12-31-2017, 09:02 PM
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#1
- extendlol
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- extendlol
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How do can people afford houses nowadays?
Seriously these **** semi-detached you need like a 40k down payment for one. Is everyone rich or am i missing something
Ontario GTA btw
Ontario GTA btw
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12-31-2017, 09:07 PM
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#2
- wishitcouldlast
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- wishitcouldlast
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Judging by the Grammar in your title i how do not understand how do u do
I know nothing factual but only tell the truth
12-31-2017, 09:09 PM
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#3
12-31-2017, 09:13 PM
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#4
12-31-2017, 09:14 PM
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#5
12-31-2017, 09:15 PM
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#6
12-31-2017, 09:21 PM
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#7
- extendlol
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Originally Posted By guest89⏩
I was just saying not a lot of people have 40k to drop on a house, so they rent an apartment for 5+ years?If you can't save a 40k down payment you're not ready for a home financially.
Originally Posted By Fuqdatass⏩
Right but thats not where the jobs are. They are in the GTA, the hour+ drive each way would eat your soulLive somewhere where the cost of living isn't retarded?
Originally Posted By wi****couldlast⏩
LmaoJudging by the Grammar in your title i how do not understand how do u do
I'm just peppering my angus when i want to move out
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12-31-2017, 09:22 PM
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#8
12-31-2017, 09:27 PM
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#9
- guest89
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Originally Posted By extendlol⏩
There are a few options.I was just saying not a lot of people have 40k to drop on a house, so they rent an apartment for 5+ years?
1. Have enough room-mates so you can save a lot of money.
2. Save a lot of money while living with your parents.
3. Borrow the down-payment from parents (if thats an option).
4. Start saving/investing while your young so when you do decide to buy a house you've got the capital.
Unfortunately all of them require good financial sense/restraint and/or having parents that are wealthy/successful.
12-31-2017, 09:28 PM
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#10
- cmc0108
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20% as a down payment is whats recommended.
Most people dont actually put that much down.
When we bought our house 4 years ago we only put about 8% down.
We had to get mortgage insurance(which I think was like $60/month).
We got lucky in how we did things. We actually sold points back to the mortgage company. This means that they gave us money up front in order to charge us a higher interest rate. Our plans for this house were to only be here for 10 years, so we knew that as long as we lived here less than 10 years then we would end up on the positive side of this deal. I forget the exact #s, but we got around 4.9% interest, and they gave use like $6k up front.
3 years later, we were able to refinance our mortgage down to 3.3%. We put some additional money in and got rid of the mortgage insurance.
The fact of the matter is, if you can afford $1500/month for rent, then you can afford $1500/month for insurance. The only difference is, you need to have a slush fund for potential issues with your house.
Most people dont actually put that much down.
When we bought our house 4 years ago we only put about 8% down.
We had to get mortgage insurance(which I think was like $60/month).
We got lucky in how we did things. We actually sold points back to the mortgage company. This means that they gave us money up front in order to charge us a higher interest rate. Our plans for this house were to only be here for 10 years, so we knew that as long as we lived here less than 10 years then we would end up on the positive side of this deal. I forget the exact #s, but we got around 4.9% interest, and they gave use like $6k up front.
3 years later, we were able to refinance our mortgage down to 3.3%. We put some additional money in and got rid of the mortgage insurance.
The fact of the matter is, if you can afford $1500/month for rent, then you can afford $1500/month for insurance. The only difference is, you need to have a slush fund for potential issues with your house.
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makes a terrible troll thread
makes any conspiracy theory thread
makes a religious/political thread without knowledge of what they're talking about
12-31-2017, 09:31 PM
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#11
- 2Rude4MyOwnGood
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You don'thaveto put down 20% for your down payment. Put down 20% if you can afford it, but not everybody does that.
I put down 20%, and that was easily the most difficult check I ever had to write.
I put down 20%, and that was easily the most difficult check I ever had to write.
12-31-2017, 09:32 PM
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#12
12-31-2017, 09:38 PM
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#13
- tunafishha
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Well people usually buy houses that are in line with their income.
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12-31-2017, 09:38 PM
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#14
12-31-2017, 09:39 PM
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#15
- VTheKing
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- VTheKing
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5% down and you'll leave your imprint on housing prices
Go Canucks Go!
Mais notre monde Γ©rodΓ© restera le mΓͺme
Et demain toi et moi serons partis
12-31-2017, 09:41 PM
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#16
12-31-2017, 09:41 PM
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#17
- MinisterOfLust
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- MinisterOfLust
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Originally Posted By selffirst⏩
Really? Everything is expensive in the Northeast. Fucc, even a decent 1 bedroom apartment you could not afford to rent.U S home prices are fairly reasonable, but that doesn't help you huh...
12-31-2017, 09:43 PM
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#18
- rectifryer
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Originally Posted By guest89⏩
if you don't understand why putting money down in a house is a waste then you're not ready for life.If you can't save a 40k down payment you're not ready for a home financially.
Boycott foodservice industry crew
12-31-2017, 09:43 PM
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#19
- bigmane123
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its called debt for 30yrs smart ppl pay it off right away or pay it off over 10 yrs because alot can happen over 30yrs could lose job or get cancer
12-31-2017, 09:44 PM
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#20
- Lolip0p
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- Lolip0p
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Originally Posted By rjones416⏩
Americans don't understand the word "save". I see poor people walking around with Iphones and expensive clothes while making minimum wage with maxed out credit card, while whining about cars and houses other people have. If you're 18 and stuck at a minimum wage job, you're just lazy. You can be in the top 10% of people simply by putting time into reading and bettering yourself. Anyone with a PC can learn Solid Works, Coding, Business etc.40k is nothing brah. save like 1.5k a month and thats like 2 years max to get that. come on man.
The same applies to people all the way up to the middle class. People finish a degree and expect a high paying job. No, you need to spend time bettering yourself everyday to make you irreplaceable and in demand
12-31-2017, 09:47 PM
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#21
Thats your job as an adult. Find out how to get your **** together to capitalize. It takes work, dedication, sacrifice and maybe more than a few years.
Being stagnant or wanting things handed to you is not how a successful persons story ever started.
Being stagnant or wanting things handed to you is not how a successful persons story ever started.
12-31-2017, 09:47 PM
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#22
- AlwaysFocus
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half a million will not get you a house in the lower mainland or Fraser valley.
Lots of bidding wars from foreigners or recently deemed "Canadians". Any legit Canadians driving the prices up are rich from being bought out of the city core by foreigners.
Diversity is our strength brah.
Lots of bidding wars from foreigners or recently deemed "Canadians". Any legit Canadians driving the prices up are rich from being bought out of the city core by foreigners.
Diversity is our strength brah.
12-31-2017, 09:48 PM
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#23
12-31-2017, 09:49 PM
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#24
- AlwaysFocus
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Originally Posted By tunafishha⏩
100k a year guess you get an apartment here lmaoWell people usually buy houses that are in line with their income.
If you wanna be in the city you'll have to go 4 people to a small house.
12-31-2017, 09:50 PM
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#25
- tunafishha
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- tunafishha
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Originally Posted By bigmane123⏩
unless you can get a low interest rate.its called debt for 30yrs smart ppl pay it off right away or pay it off over 10 yrs because alot can happen over 30yrs could lose job or get cancer
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12-31-2017, 09:53 PM
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#26
- bigmane123
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Originally Posted By tunafishha⏩
you wont unless you got srs connectsunless you can get a low interest rate.
12-31-2017, 09:57 PM
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#27
- AlwaysFocus
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Originally Posted By ashin1⏩
The problem is that people that dont even occupy the house with renters are buying the houses for whatever price, with laundered money or 99 year mortgages from China. Its the great Canadian money laundering scheme and is well known, but they aren't stopping it because, money.So much this, either relocate or increase your income
12-31-2017, 10:05 PM
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#28
- DoYouEvenNEM
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3 ways they can afford it:
1. Parents just give them $50,000 - $100,000 for a down payment. There's loads of parents paying for their kid's college tuition, annual vacations and cars. They can afford the kid's down payment too. Blame your parents for being deadbeats or bad with money.
2. Interest rates are laughably low. Around 2% - 3% these days. Pretty affordable if you're a millennial couple and your gross household income is $100,000 or more.
3. All sorts of people who got lucky in the last years on either cryptocurrency, marijuana stocks, lotto tickets or received an inheritance from Grandparents. They then use that money (see #1) to get a mortgage.
BTW, only 5% of homeowners actually own their homes outright. If you're one of those 5% (which is maybe 2.5% of the adult population?) then you're technically winning at life).
1. Parents just give them $50,000 - $100,000 for a down payment. There's loads of parents paying for their kid's college tuition, annual vacations and cars. They can afford the kid's down payment too. Blame your parents for being deadbeats or bad with money.
2. Interest rates are laughably low. Around 2% - 3% these days. Pretty affordable if you're a millennial couple and your gross household income is $100,000 or more.
3. All sorts of people who got lucky in the last years on either cryptocurrency, marijuana stocks, lotto tickets or received an inheritance from Grandparents. They then use that money (see #1) to get a mortgage.
BTW, only 5% of homeowners actually own their homes outright. If you're one of those 5% (which is maybe 2.5% of the adult population?) then you're technically winning at life).
12-31-2017, 10:06 PM
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#29
12-31-2017, 10:06 PM
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#30
- crosso
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- crosso
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Originally Posted By AlwaysFocus⏩
exact same thing happening in aus.The problem is that people that dont even occupy the house with renters are buying the houses for whatever price, with laundered money or 99 year mortgages from China. Its the great Canadian money laundering scheme and is well known, but they aren't stopping it because, money.
our politicians have been taking some solid donations from chinese businessmen
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