Quote:
Originally Posted by taylor192
Then add property tax of 0.6% x $500K = $3000/yr or $250/mn
= $2,775/mn
Using taxtips.ca, if he makes $80K in BC his take home is ~$60K or ~$5/mn. $2775 is a LOT when he only has $5K/mn cause he also has to pay insurance, utilities, ... and probably has a car.
Nevermind that $100K as a downpayment is a good start, yet he'll have to set aside $10K for furniture (probably $20-30K since he's buying a penthouse) and a few $$$ for lawyer fees and closing costs, then he's below the 20% CHMC downpayment threshold and owes CHMC fees now too. Oh, and what about land transfer tax?
Sounds like someone has high expectations that need reconsideration.
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the 100k isn't even his, he said he was borrowing it from his parents... so on top of the mortage he'll be paying that back as well.