@sukhpreetsingh2662 poor leaders in Government with to much red tape and excess fees slowing construction. Then follow it up with an extra 1.3 million immigrants last year alone and expected to be the same this year. It doesn't take more then grade 4 math to figure out if you build approximately 220,000 houses per year and bring in 1.3 million people, you will end up with catastrophic housing issues. Calgary has less hospitals then in 1980 when I was born and the population is triple the size. We are in very big trouble and to many people can not see what is coming.
We were approved for up to 450k. We moved to a small town in southern AB and spent 170k 4 beds 2 bath and mortgage will be paid off in 11 years or less
Amazing... more and more this is what some are choosing. The thought of living in a small town for some is super awful and others are excited, so hopefully you can love where you're living for those 11 years and beyond!
Sad state Canada is in right now. wages have stayed stagnant for decades and prices have sky rocketed on everything. If this every rebalances a lot of people will be in tears.
This is a fantastic video. I'll say this: If you can avoid a place with condo fees, do it because there is zero return on that fee. It's crazy some of the prices for these, but when I went to Kelowna, I almost pissed my pants laughing. An apartment in downtown Kelowna, I think it was 400 square feet, and the price was 1.1 million plus condo fees. There's no way I would pay that price for a hole in the wall.
Thank you for this, it gave us more confidence. As we make about 135k or so and purchased in the 370k range and weren't sure if this seemed a little high.
You're so welcome... It comes down to being able to afford what you purchase and not feeling 'too' tight each month. Congrats on your purchase and hope you're loving it!
Great video! We did these same calculations last year and bought in SW Calgary last spring. Great to see you share this process with people, very valuable!
unfortunately most of the listings in this price range are not available to those who will need a mortgage to purchase a home, the reason is Post Tension cables and the way CMHC assesses applications in post tensioned buildings.
Yes - I have a townhouse condo that was built in 1983. The post-tension cables in the underground parkade ceiling have cost a huge amount since 2008 when I bought it. Condo fees are $453 for me - but look out, an unexpected $4000 special assessment can hit you if more busted cables are suddenly found. A newer condo complex can have much lower fees and lower economic risk too.
Heres the reality, if you aint making over 100 as a household income. You will rent for life or never afford a home on ya own. Country is a joke for homeownership. I make over 6 fig alone and cant buy a home due to wealthy boomers looking to get a 3rd house or a foreign family coming to canada. Property taxes is a joke, bills are uncontrollable, condos are rip off. I just save for a good retirement and pour money back in south africa for a retirement home. 200k cad geta you a moutain ocean house living like a king.
I appreciate the comment but would push back on you not being able to afford a home because of wealthy boomers and foreign families. There’s more to that story than just this. If you make over 100k and there’s more for a household income depending on debts, expenses and more you should be able to purchase.
@ChamberlainGroup I've been out bidded 4 times so I gave up. All of those competitors were older as I'm 32 looking for my first home. I couldn't afford to throw in a extra 5-15gs. What do i do? What is an affordable home anymore, most them start almost half a mill in Alberta. Than I go for used and get outbid. I don't want a condo/ appartment cause I've been renting them for too long.
@@HemiJB91 totally fair and you’re not alone in this frustration. If homeownership is something you want to still consider or look at, then let us know www.chamberlaingroup.ca/contact/ sometimes getting the right advice can make the world of a difference.
Lmao this really puts to light how bad this is for our country and the standard of life we grew up on. People who have options the ones you want in Canada will leave
Let’s be real; the vast majority of people in Calgary are no longer paying 32% or less of their wages on rent or a mortgage these days. It’s not possible with these prices.
Things are really sad here, on an 85k salary as a single, you are still struggling. I bought a town, no car, can't afford to. What are people with kids doing, single parents sigh, just sad sad reality
So disheartening. You say "how do i cut costs or remove debt" but those numbers dont really show that anything could be cut - had zero debt. The house prices just need to collapse, and not just in Canada.
Then everything else would have to collapse. Steaks in restaurants $20-25 vehicles 50% down and anything you touch would have to be 50% less. I personally don't think so.
@jozefciszewski2074 If that's what it takes to get back to a little normality. With the way things are going, only the rich will be able to have children or retire. Is that what you want?
@@ChamberlainGroup My partner and I earn a lot of money, but we are from very working class backgrounds, so it is extremely sad to see the way the world has gone, with only wealthy families/high incomes being able to buy a house or retire.
Can't get my head around it how that can be done. All the crazy tech and everything connected with , it's simply impossible. Unless you have some magic ideas. @pjell
Thanks for the video. The tax calculation is not accurate, someone with 70k income in alberta pays 25% on tax and EI and pension in total. The 31% that was mentioned in the video is the marginal tax which is the percentage someone with this income pays for the next dollar they make over 70k (if one makes an extra 1000 they pay $310 on tax out of 1000).
We have a family of 6. We spend 500$ Max in groceries. We cook alot. You need to seat down and wrote down everything that is à need and things that are not necessary. You will see that you buy stuff that are not really needed. I shop at cotsco, superstore and Walmart
Super valuable insights! I’d be interested to see how rent costs would be incorporated into this conversation. Yes, mortgages are taking up >50% of the net income, but what would rental costs be? How do they compare?
@@ChamberlainGroupsometimes yes and sometimes no! There are certain costs and responsibilities you don’t have to worry about when renting! Especially if you don’t plan on living in one spot for long term!
What about adding to the calculations big boat and big RV. because people need toys right away 😂 hope little humor doesn't offend anyone. But hey,it's also true.
Hmm,you dont go far north our south, but you suggest Okotoks?? Not saying Okotoks is bad but not for someone who works in Calgary. You can take a Ctarin or drive 20 to 30 min to get downtown from almost every corner of Calgary.
It’s more about affordability. Homes typically cost less or you get more space for less money the further you are from the core. So going to Okotoks, Airdrie, Strathmore or any places like that are worth it for some to consider.
Thank you for watching and commenting. Unfortunately we don’t have a version that we can send out yet as it’s a tool our agents use with clients only at this point.
Thank you for watching. Unfortunately we don’t have a version that we can send out yet as it’s a tool our agents use with clients only at this point. If you want to chat with us about your plans or create a strategy feel free to connect here www.chamberlaingroup.ca/contact/
Could you PLEASE do the same kind of video for Toronto, I’m going to graduate engineering school soon and am considering future costs I would really appreciate it truely🙏🙏🙏🙏
We don't have Toronto info as we are in Calgary. I have partners that are in that area if you want us to connect you to them. Just let me know www.chamberlaingroup.ca/contact/
Household income is greater than just 70k which allows higher priced qualifications. They could also have more saved up for downpayment or using equity from an existing property to purchase too
@@ChamberlainGroup I understand even with 2 person income at 144,000 a year, you said your self, the house they could afford is a round $250,000 to 300,00 ish , not over $500,000? Most young people do not have 200,000 saved for a down payment?
DREAM ON PROPERY TAX A HUNDRED A MONTH AND INSURENCE FOR EIGTH HUNDRED TALK ABOUT LOW BALLING . SO YOU'LL HAVE TWO THOUSAND FOR LIGHT HEAT AND WATER', FOOD, CAR AND INSURENCE AND THE LOVE LY PHONES. TALK ABOUT PINCHING THE PENNYS
![Buying NW Calgary Houses for Sale [Pros and Cons]](http://i.ytimg.com/vi/ugA0QQiItRo/mqdefault.jpg)
I earn 50 k per year. I feel like its the time to live in tents. lol
Basically majority of the population
I make 85k a year and it isn't much better
Funny part is we are second largest country in the world where we cant afford a 1000 sqft house. Out of words here🥲
@sukhpreetsingh2662 poor leaders in Government with to much red tape and excess fees slowing construction. Then follow it up with an extra 1.3 million immigrants last year alone and expected to be the same this year. It doesn't take more then grade 4 math to figure out if you build approximately 220,000 houses per year and bring in 1.3 million people, you will end up with catastrophic housing issues. Calgary has less hospitals then in 1980 when I was born and the population is triple the size.
We are in very big trouble and to many people can not see what is coming.
We were approved for up to 450k. We moved to a small town in southern AB and spent 170k
4 beds 2 bath and mortgage will be paid off in 11 years or less
Amazing... more and more this is what some are choosing. The thought of living in a small town for some is super awful and others are excited, so hopefully you can love where you're living for those 11 years and beyond!
Sad state Canada is in right now. wages have stayed stagnant for decades and prices have sky rocketed on everything. If this every rebalances a lot of people will be in tears.
This is a fantastic video. I'll say this: If you can avoid a place with condo fees, do it because there is zero return on that fee. It's crazy some of the prices for these, but when I went to Kelowna, I almost pissed my pants laughing. An apartment in downtown Kelowna, I think it was 400 square feet, and the price was 1.1 million plus condo fees. There's no way I would pay that price for a hole in the wall.
Thank you for this, it gave us more confidence. As we make about 135k or so and purchased in the 370k range and weren't sure if this seemed a little high.
You're so welcome... It comes down to being able to afford what you purchase and not feeling 'too' tight each month. Congrats on your purchase and hope you're loving it!
Great video! We did these same calculations last year and bought in SW Calgary last spring. Great to see you share this process with people, very valuable!
That’s fantastic. Hope it was the right move for you!
Yes it totally makes sense..even if the banks approve you for 600k mortgage...it is a real question to ask ourselves...can we really afford it..?
unfortunately most of the listings in this price range are not available to those who will need a mortgage to purchase a home, the reason is Post Tension cables and the way CMHC assesses applications in post tensioned buildings.
That’s a great point. There are many that don’t have this if you’re looking at newer construction.
Yes - I have a townhouse condo that was built in 1983. The post-tension cables in the underground parkade ceiling have cost a huge amount since 2008 when I bought it. Condo fees are $453 for me - but look out, an unexpected $4000 special assessment can hit you if more busted cables are suddenly found. A newer condo complex can have much lower fees and lower economic risk too.
Heres the reality, if you aint making over 100 as a household income. You will rent for life or never afford a home on ya own. Country is a joke for homeownership. I make over 6 fig alone and cant buy a home due to wealthy boomers looking to get a 3rd house or a foreign family coming to canada. Property taxes is a joke, bills are uncontrollable, condos are rip off. I just save for a good retirement and pour money back in south africa for a retirement home. 200k cad geta you a moutain ocean house living like a king.
I appreciate the comment but would push back on you not being able to afford a home because of wealthy boomers and foreign families. There’s more to that story than just this. If you make over 100k and there’s more for a household income depending on debts, expenses and more you should be able to purchase.
@ChamberlainGroup I've been out bidded 4 times so I gave up. All of those competitors were older as I'm 32 looking for my first home. I couldn't afford to throw in a extra 5-15gs. What do i do? What is an affordable home anymore, most them start almost half a mill in Alberta. Than I go for used and get outbid. I don't want a condo/ appartment cause I've been renting them for too long.
@@HemiJB91 totally fair and you’re not alone in this frustration. If homeownership is something you want to still consider or look at, then let us know www.chamberlaingroup.ca/contact/ sometimes getting the right advice can make the world of a difference.
Lmao this really puts to light how bad this is for our country and the standard of life we grew up on. People who have options the ones you want in Canada will leave
Let’s be real; the vast majority of people in Calgary are no longer paying 32% or less of their wages on rent or a mortgage these days. It’s not possible with these prices.
What is going one? New townhouses are selling 500k now without any upgrades 😂
Things are really sad here, on an 85k salary as a single, you are still struggling. I bought a town, no car, can't afford to. What are people with kids doing, single parents sigh, just sad sad reality
So disheartening. You say "how do i cut costs or remove debt" but those numbers dont really show that anything could be cut - had zero debt.
The house prices just need to collapse, and not just in Canada.
It’s true. It can feel tight right now.
Then everything else would have to collapse. Steaks in restaurants $20-25 vehicles 50% down and anything you touch would have to be 50% less. I personally don't think so.
@jozefciszewski2074 If that's what it takes to get back to a little normality. With the way things are going, only the rich will be able to have children or retire. Is that what you want?
@@ChamberlainGroup My partner and I earn a lot of money, but we are from very working class backgrounds, so it is extremely sad to see the way the world has gone, with only wealthy families/high incomes being able to buy a house or retire.
Can't get my head around it how that can be done. All the crazy tech and everything connected with , it's simply impossible. Unless you have some magic ideas. @pjell
Real estate agents are the problem and why housing is so expensive in Canada with the world's largest real estate bubble. Do not buy house now
How are real estate agents the problem? That’s like saying the guy that stocks the watermelon is responsible for higher costs?
This might be the dumbest comment on the internet.
People who earn minimum payment, who comprise around 60% of population. Do they have right to live in a house in Canada in this situation?
Property taxes are 7% in most cities in alberta. It's way more than """$1200""" a year.
That is about what a 1 bedroom condo pays now for property taxes in calgary
For small simple condo this is what it is. I actually used the current mill rate for taxes to calculate it so it should be fairly close.
Literally you cannot find anything for under $300,000 anymore not even a crappy condo.
If you watch this weekends video there are options. are you looking for something? Let’s help you find it.www.chamberlaingroup.ca/contact/
Thanks for the video. The tax calculation is not accurate, someone with 70k income in alberta pays 25% on tax and EI and pension in total. The 31% that was mentioned in the video is the marginal tax which is the percentage someone with this income pays for the next dollar they make over 70k (if one makes an extra 1000 they pay $310 on tax out of 1000).
I'm jealous of these grocery budgets lol i cannot get our groceries down to less than $1200 a month (family of 4) because the costs have been insane.
tbh we too are a lot higher than this for our family of 4 too. I’ve heard of some doing a lot less but it’s a challenge for sure. 🍎 🍌 🥩 🤔
We have a family of 6. We spend 500$ Max in groceries. We cook alot. You need to seat down and wrote down everything that is à need and things that are not necessary. You will see that you buy stuff that are not really needed. I shop at cotsco, superstore and Walmart
@@orianekatrina5315lol 500 Canadian??? Absolutely no way.
This is so depressing, but thank you for making this video (not being sarcastic I put a like on the video).
You’re welcome! Appreciate the comment and watching!
Super valuable insights! I’d be interested to see how rent costs would be incorporated into this conversation. Yes, mortgages are taking up >50% of the net income, but what would rental costs be? How do they compare?
Is rent cheaper than ownership on a monthly basis?
@@ChamberlainGroupsometimes yes and sometimes no! There are certain costs and responsibilities you don’t have to worry about when renting! Especially if you don’t plan on living in one spot for long term!
I'm not qualified on mortgage. Right now I'm selling my townhouse.. hopefully big lump some downpayment.. without qualified from the bank..
If we can help in any way let us know www.chamberlaingroup.ca/contact/
What about adding to the calculations big boat and big RV. because people need toys right away 😂 hope little humor doesn't offend anyone. But hey,it's also true.
Don’t forget the lifted truck 🛻 to tow all of this.
Oh, that's right 😂
"I'm interested in buying, I've already seen some houses and I want to know if you also provide guidance?"
Absolutely we do. Connect with me here and I'll get you set up with the right partner on our team - Jared www.chamberlaingroup.ca/contact/
Hmm,you dont go far north our south, but you suggest Okotoks?? Not saying Okotoks is bad but not for someone who works in Calgary.
You can take a Ctarin or drive 20 to 30 min to get downtown from almost every corner of Calgary.
It’s more about affordability. Homes typically cost less or you get more space for less money the further you are from the core. So going to Okotoks, Airdrie, Strathmore or any places like that are worth it for some to consider.
@@ChamberlainGroupyou aren’t finding anything in Airdrie for 175K
@@RyanHarris-f1r that price range is hard anywhere now
Great video! Is the spreadsheet available somewhere?
Thank you for watching and commenting. Unfortunately we don’t have a version that we can send out yet as it’s a tool our agents use with clients only at this point.
If you want to chat with us about your plans or create a strategy with us feel free to connect here www.chamberlaingroup.ca/contact/
Google ChatGPT 😂🎉
❤❤❤❤ well knowledgeable!
Where can I get a copy of this spreadsheet to plug in my own numbers?
First off. Great username 👣… secondly we don’t have a public version of this. We use it internally with our clients at the moment.
Proof house prices are detached from average income
I MAKE 100K STILL struggling
It's nice analysis. Can we have access to this Excel sheet?
Thank you for watching. Unfortunately we don’t have a version that we can send out yet as it’s a tool our agents use with clients only at this point. If you want to chat with us about your plans or create a strategy feel free to connect here www.chamberlaingroup.ca/contact/
The only problem is you have no chance of passing the stress test.
YES... that would make it even tighter for sure. Great point.
Useful!
thank you for this ! 👌👌👌🙌
You’re welcome! I hope it helps. If we can help further just let us know www.chamberlaingroup.ca/contact/
Could you PLEASE do the same kind of video for Toronto, I’m going to graduate engineering school soon and am considering future costs
I would really appreciate it truely🙏🙏🙏🙏
We don't have Toronto info as we are in Calgary. I have partners that are in that area if you want us to connect you to them. Just let me know www.chamberlaingroup.ca/contact/
I make 140, and total a year of 171k, and was barely able to be approved for 750 house
The best option is just rent for life!
Lethbridge? How you gonna earn in Lethbridge? I aint pooping gold
10% is not enough lol you need like 20% or more
It’s robbery ! 🤷🏼♀️
Who are buying all these homes for over $500,000?
If most people make $70,000 a year?
Household income is greater than just 70k which allows higher priced qualifications. They could also have more saved up for downpayment or using equity from an existing property to purchase too
@@ChamberlainGroup
I understand even with 2 person income at 144,000 a year, you said your self, the house they could afford is a round $250,000 to 300,00 ish , not over $500,000?
Most young people do not have 200,000 saved for a down payment?
@@sheilarae354 with 145,000 income and 10% down they could qualify for much more than $300k.
DREAM ON PROPERY TAX A HUNDRED A MONTH AND INSURENCE FOR EIGTH HUNDRED TALK ABOUT LOW BALLING . SO YOU'LL HAVE TWO THOUSAND FOR LIGHT HEAT AND WATER', FOOD, CAR AND INSURENCE AND THE LOVE LY PHONES. TALK ABOUT PINCHING THE PENNYS
WHY ARE WE YELLING?!?!? 😬
Nothing cause your poor… find a basement to share lol