[jj2424]

BartSimpson BartSimpson:

Curtman Curtman:

How can you purchase a house today, now that prices have gone up 300% from 10 years ago without taking on a huge debt?

Lower your expectations and buy something you can afford to pay off in 10-15 years.

and lock into a long term mortgage...

[Xort]

ShepherdsDog ShepherdsDog:

Hey, he likely thinks $20K a year is big money

That's $20,000 of disposable income, so after taxes, rent/mortgage, food.

Most Canadians don't have $20,000 a year in disposable income.

jj2424 jj2424:

and lock into a long term mortgage...

Tends to be very expensive in terms of rates. The difference between a 5 year fixed and a 10 year fixed can be double or more.

[Yogi]

BartSimpson BartSimpson:

Curtman Curtman:

How can you purchase a house today, now that prices have gone up 300% from 10 years ago without taking on a huge debt?

Lower your expectations and buy something you can afford to pay off in 10-15 years.

^

Like Bart says, "Buy what you can afford" and Like Martin said " Look farther out of town & older & smaller" Fix it up , build equity & flip it.

There is a lot to be said about owning everything you want & owing nothing to anyone. It doesn't all have to be the latest, greatest, biggest, best, brand new etc. etc.

[bootlegga]

westmanguy westmanguy:

If the Asian investment trickled off and there was a minor bust here, I think I'd be okay going into big debt to possibly reap the advantage of making a big profit of flipping it after an inevitable rebound. But I don't know if Vancouver will actually ever have a bust.

Those are the words of many, many people who wind up taking a haircut to 'score big'.

You're better off waiting to buy until you can afford it, instead of taking a chance on a debt that might be a millstone around your neck if things don't happen the way you expect/hope.

There is nothing wrong with taking out a mortgage, just make sure you're doing it because you need a place, and not just on the hope you can make some money.

[Centre]

Some people can't resist the slogans like "You're richer than you think you are" from the BNS.

They buy a house and the bank convinces them that that the equity they will realize allows them to buy a brand new SUV.


If I only knew one person with a $300,000.00 mortgage I would think that's one too many but it is astounding as to how many $50 to $100 thou a year households are doing that in addition to the new SUVs.

When the house market bottoms out it's going to be ugly........

[fifeboy]

My advice...hold on while I get the wise old sage hat on...there...if you live in Toronto or Vancouver is this...sell your house, move to some place like Yorkton Sask. Buy a nice house for 1/10 the price you sold for and live off the interest on what you have left.

[andyt]

Except that many people in Vancouver don't have that much equity in their place. If they bought recently they were probably lucky to scrape together 10% as a downpayment. Those that have their houses paid off, sure they're doing OK. Except who the fuck wants to live in Yorkton.

[OnTheIce]

fifeboy fifeboy:

My advice...hold on while I get the wise old sage hat on...there...if you live in Toronto or Vancouver is this...sell your house, move to some place like Yorkton Sask. Buy a nice house for 1/10 the price you sold for and live off the interest on what you have left.

If you don't mind giving up your job and your life, that would work wonders.

[ShepherdsDog]

fifeboy fifeboy:

My advice...hold on while I get the wise old sage hat on...there...if you live in Toronto or Vancouver is this...sell your house, move to some place like Yorkton Sask. Buy a nice house for 1/10 the price you sold for and live off the interest on what you have left.

It`s just a slightly larger version of Dauphin....no thanks

[fifeboy]

andyt andyt:

Except that many people in Vancouver don't have that much equity in their place. If they bought recently they were probably lucky to scrape together 10% as a downpayment. Those that have their houses paid off, sure they're doing OK. Except who the fuck wants to live in Yorkton.

Ever been there?

[fifeboy]

ShepherdsDog ShepherdsDog:

fifeboy fifeboy:

My advice...hold on while I get the wise old sage hat on...there...if you live in Toronto or Vancouver is this...sell your house, move to some place like Yorkton Sask. Buy a nice house for 1/10 the price you sold for and live off the interest on what you have left.

It`s just a slightly larger version of Dauphin....no thanks

Except Dauphin is in Manitoba, and things from Manitoba tend to smell like Highlanders who have been into the sheep for dubious reasons

[BartSimpson]

andyt andyt:

Except that many people in Vancouver don't have that much equity in their place. If they bought recently they were probably lucky to scrape together 10% as a downpayment. Those that have their houses paid off, sure they're doing OK. Except who the fuck wants to live in Yorkton.

"Far better is it to rule in Hell than to serve in Heaven."

[Jabberwalker]

BartSimpson BartSimpson:

andyt andyt:

Except that many people in Vancouver don't have that much equity in their place. If they bought recently they were probably lucky to scrape together 10% as a downpayment. Those that have their houses paid off, sure they're doing OK. Except who the fuck wants to live in Yorkton.

"Far better is it to rule in Hell than to serve in Heaven."

No doubt, you'll get the chance to test that theory out.

[ShepherdsDog]

fifeboy fifeboy:

ShepherdsDog ShepherdsDog:

fifeboy fifeboy:

My advice...hold on while I get the wise old sage hat on...there...if you live in Toronto or Vancouver is this...sell your house, move to some place like Yorkton Sask. Buy a nice house for 1/10 the price you sold for and live off the interest on what you have left.

It`s just a slightly larger version of Dauphin....no thanks

Except Dauphin is in Manitoba, and things from Manitoba tend to smell like Highlanders who have been into the sheep for dubious reasons

being from Dauphin or Yorkton often means smelling like garlic and cabbage