Property bubble
Jan 5th 2012 | 10:35 am
#31
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Property bubble
john009
The average UK mortgage is stated a £109K( which to us is a high mortgage) and average income is £26.2K and household income are £33K. Therefore ratio are 4.2 and 3.3 respectively. When I first brought a home in 1989 I was offered 2.5 time my salary and when I returned to the UK from Canada I was offered a max of 3 times my salary. I took out a mortgage at 1.5 times my income.
Most respectable lenders today will not give you more that 3 time salary as a mortgage. In 1989 I had to put down a large deposit which then was a a years earning for us. It was several years before of are hard savings, working as much OT that was available, no holidays or social life and selling our cars to get the deposit. So it seems that over 20 odd years later there no difference for first time buyers.
Hudd
The average UK mortgage is stated a £109K( which to us is a high mortgage) and average income is £26.2K and household income are £33K. Therefore ratio are 4.2 and 3.3 respectively. When I first brought a home in 1989 I was offered 2.5 time my salary and when I returned to the UK from Canada I was offered a max of 3 times my salary. I took out a mortgage at 1.5 times my income.
Most respectable lenders today will not give you more that 3 time salary as a mortgage. In 1989 I had to put down a large deposit which then was a a years earning for us. It was several years before of are hard savings, working as much OT that was available, no holidays or social life and selling our cars to get the deposit. So it seems that over 20 odd years later there no difference for first time buyers.
Hudd
http://www.thisismoney.co.uk/money/m...edictions.html
Which suggests that the average down payment is well in excess of the average before tax household income.
Fine if you have equity, but a bit tricky for first time buyers.
Last edited by Novocastrian; Jan 5th 2012 at 10:37 am.
Jan 5th 2012 | 12:00 pm
#33
Lost in BE Cyberspace
Joined: Aug 2005
Posts: 13,402
From: South of Calgary
Re: Property bubble
It doesn't pay to have to move every 3 years or so but it may be that Canadian forces personnel don't get posted around as often.
Real garrison towns (Aldershot, Catterick et.) are places that I wouldn't want to live near even if I was in the military.
Jan 5th 2012 | 3:51 pm
#34
BE Enthusiast
Joined: Oct 2007
Posts: 854
From: Fredericton, NB
Re: Property bubble
Although as with everything there are exceptions...I work out of Ottawa but my home remains back in NB.
Happy New Year...
Jan 6th 2012 | 12:19 am
#37
Lost in BE Cyberspace
Joined: Aug 2005
Posts: 13,402
From: South of Calgary
Re: Property bubble
They were in the 1990s. There was talk of a relocation to a base that had an airport to avoid all the trips to Brize Norton. A bit silly to call oneself the Special Air Service without easy access to the air!
Jan 6th 2012 | 1:30 am
#38
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Property bubble
Hi Helen, I have an appt tomorrow at 3 with Royal Lepage (think that's what they're called) but will also use Remax to avoid conflict of interest problems as I believe 'double enders' are to be avoided. Trying not to 
it was explained to me that it's when the same agent is representing both parties (buyer/seller) I've been advised by my bank not to allow realtors to show me properties on their own books but to get for example Remax to show me listings from all the other brokers in the area and then get Royal Lepage to show me Remax properties. The reason behind this is because as a buyer I would be regarded as the 'money' and the seller as the 'client' and realtors always favour the client.
it was explained to me that it's when the same agent is representing both parties (buyer/seller) I've been advised by my bank not to allow realtors to show me properties on their own books but to get for example Remax to show me listings from all the other brokers in the area and then get Royal Lepage to show me Remax properties. The reason behind this is because as a buyer I would be regarded as the 'money' and the seller as the 'client' and realtors always favour the client.Last edited by iaink; Jan 6th 2012 at 3:14 am.
Jan 6th 2012 | 1:33 am
#39
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Property bubble
Generally not in Trenton itself if they can afford to get away from the smell of the papermill.
My neighbours are only selling as she chose to retrain in admin after 15 years in the service, and lost seniority as a result. As low man on the totem when it came to reposting she was the one to go, and they were only recently married so he got posted away with her so they could stay together. You could say they are suffering some sticker shock over the cost of property in BC compared to here.
In the case of JTF2, as a rapid response unit I think the expectation is that they are nearby, but others here probably have more idea on that than me.
Last edited by iaink; Jan 6th 2012 at 3:15 am.
Jan 6th 2012 | 3:05 am
#40
Lost in BE Cyberspace
Joined: Aug 2005
Posts: 13,402
From: South of Calgary
Jan 6th 2012 | 3:08 am
#41
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Property bubble
However, the government is still in the process of negotiating the last few hundred acres of land, (as it has been for 4 years+), so its not going to happen for a while yet, next year maybe?
Jan 6th 2012 | 3:16 am
#42
Occidentally Damaged
Joined: Dec 2007
Posts: 398
From: Edmonton
Re: Property bubble
In the UK forces, you're guaranteed a service married quarter (or single accommodation) at your place of duty. If none is available, rented accommodation is secured for you on the same occupancy terms and at the same cost. In the Canadian Forces, at least when I did an exchange tour with them in the late 90s, the same privilege was not available and most people bought nearby.
Jan 6th 2012 | 4:25 am
#43
Grumpy Know-it-all
Joined: Jul 2010
Posts: 8,928
From: Calgary, Alberta
Re: Property bubble
I would say coming from the UK, absolutely no, it is definitely not a good time to buy in Canada because of the weakness of sterling and the strength of the Canadian dollar at the moment.
Jan 6th 2012 | 4:29 am
#44
Grumpy Know-it-all
Joined: Jul 2010
Posts: 8,928
From: Calgary, Alberta
Re: Property bubble
The MoD in the UK sold off a lot of their properties because the armed forces got smaller at the end of the Cold War. A lot of them were in a diabolical state. I know this because (a) I had to live in one at one point and (b) I worked for a company that maintained them as well.
