The income you need to buy a home in BC
#17
Re: The income you need to buy a home in BC
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.
#19
Re: The income you need to buy a home in BC
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.
#21
Re: The income you need to buy a home in BC
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.
#22
Joined: Aug 2005
Posts: 14,227
Re: The income you need to buy a home in BC
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.
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.
#23
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: The income you need to buy a home in BC
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.
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!!