to reduce the cost of your mortgage.

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