I bought a house for $215,000. 3br 2bath single car garage/storage shed basement nice front and backyard. I make about $82,000 annually. I choose to live close to work so no car debt. I have credit cards and pay off full balance every month on the 1st. I don’t go on trips and live within my means. Living pretty comfortable with cash in the bank and minimal debt.
Only $75k down payment on a $1M home? That’s 7.5% down, means 92.5% mortgage?! That’s US-style subprime mortgage brewing… I see foreclosure if market goes down, or even just flat…
@Motiahmed330 As long as we limit the supply of land in GTA, we won't have many new Single Family Homes here. When you limit supply of new homes, prices go up on existing homes. No issue in Calgary, Edmonton, Winnipeg for SFH as they allow sprawl. Vancouver is geographically limited by mountains, sea, and US. GTA is land limited by law. If they change the law, prices on SFH fall by half, if not more and dog-crate condos, to almost nothing.
@@raguthanabalasingam2166 There is more than enough land in the GTA without moving into natural areas. The reason Calgary, Edmonton and Winnipeg don't have the problems of the GTA or Vancouver is quite simple. They haven't been invaded by mass immigration.
There's no profit on these for anything but a condo in Toronto/Van and even then probably not due to taxes and fees. The rest of the major cities save for maaaybe Edmonton, there's no profit on new duplexes either. SFH's just can't be built in any major city for this, let alone for a profit.
It's called a market. They are "worth" $1 million because the government juices demand on purpose and cuts supply through red tape. Diamonds aren't rare. They are expensive because you are conned into thinking they are rare and De Beers hoarding supply.
Yes, let's deal with the housing crisis by lowering the barrier to entry and increasing demand while maintaining the same supply. Prepare for an increase in property values.
There are almost 500000 house are on sale in canada And alots of new ones comeing I don't think it's the homes it's the prices it's too much and a big payment 😕
There is enough houses. Blame ourselves Canadians for treating real estate as investment. I know a person who owns 8 properties, making the demand, hence price go up. If enough people behave this way, there willl be people that cant afford it.
Many people DO do this and are a big part of why all of this is happening. Your friend is part of the problem. Personally, I wouldn’t even want to be associated with someone who exhibits that level of greed.
Basically banks get to profit even more off of the hopes of the peasants
I bought a house for $215,000. 3br 2bath single car garage/storage shed basement nice front and backyard. I make about $82,000 annually. I choose to live close to work so no car debt. I have credit cards and pay off full balance every month on the 1st. I don’t go on trips and live within my means. Living pretty comfortable with cash in the bank and minimal debt.
Only $75k down payment on a $1M home? That’s 7.5% down, means 92.5% mortgage?! That’s US-style subprime mortgage brewing… I see foreclosure if market goes down, or even just flat…
They want to sink people in debt
@@ZenCorvuswhy blame “them” when people are ready to drown in debt?
They want to enslave everyone.
Ottawa has created this mess and they don’t care.
The Lack of supply is the problem! There's already plenty enough demand.
Just imagine paying for thirty years of economic serfdom. 😅
No house needs to be worth 1 million… build $300,000 to $500,000 houses
They do. Just not single family homes. That's not going to happen.
@Motiahmed330 As long as we limit the supply of land in GTA, we won't have many new Single Family Homes here. When you limit supply of new homes, prices go up on existing homes.
No issue in Calgary, Edmonton, Winnipeg for SFH as they allow sprawl. Vancouver is geographically limited by mountains, sea, and US.
GTA is land limited by law. If they change the law, prices on SFH fall by half, if not more and dog-crate condos, to almost nothing.
@@raguthanabalasingam2166 There is more than enough land in the GTA without moving into natural areas. The reason Calgary, Edmonton and Winnipeg don't have the problems of the GTA or Vancouver is quite simple. They haven't been invaded by mass immigration.
There's no profit on these for anything but a condo in Toronto/Van and even then probably not due to taxes and fees. The rest of the major cities save for maaaybe Edmonton, there's no profit on new duplexes either. SFH's just can't be built in any major city for this, let alone for a profit.
It's called a market. They are "worth" $1 million because the government juices demand on purpose and cuts supply through red tape. Diamonds aren't rare. They are expensive because you are conned into thinking they are rare and De Beers hoarding supply.
30 years mortage is very bad........
Renting for 30 years is worse than a 30 year mortgage
Yes, let's deal with the housing crisis by lowering the barrier to entry and increasing demand while maintaining the same supply. Prepare for an increase in property values.
Good idea. Re-inflate the bubble.
Can’t pop if you keep propping it up!!
@@patches.742 If it were to pop Canada would be in an instant depression, not recession.
Imagine living in 1.5 mil house and can’t buy food 😂😂😂
Prices going up? Where
lol like a car loan only worse imagien the extra interest u are paying plus the 6000/month for the big mortgage absolute carnage and stupidity
Lower monthly payment but significantly more interest over time. Hahaha.
BIG SHORT 2
Taking advice from a 20 year old realtor.
News flash. My dog is smarter than a realtor
We r all slaves to the system 😊
There are almost 500000 house are on sale in canada
And alots of new ones comeing
I don't think it's the homes it's the prices it's too much and a big payment 😕
There is enough houses. Blame ourselves Canadians for treating real estate as investment. I know a person who owns 8 properties, making the demand, hence price go up. If enough people behave this way, there willl be people that cant afford it.
Many people DO do this and are a big part of why all of this is happening. Your friend is part of the problem. Personally, I wouldn’t even want to be associated with someone who exhibits that level of greed.
Just pandering to those who make money off real estate market
Increasing mortgage insurance so that when the wealthier folks default they default big leaving the poor folks to hold the bag
To qualify for a $1M mortgage you need an income of $250k/year.
This down payment doesn’t do anything. 😊
Why not a hundred year mortage. It gets passed on to the offspring.
Lol never mind, that’s probably what’s next!