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back on topic - $80K is nice and all, but is it fair value $80K? he works for family business, so with just a degree, most ppl can't make $80K at 23 - therefore i'm concerned for future income increases
with that said, $500K on $80K p.a. is WAY too much
also, food for thought - mortgage rates WILL increase in the coming year/years, this will kill your monthly payment (will shoot right up - even if you're locked in for 5 years, in 5 years will you be making LOADS more than $80K to take this hit) - equally, with interest rate increases, affordability decreases, therefore housing prices will have to come down
is now a good time to buy for an average person? i'd say no
therefore, at 23, i'd consider staying at home, tide this wave of stupidity (known as low interest rates), wait until the norm has be reached, and buy then with a much bigger downpayment
also, with $80K income, i think you'd come out with less than $60K - i know i'm losing well over 35% of my paycheck thanks to taxes, EI, CPP, etc and i make this kind of cash
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