Mortgage affordability - advice please
Apr 2nd 2020, 12:55 pm
#16
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Joined: Mar 2005
Location: Ontario
Posts: 40,023
Re: Mortgage affordability - advice please
Is your income sustainable through another three or four months of lockdown? If it is then the coronavirus may solve your problem. As people lose their jobs they'll lose their houses, prices will fall. If you've a good deposit and a steady $90,000 income then a $400,000 house is achievable. Just be careful, in a housing crash expensive houses fall harder so the gap between townhouse and large detached becomes smaller. It becomes feasible to buy something you can't afford to run.
Apr 2nd 2020, 2:10 pm
#17
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Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Mortgage affordability - advice please
Tax Calculation For each $100,000 of residential assessment: $100,000 x 0.734441% = $734.44
Where is it you (both?) work - where would you need to get to? What does you all like to do in your leisure time? ... Oakville is horrendously expensive, unfortunately.
Could you qualify for the 1st time homebuyers incentive? https://www.placetocallhome.ca/fthbi...uyer-incentive
Last edited by Siouxie; Apr 2nd 2020 at 2:12 pm.
Apr 4th 2020, 1:04 am
#18
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Thread Starter
Joined: Jan 2019
Posts: 93
Re: Mortgage affordability - advice please
That would be a great shame if you are otherwise happy here..
I have actually never settled here.. (see my other posts) This very topic of owning a home here has been a big contributing factor - as well as everything else that comes with immigration..
I think your Mrs might need to put her big girl pants on and realise that a house of that calibre is beyond your affordability right now.
After nearly 4 yrs of me telling,showing,proving to her that the market prices are madness.. she now grudgingly concedes "we are not in a position to buy just now"... But that is 4 yrs after making me out to be "cheap"? And "it is my fault"....
She still states she would rather "rent here forever in Oakville" than even consider returning to UK(to what I say at least would be something less overwhelming and a bit more security)
Without meaning to sound unkind, she is putting pressure on both of you that isn't necessary and perhaps being a tad unrealistic and unreasonable. (Sorry)
Dont be. It's true
There are some great towns on the edges of the GTA that you could afford to buy a house in. Don't forget on top of those mortgage payments you will have City Taxes (depending on the size and location of the property - see this from Oakville for 2019 rates .
I may make myself look daft here, but do you mean property taxes? For where we are (for a townhouse) they are approx $2900 per year.
Mortgage insurance (unless you are putting down 40% or more)
Yes, and there is no chance of putting down 40% of $600-$650,000
is a requirement.. at more cost.. then utilities etc., repairs and all the other general stuff that comes with home ownership. You still have to live - your kids still have to have clothes - attend after school activities etc., and you need to have a buffer so if either of you lost your jobs you won't lose your home as well.
Oakville is horrendously expensive, unfortunately.
I couldnt agree more. Im sick of getting fleeced from every angle living here (GTA in general)
Houses, food, leisure activities, mobiles phones etc etc
Could you qualify for the 1st time homebuyers incentive?
Maybe, I believe if you are within 5yrs of arriving?
https://www.placetocallhome.ca/fthbi...uyer-incentive
I have actually never settled here.. (see my other posts) This very topic of owning a home here has been a big contributing factor - as well as everything else that comes with immigration..
I think your Mrs might need to put her big girl pants on and realise that a house of that calibre is beyond your affordability right now.
After nearly 4 yrs of me telling,showing,proving to her that the market prices are madness.. she now grudgingly concedes "we are not in a position to buy just now"... But that is 4 yrs after making me out to be "cheap"? And "it is my fault"....
She still states she would rather "rent here forever in Oakville" than even consider returning to UK(to what I say at least would be something less overwhelming and a bit more security)
Without meaning to sound unkind, she is putting pressure on both of you that isn't necessary and perhaps being a tad unrealistic and unreasonable. (Sorry)
Dont be. It's true
There are some great towns on the edges of the GTA that you could afford to buy a house in. Don't forget on top of those mortgage payments you will have City Taxes (depending on the size and location of the property - see this from Oakville for 2019 rates .
I may make myself look daft here, but do you mean property taxes? For where we are (for a townhouse) they are approx $2900 per year.
Mortgage insurance (unless you are putting down 40% or more)
Yes, and there is no chance of putting down 40% of $600-$650,000
is a requirement.. at more cost.. then utilities etc., repairs and all the other general stuff that comes with home ownership. You still have to live - your kids still have to have clothes - attend after school activities etc., and you need to have a buffer so if either of you lost your jobs you won't lose your home as well.
Oakville is horrendously expensive, unfortunately.
I couldnt agree more. Im sick of getting fleeced from every angle living here (GTA in general)
Houses, food, leisure activities, mobiles phones etc etc
Could you qualify for the 1st time homebuyers incentive?
Maybe, I believe if you are within 5yrs of arriving?
https://www.placetocallhome.ca/fthbi...uyer-incentive
Apr 4th 2020, 4:50 am
#19
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Mortgage affordability - advice please
First time homebuyers isn't dependent on your being a newcomer -- anyone who hasn't owned a home in the past few years can qualify. https://www.placetocallhome.ca/fthbi...uyer-incentive
Perhaps what you are thinking of is the Newcomers Mortgage - which is a different kettle of fish. New To Canada Program - Products - Genworth Canada - Homeownership (this is the one which you can only qualify for if applying within 5 years of becoming resident)
What is it about Oakville that your mrs particularly likes - does she have a big circle of friends there.. does she have a big social life.... are they things that she couldn't do from a little bit further out? Where do you both work?
Hang in there
Perhaps what you are thinking of is the Newcomers Mortgage - which is a different kettle of fish. New To Canada Program - Products - Genworth Canada - Homeownership (this is the one which you can only qualify for if applying within 5 years of becoming resident)
What is it about Oakville that your mrs particularly likes - does she have a big circle of friends there.. does she have a big social life.... are they things that she couldn't do from a little bit further out? Where do you both work?
Hang in there
Apr 4th 2020, 5:21 am
#20
Forum Regular
Thread Starter
Joined: Jan 2019
Posts: 93
Re: Mortgage affordability - advice please
Is your income sustainable through another three or four months of lockdown?
We practically have no guaranteed 'regular' income.. Im basically on a zero hour contract, Wife part time/trying to start her own business on the side... and so the virus thing has highlighted even more that we have put ourselves in a precarious position in life... wouldnt be the case if we had stayed with what we had in the UK
If it is then the coronavirus may solve your problem. As people lose their jobs they'll lose their houses, prices will fall.
Yes maybe, although id say the crazy demand will still be there, resulting in a similar outcome.. still overpaying for something way overrated
If you've a good deposit and a steady $90,000 income then a $400,000 house is achievable
If the price of a townhouse in this area falls to $400,000 (to what they shouod be) then I will be the first one to put my hands up and admit I was wrong all along! Lol
. Just be careful, in a housing crash expensive houses fall harder so the gap between townhouse and large detached becomes smaller. It becomes feasible to buy something you can't afford to run.
We practically have no guaranteed 'regular' income.. Im basically on a zero hour contract, Wife part time/trying to start her own business on the side... and so the virus thing has highlighted even more that we have put ourselves in a precarious position in life... wouldnt be the case if we had stayed with what we had in the UK
If it is then the coronavirus may solve your problem. As people lose their jobs they'll lose their houses, prices will fall.
Yes maybe, although id say the crazy demand will still be there, resulting in a similar outcome.. still overpaying for something way overrated
If you've a good deposit and a steady $90,000 income then a $400,000 house is achievable
If the price of a townhouse in this area falls to $400,000 (to what they shouod be) then I will be the first one to put my hands up and admit I was wrong all along! Lol
. Just be careful, in a housing crash expensive houses fall harder so the gap between townhouse and large detached becomes smaller. It becomes feasible to buy something you can't afford to run.
Apr 4th 2020, 11:08 am
#21
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,023
Re: Mortgage affordability - advice please
I had a house in Mississauga, Lorne Park so not a wildly different market than Oakville, that doubled in value then fell back to one and half times the cost to me then went up to three times then back to just over the original price.. It does happen. The snag is always being the one person who still has money during the crash. Are you, by chance, a computer contractor?
Apr 4th 2020, 7:58 pm
#22
Forum Regular
Joined: Feb 2020
Posts: 53
Re: Mortgage affordability - advice please
Dear OP,
You need to stop trying to buy a house or any of the other things you think will help. You also need to stop blaming Canada and thinking that if Canada was different or you were somewhere else life would be great. None of these things are the problem and unless you actually address the problem you will continue to be unhappy.
If you were to achieve the impossible and buy the house of your wife's dreams I promise you that (unless you take serious action first ) the only thing that would happen is that she would finally tell you that she wants a divorce. You are living with someone who is fine with their life partner being either...
1. Unremittingly unhappy or
2. Back in England alone
No one who loves their partner would be willing to see them suffer like that. That is not a working relationship, it's a dead marriage walking. You can either take action to try and fix it or you carry on until one of you gets to the point of saying out loud that it is over.
You can be happy anywhere, if you are with someone who makes you happy.
You need to stop trying to buy a house or any of the other things you think will help. You also need to stop blaming Canada and thinking that if Canada was different or you were somewhere else life would be great. None of these things are the problem and unless you actually address the problem you will continue to be unhappy.
If you were to achieve the impossible and buy the house of your wife's dreams I promise you that (unless you take serious action first ) the only thing that would happen is that she would finally tell you that she wants a divorce. You are living with someone who is fine with their life partner being either...
1. Unremittingly unhappy or
2. Back in England alone
No one who loves their partner would be willing to see them suffer like that. That is not a working relationship, it's a dead marriage walking. You can either take action to try and fix it or you carry on until one of you gets to the point of saying out loud that it is over.
You can be happy anywhere, if you are with someone who makes you happy.
Apr 4th 2020, 11:57 pm
#23
Forum Regular
Thread Starter
Joined: Jan 2019
Posts: 93
Re: Mortgage affordability - advice please
Dear OP,
You need to stop trying to buy a house or any of the other things you think will help. You also need to stop blaming Canada and thinking that if Canada was different or you were somewhere else life would be great. None of these things are the problem and unless you actually address the problem you will continue to be unhappy.
If you were to achieve the impossible and buy the house of your wife's dreams I promise you that (unless you take serious action first ) the only thing that would happen is that she would finally tell you that she wants a divorce. You are living with someone who is fine with their life partner being either...
1. Unremittingly unhappy or
2. Back in England alone
No one who loves their partner would be willing to see them suffer like that.
And I am no psychologist, but I'd guess that is where some of my resentment and bitterness may have manifested..
That is not a working relationship, it's a dead marriage walking. You can either take action to try and fix it or you carry on until one of you gets to the point of saying out loud that it is over.
Oh we have been there and said that many many times.... but hey, it's complicated. And I'm still here..
You can be happy anywhere, if you are with someone who makes you happy.
You need to stop trying to buy a house or any of the other things you think will help. You also need to stop blaming Canada and thinking that if Canada was different or you were somewhere else life would be great. None of these things are the problem and unless you actually address the problem you will continue to be unhappy.
If you were to achieve the impossible and buy the house of your wife's dreams I promise you that (unless you take serious action first ) the only thing that would happen is that she would finally tell you that she wants a divorce. You are living with someone who is fine with their life partner being either...
1. Unremittingly unhappy or
2. Back in England alone
No one who loves their partner would be willing to see them suffer like that.
And I am no psychologist, but I'd guess that is where some of my resentment and bitterness may have manifested..
That is not a working relationship, it's a dead marriage walking. You can either take action to try and fix it or you carry on until one of you gets to the point of saying out loud that it is over.
Oh we have been there and said that many many times.... but hey, it's complicated. And I'm still here..
You can be happy anywhere, if you are with someone who makes you happy.
Last edited by no good name; Apr 5th 2020 at 12:00 am.
Apr 12th 2020, 3:45 am
#24
Forum Regular
Joined: Sep 2018
Location: UK
Posts: 112
Re: Mortgage affordability - advice please
One thing is for sure, your wife cannot pressure you in to the unaffordable. We're all going to Alberta because we can't afford Vancouver.. My last Mrs was selfish and it ended but that was her spending expectations... Shed of lived anywhere with me.
I do get it, I'd never pressure someone financially but equally, at the moment I just want to be in Canada and have done for some time.
Good luck
