The Salary You Need to Buy a Home in Cities Across Canada - Very Good Table
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The Salary You Need to Buy a Home in Cities Across Canada
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Location: Brampton, Ont, Canada
Posted on: 28-04-15 15:03:05
its very good data for general knowledge.
But reality is totally different , especially with us desi's 
As per chart we need about 130k to 160k salary to buy house ... now i know lot whose combined income is not even clsoe to half and they still are eligible and worth of taking those houses ( thanks to our desi mortgage guys
Man O Man - its scared me when i think of mortgage rates go up by only 1% , it will be disaster for many families
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by Blue_Peafowl
its very good data for general knowledge.
But reality is totally different , especially with us desi's
As per chart we need about 130k to 160k salary to buy house ... now i know lot whose combined income is not even clsoe to half and they still are eligible and worth of taking those houses ( thanks to our desi mortgage guys
Man O Man - its scared me when i think of mortgage rates go up by only 1% , it will be disaster for many families
Now it's different story....mortgage is not easy nowadays. After 2nd and 3rd house, mortgage is next to impossible.
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Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Location: Brampton, Ont, Canada
Posted on: 28-04-15 17:46:11
I am not talking about 2nd or 3rd mortgage ( we are investors and we're there to take risk )- I'm talking about single family house - they are already struggling with current payments, slightly increase in rate will put them in big trouble.
I just heard the news that Bank are going to push for 0 down again... basically need to put 5% but then bank will finance as loan so basically the old trick we used to play now going to become legal ..
I was thinking that bank will be more touch on the mortgage and it will be tougher and tougher since most financial institute has centralize process and started sharing information, so that it became tough to be manipulate the system ,
but i guess i was wrong, banks are still liberal and give easy access to first time buyers so they can easily get trap in.
Note: no offence pls.. this are just my views - most welcome U'rs too
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
A reqsonable semi detached cost you 620k. With 10% down payment, one has to be earning 130-140k to buy such house with songle income but many people with very avg job are buying such houses.
Something wrong, the cycle of borrow from tomorrow to pay today style is in full swing.
Can't keep pointing out to china and middle east for the pouring money. It is true only to some extent but to the large extent its the local money, the crook mortgage and RE agents are swinging in full strength.
Quote:
Originally posted by Blue_Peafowl
its very good data for general knowledge.
But reality is totally different , especially with us desi's
As per chart we need about 130k to 160k salary to buy house ... now i know lot whose combined income is not even clsoe to half and they still are eligible and worth of taking those houses ( thanks to our desi mortgage guys
Man O Man - its scared me when i think of mortgage rates go up by only 1% , it will be disaster for many families
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
