Browsing real estate prices... not gonna make it

01-24-2017, 09:28 PM

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#91

notbadnotbrad

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Originally Posted By DatPass⏩

Im laughing at the fact OP thinks that house is the average standard of home. Most people don't live in television 3 story houses with crazy yards OP. That house is much nicer than the majority of homes.

Not sure if srs ... it's a basic two story subdivision home ... they throw these pieces of chit up so quickly and there is nothing quality about the home ...everyone I knew growing up lived in a house like this ... me and my parents, my friends, relatives .. it's a common home ... and trust me none of us paid 1.5 million for a house like this not even fuking close... unless I'm unaware and everyone was just super rich and I was a naive kid

01-24-2017, 10:05 PM

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#92

charlie6
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Yo I bought a condo in Toronto last year. You said you made 70k, with 70k gross, the bank will loan you 400k if you can put down 20% down (80k). Thats enough for a pretty decent condo. Not much, but better than renting, plus my condo already went up like 40k in not even a year.

01-24-2017, 10:13 PM

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#93

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01-24-2017, 10:14 PM

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#94

CHARBACK
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Originally Posted By notbadnotbrad⏩

Where am I gonna work lol it's not that simple ... there aren't any finance jobs anywhere besides Toronto

Are you trolling? Every god damn company has a finance department.

01-24-2017, 10:16 PM

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#95

notbadnotbrad

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Originally Posted By CHARBACK⏩

Are you trolling? Every god damn company has a finance department.

I don't work in corporate finance though wtf ?? Are you fuking trolling srs ??

01-24-2017, 10:21 PM

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#96

notbadnotbrad

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Originally Posted By charlie6⏩

Yo I bought a condo in Toronto last year. You said you made 70k, with 70k gross, the bank will loan you 400k if you can put down 20% down (80k). Thats enough for a pretty decent condo. Not much, but better than renting, plus my condo already went up like 40k in not even a year.

I don't have 80k saved and won't have that saved for 5 years and I'll be 32 by then ... so 32 with a small condo ... I'm a failure lmao ****

01-24-2017, 10:32 PM

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#97

BBLuder
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Fuk real estate

I can't wait till the bubble bursts in Canada, but that's mainly for BC and ONT.

Here in AB I was hoping prices would drop a lot more during the tough times. I'm still keeping an eye out, but things look to be headed back up. I could've had a wicked deal if prices dipped more, especially with the extremely low 2.3% 5 year fixed term I got pre-approved for.

25k on a downpayment for some closet of a condo, or rent for 10k a year and have extra money to do as I please (looking to invest in stocks, buy an ETF, contribute to RRSP, etc.) that will benefit me more than being tied down to making payments on a plywood shack over 25 years even if you can rent it out, it's still stuck in a hole for that long and the value will have only kept up with inflation at best after that 1/4 of a century. Then tenants, repairs, condo fees, property tax, ... f*** off.

01-24-2017, 10:47 PM

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#98

charlie6
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Originally Posted By notbadnotbrad⏩

I don't have 80k saved and won't have that saved for 5 years and I'll be 32 by then ... so 32 with a small condo ... I'm a failure lmao ****

Cut back on all expenses (find a roommate or something) and try to buy 25k in RRSP for 2017. In 2018 save up all you can and liquidate all your investments (if any). Now, you will easily have enough for 10% down, and it should still be pretty easy to get a loan. Or else just buy a pre-construction where they have 0 down payment plans.

Part of the problem is that condo prices keep on going up. In 5 years a 400k condo might be worth 600k. If you bought now, you may only have paid off 50k from the principle (so you still owe like 270k).. but now your net worth will already be 330k. Meanwhile if you rented, you would still have nothing.

01-25-2017, 12:03 AM

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#99

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There is also a huge lack of infrastructure. If we had more arteries for vehicles to get into the core, and more train lines with trains that can move more efficiently, people could get around easier.

80% of the population wouldn't lie between the 407 and lake.

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01-25-2017, 12:15 AM

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#100

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yeah the canadian dream of buyuing a house, 2 cars, kids and a dog named spot is pretty much dead if you live in Toronto. Gotta move to the suburbs. I could never afford a home in Toronto if I lived here. Just too little supply and that skyrockets prices.

Condos everywhere so pretty much to folks have to start getting used to living like sardines. Good luck driving a car

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01-25-2017, 12:25 AM

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#101

rekin86000
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Originally Posted By notbadnotbrad⏩

Where am I gonna work lol it's not that simple ... there aren't any finance jobs anywhere besides Toronto

what are you talking about??? r u retarded. There are finance jobs in edmonton/calgary and other citys. How much do make a year? You can find that here.

or be a fgt and live in toronoto

01-25-2017, 12:34 AM

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#102

BigAnusBoy
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Originally Posted By charlie6⏩

Yo I bought a condo in Toronto last year. You said you made 70k, with 70k gross, the bank will loan you 400k if you can put down 20% down (80k). Thats enough for a pretty decent condo. Not much, but better than renting, plus my condo already went up like 40k in not even a year.

Yeah this. How old are you OP why do you need such a big house? I bought a new and super nice apartment in Toronto for 500k to rent it out. It would be perfect size for a young single guy... you definitely couldn't start a family there lol but you would be on the property train so when you are ready to have a family it will be easier to get into a house like that

01-25-2017, 12:39 AM

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#103

Luc1fer

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OP, don't be stupid. You don't buy those houses.. you rent/share as you work a high salary job in the city - save and invest heavily for a few years. You then move to another part of the country, take a lower salaried position and buy a reasonably priced house (with mostly cash).

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01-25-2017, 12:41 AM

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#104

lockdev

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Originally Posted By CoolKnees⏩

Yeh but you'll end up living in bumfuk nowhere.

Why is it that everything is always black and white with big-city dwellers.

Hated that chit when I lived in SF.

"But everywhere that isn't NY, LA, SF is bumfuk nowhere"
"There's nothing to do outside of NY/LA/SF."

GTFO with that chit.

I live in an area with a metropolitan size of 2 million people.

Here's a list of things that a big city has that my area doesn't have:
majority population of immigrants
high taxes
high rent
insane traffic
smell of urine everywhere

Here's a list of what my area has that a big city doesn't:
parking
relaxed commute
space

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01-25-2017, 12:49 AM

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#105

BigAnusBoy
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Also OP I lived in a huge house in my early 20's (grew up in the middle of nowhere, cheap houses). The novelty of having my huge house wore off in about 2 weeks then it was just depressing being alone in that big house. Unless you have a family you are better off downtown in an apartment

01-25-2017, 04:30 AM

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#106

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sorry but if the house you are looking at has fuggin stone on the front of it, it's not an average subdivision home

01-25-2017, 04:43 AM

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#107

mar_angry
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Originally Posted By notbadnotbrad⏩

Job/career is in Toronto ... we can't all just fukin relocate are you kidding me ?

Same problems in Australia so I'll tell you what I have to tell people stuck in the rat race here.

Stop buying into the rat race. There's a TON of 200k houses in nice areas (even waterfront properties for 300k) outside the big cities. Let's say you stay in the city for your "career" which involves being 1 in 10 chance of making a 200k+ job, and ALSO working 70 hours+. Your disposable income will still only allow you to buy that 1.2 million dollar house and just get by.

OR

You could stay at a 50k job (or "move up" to a 100k) in a smaller town and live FAR more comfortably, work less hours with greater disposable income with your 200-300k house, which is could be even BETTER than that 1.2 million house.

Take a look around and stop buying into the BS of "career choices" in the city. Live to work or work to live?

01-25-2017, 04:50 AM

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#108

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Originally Posted By notbadnotbrad⏩

No I don't you're an idiot... I work for a fund company and I support an external wholesaler by booking meetings for him,updating clients on their funds, providing market insight, organizing client events etc.

The progression is 3-5 years as an insider and when you move to external you start at 150ish and can make 300k plus depending on your territory and other factors

Stop talking chit you fuk

Negged

To be fair that does sound a lot like making coffee

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01-25-2017, 04:52 AM

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#109

Bullneckbruh
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I feel you OP. I will be renting my entire life but at least I will have a lot of money to invest...

Paying off all debt first, that will be done in another 2 years and then at 31 years old I will actually have financial freedom. Figure I will throw 5k a year into stocks easy at that age and I'll boost it to 10k a year by the time I'm 40(on top of of paying into my pension and investing in a Roth IRA that I have been doing for 5 years now already)

At that rate I should be able to retire at 55 or wait until I'm 59 to get my full pension, which I plan on doing.

Only way I'm getting a house is if I get married. I just don't see the advantage of being house poor.