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Not sure where you got the numbers but to buy a 1m condo in Toronto would require closer to 250k not 60k. And that isn’t taking into consideration the condo wil
by jdtbuchanan 6y ago
Not sure where you got the numbers but to buy a 1m condo in Toronto would require closer to 250k not 60k. And that isn’t taking into consideration the condo will also be up 8-10% next year.
- andi999 6y agoMy numbers are from the article linked in the post I answered to.
- elixirnogood 6y agoI don't think you can get a mortgage with a 6% downpayment anymore. Canadian real estate is a scam. Banks would lend to anyone with a 5% downpayment. The mortgages are insured by the government (CMHC), so essentially all the taxpayers are on the hook if the real estate market implodes. Banks will be fine though as usual.