Quote:
Originally Posted by Tapioca
The old rule of thumb about mortgage affordability was 3-3.5 times your income.
Unless you've been in the market a long time and have substantial equity, owning a detached or semi-detached in Vancouver or the near-burbs doesn't seem possible under the old rule. What is the new rule of thumb on mortgage affordability now? 5 times? 6 times one's income?
The numbers being thrown around are eye-watering now. Even if your average professional couple makes 200K/year (e.g. nurse and senior manager at a Big-4 or lawyer) with maybe 200-300K in equity from a condo or semi-detached, it's hard to imagine that they're the ones being able to compete for a detached in Burnaby.
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whilst I agree 100% in what you're saying, one correction: Snr Managers, on average, at big-4 in Vancouver don't make 200K p.a. - many/most will make the low 100's.
5x income on a place is scary, beyond that is ridiculous. not sure why people are so obsessed with worrying about buying a house, we'll all be dead at some point so enjoy the day, enjoy life, enjoy your money.
who gives a fuck about keeping up with the highly indebted, financially stressed Joneses (sadly, 95% of people in the Western world)