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The top 1% of Canadian earners earn $200k. Mortgages here are typically 4x your salary, so even with a modest 5x mortgage one would still need a $400k downpayme
by glouwbug 4y ago
The top 1% of Canadian earners earn $200k. Mortgages here are typically 4x your salary, so even with a modest 5x mortgage one would still need a $400k downpayment to purchase the average detached home worth $1.4m, and average is not pretty. Imagine a rustic 1970s build where the walls depress deeper than our spirits. Something like East Van
- MuffinFlavored 4y agothis is only true because of demand aka, as you allude to, 99% of canadians don’t have $400k to put down or $200k/yr for a monthly mortgage payment but i’m guessing supply is gobbled up by people who do meet those criteria. buyers abroad? investment firms? it’s a weird thought. “only 1% of canadians can afford an average house, yet prices are high because that’s what those who can afford them agree to pay”