Quote:
Originally Posted by westopher
I'm starting to get really confused about where all this money comes from. Are like 95% of the people in this city making 6 figures a year? I understand about the foreign investment. The local investment. The rich people with second, third, or fourth homes here. The landlords. The old money. But as the ridiculous prices keep spreading outwards from the actual desirable areas, seriously, something has to give. Paying a million dollars for a townhouse in burnaby is a fucking laughable prospect. Its completely panic driven purchases.
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From the TD Website:
For a 30 year mortgage for $1,000,000.00 at the rate of 4.64%, your Monthly payment is:
Mortgage Payment:$5,123.92
Insurance Payment:$0.00
Total Monthly Payment:$5,123.92
Five. Thousand. Dollars.
Before taxes and repairs.
Like, how much do you need to be making to afford that, realistically? The "rule of thumb" is 30-32% of income towards mortgage & taxes/fees. So your family would have to be *netting* 180k per year to play it safe. That's, like, grossing 140k per year per person for a couple.
For something like a 1.2m house.
I feel like I'm taking crazy pills throughout this thread, and time and time again the market has demonstrated being completely irrational.