Go Back  British Expats > Living & Moving Abroad > Canada > The Maple Leaf
Reload this Page >

The income you need to buy a home in BC

The income you need to buy a home in BC

Old Nov 15th 2018, 8:54 pm
  #16  
BE Forum Addict
 
Joined: Jul 2014
Posts: 1,231
plasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond reputeplasticcanuck has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Tangram
What happened to the old 3x salary multiplier ?
that was likely in the day when two income family was NOT the norm.
plasticcanuck is offline  
Old Nov 15th 2018, 11:48 pm
  #17  
Assimilated Pauper
 
dbd33's Avatar
 
Joined: Mar 2005
Location: Ontario
Posts: 40,014
dbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by plasticcanuck


that was likely in the day when two income family was NOT the norm.
So, do they use six times household income now, and do they allow people to commit 100% of their household income to repayments? Those are the kind of numbers needed to make the Vancouver example work.
dbd33 is offline  
Old Nov 16th 2018, 2:12 pm
  #18  
Seasoned Maritimer
 
Tangram's Avatar
 
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Tangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by plasticcanuck


that was likely in the day when two income family was NOT the norm.
No it wasn't. They either used 3x sole income or 2.25x joint ( I was a mortgage adviser for a few years in the dim and distant past )
Tangram is offline  
Old Nov 16th 2018, 2:16 pm
  #19  
Tea Drinker
Thread Starter
 
Danny B's Avatar
 
Joined: Nov 2006
Location: Kamloops, BC
Posts: 5,387
Danny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond reputeDanny B has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Tangram
No it wasn't. They either used 3x sole income or 2.25x joint ( I was a mortgage adviser for a few years in the dim and distant past )
Yep, this is true. I was earning £14,000 per year in 1995 and I managed to buy a £50,000 house with £5k down. Those were the days.
Danny B is offline  
Old Nov 16th 2018, 2:31 pm
  #20  
Oscar nominated
 
BristolUK's Avatar
 
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 50,536
BristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Danny B
Yep, this is true. I was earning £14,000 per year in 1995 and I managed to buy a £50,000 house with £5k down. Those were the days.
1984, earning £6k, borrowed (2.5x) £15k for my £17.5k house.
BristolUK is offline  
Old Nov 16th 2018, 4:26 pm
  #21  
Seasoned Maritimer
 
Tangram's Avatar
 
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Tangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond reputeTangram has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Danny B
Yep, this is true. I was earning £14,000 per year in 1995 and I managed to buy a £50,000 house with £5k down. Those were the days.
I was the same in 1990 and we bought our first house for 45k 5k down. Didnt make a penny on that one, or the next one.
Tangram is offline  
Old Nov 18th 2018, 6:54 pm
  #22  
 
Joined: Aug 2005
Posts: 14,227
Alan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Tangram
What happened to the old 3x salary multiplier ?
I figured it was all based on so-called "affordability" rather than salary multipliers what with interest rates being low for so long.

Still, it's nuts. Where I live isn't some fancy town - it's full of ordinary people, but the average house is still nearly ****ing $800k. I was a housing bear for a long time, but by 2010 and things still going up I thought I'd better buy before the kind of house I wanted got out of reach entirely. I do wonder if we've finally come to a tipping point though.
Alan2005 is offline  
Old Nov 18th 2018, 8:57 pm
  #23  
Banned
 
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Siouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Alan2005
I figured it was all based on so-called "affordability" rather than salary multipliers what with interest rates being low for so long.

Still, it's nuts. Where I live isn't some fancy town - it's full of ordinary people, but the average house is still nearly ****ing $800k. I was a housing bear for a long time, but by 2010 and things still going up I thought I'd better buy before the kind of house I wanted got out of reach entirely. I do wonder if we've finally come to a tipping point though.

My mortgage was done on the 3 x salary scenario in the last 10 years.

Sorry.. couldn't resist this LTNS!!

Siouxie is offline  
Old Nov 19th 2018, 12:05 am
  #24  
Bex in the city
 
beckiwoo's Avatar
 
Joined: Jun 2013
Location: Vancouver, BC
Posts: 3,899
beckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond repute
Default Re: The income you need to buy a home in BC

Originally Posted by Siouxie

Sorry.. couldn't resist this LTNS!!

https://www.youtube.com/watch?v=B9Hc204XVNA
i love that
beckiwoo is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.