Page 14 - 05_June-2025

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No one’s ever asked me to give a convocation
speech, and it’s unlikely anyone ever will. But if I had
the podium for five minutes, I’d say: jog — don’t sprint
— toward your dreams. Leave lots of time for detours.
And also: rent, don’t buy. At least not a condo or some
other version of the so-called “starter home.”
That last bit of advice is the one I wish someone had
given me in my twenties, when I was settling into the
first phase of my career, intoxicated by my first whiff
of adulting. I believed, as Liam Newbigging writes in
this issue’s feature, that “the next step, according to
traditional logic, was to buy the home.” And so I did.
In the wake of the 2009 recession, I was, like many
millennials, swayed by low interest rates, FOMO, and
Boomer parents who built nest eggs through property.
I bought a Queen Mary Park condo designed by a young
Gene Dub. It was spacious and cool, with a brick fire-
place and a massive patio. I loved it — until I didn’t.
Over the years, condo fees rose steadily. Add in
special assessments, interest, a down payment and
broker fees, and the total cost ballooned well beyond
the original purchase price. Though I paid down a large
portion of the mortgage, much of it went into a black
hole. When I finally sold the place in 2022, its value
had dropped by half. By the time I covered closing costs
and one last painful levy, there wasn’t much to show
for it.
But the real loss wasn’t just financial — it was the
opportunity cost. Had I invested that same money
in a balanced TFSA portfolio, I would’ve come out
significantly ahead. Enough, in fact, to buy my current
home — one I love and plan to stay in for the rest of my
life (or until my kids force my stubborn ass into a care
home). Instead, I’m now in more debt than I was when
I started.
14 EDify. JUNE.25
This isn’t just about condos — it’s about any property
you only plan to live in for five to 10 years. Between
broker fees, mortgage interest front-loaded into your
payments and the real cost of selling, short-term own-
ership rarely pays off. You might break even — if you’re
lucky. But often, you end up further behind than if you
had rented and invested the difference.
The wisdom handed down to millennials was,
“Don’t pay someone else’s mortgage.” But that advice
was about preserving a dream from another generation
— one that no longer fits the shape of our economy or
our lives. As Liam writes, more Edmontonians today
are realizing that renting isn’t a failure. For many, it’s
freedom.
So here’s my real advice: if you’re not ready to plant
roots, don’t pour concrete. Save for the home you’ll
grow old in. Invest in your future, not someone else’s
expectations. Because sometimes, the smartest way to
move forward is to wait — and rent.
Omar Mouallem
[email protected]
photo AARON PEDERSEN