4 ms·
Same in Canada. I am in the top 3% of wage earners in the entire country and can not "afford" to buy. Average price is > 1 million. At > 1 million, a 20% down p
by beiller 5y ago
Same in Canada. I am in the top 3% of wage earners in the entire country and can not "afford" to buy. Average price is > 1 million. At > 1 million, a 20% down payment is required in cash. That would basically take my well balanced portfolio into pure real estate holdings not to mention a massive tax hit to sell 200k+ of my portfolio. I used quotes in afford because I could afford it, but I feel it would be a huge mistake
- refurb 5y agoSounds like you need to grow balls like your fellow Canadians and go “all in”. Most folks I know buying throw every dollar they have into a house plus a hundred thousand from the bank of mom and dad. You’ll never be able to afford unless you do it.
- beiller 5y agoI'll stick with never. Rents keep dropping. It's almost like it's... pure speculation with no fundamentals. Surely that can't be the case, otherwise rents would keep dropping! Oh no!
- itwy 5y agoRent is not dropping. It is going up, rapidly.
- beiller 5y agoOh you checked the numbers for me? Oh darn. If rent is rapidly going up and purchasing is more and more impossible, I guess the only natural conclusion is everyone making mid six figures will all be unable to live in homes any more. Maybe even homeless? I should probably just drop out.
- nthtoss 5y agoSimilar story here. We modified our expectations and bought a smaller home AND kept the well balanced portfolio. So far so good.