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What a crock of shit. It's not luxuries, it's the current economic structure. Denial is a river that runs through Canadian property owners at flood volumes.

Here, listen to a Canadian who actually knows economics. Note that the 416 is Greater Toronto, but this applies at least two-fold to Hongcouver.

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Dick and Jane (not their real names) want to buy a SFH in 416. It costs $1,145,892 (the average). With land transfer tax, but not counting other closing costs, the actual price is $1,184,677.

D&J have no choice but to cough up a 20% downpayment, since no lender will provide them with CMHC insurance on the mortgage amount. If default coverage was available, they could get away with 95% financing. But for almost seven years now there’s been a million-dollar cap, imposed by Ottawa. That made sense in 2012, when the same house was changing hands for $728,800.

So these guys need to have $230,000 in cash, plus another $39,000 for closing taxes in order to buy, with a mortgage exceeding $900,000. Monthly payments will be about $4,700. Adding in property tax, heating costs and insurance brings that to $5,700. The allowable GDS (gross debt service) ratio is 35%, so Dick & Jane must earn $170,000 to pull this off.

That’s seven times the national median income, and just twenty grand below the threshold for being in the top 1% of all individual earners. And, sadly, $1.1 million currently doesn’t buy prestige in Toronto.


[www.greaterfool.ca]

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Subject Views Written By Posted
Nearly half of Canadians come within $200 of bankruptcy: survey 668 Eddie Larry 21-Jan-19 16:26
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 94 drrayeye 21-Jan-19 20:19
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 93 Eddie Larry 21-Jan-19 20:55
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 82 drrayeye 22-Jan-19 03:36
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 82 Archaic 22-Jan-19 16:53
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 76 drrayeye 22-Jan-19 18:26
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 107 Eddie Larry 22-Jan-19 19:00
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 70 drrayeye 23-Jan-19 16:22
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 76 Eddie Larry 23-Jan-19 16:38
Canadian railways ration space as commodity congestion problems worsen 85 Eddie Larry 22-Jan-19 05:35
Fiscally, Canadians are idiots 104 Jock 22-Jan-19 09:02
Re: Fiscally, Canadians are idiots 92 Jock 22-Jan-19 09:06
Re: Fiscally, Canadians are idiots 87 Eddie Larry 22-Jan-19 16:19
within $200... 93 Racho 22-Jan-19 16:22
Re: within $200... 102 Eddie Larry 22-Jan-19 16:31
Higher taxes aren't good for anyone 74 Racho 24-Jan-19 17:14
Re: Higher taxes aren't good for anyone 70 WhoWeird 24-Jan-19 17:34
Re: Higher taxes aren't good for anyone 70 Racho 24-Jan-19 17:43
Re: Higher taxes aren't good for anyone 72 WhoWeird 24-Jan-19 17:54
Re: Higher taxes aren't good for anyone 67 Racho 24-Jan-19 19:20
Re: Higher taxes aren't good for anyone 67 WhoWeird 24-Jan-19 19:29
Re: Higher taxes aren't good for anyone 69 Racho 24-Jan-19 19:31
Re: Higher taxes aren't good for anyone 70 WhoWeird 24-Jan-19 19:33
Re: Higher taxes aren't good for anyone 69 Eddie Larry 24-Jan-19 20:39
Re: Higher taxes aren't good for anyone 75 Racho 25-Jan-19 06:15
Re: Higher taxes aren't good for anyone 68 Eddie Larry 25-Jan-19 15:33
Re: Fiscally, Canadians are idiots 81 Poster Boy 25-Jan-19 05:16
Re: Fiscally, Canadians are idiots 72 Jock 25-Jan-19 05:30
Re: Fiscally, Canadians are idiots 77 Poster Boy 25-Jan-19 05:40
Re: Fiscally, Canadians are idiots 73 Jock 25-Jan-19 07:24
Jock : idiot 78 Poster Boy 25-Jan-19 15:08
Re: Jock : idiot 72 Jock 25-Jan-19 18:05
Re: Jock : idiot 84 Poster Boy 25-Jan-19 19:14
Re: Jock : idiot 82 Jock 25-Jan-19 22:10
Re: Poster Boy : idiot 75 Jock 28-Jan-19 21:10
Re: Poster Boy : idiot 128 Poster Boy 29-Jan-19 02:05
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 94 Archaic 22-Jan-19 16:55
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 88 Eddie Larry 22-Jan-19 18:14
Trudeau on track to become highest spending PM outside of war or recession 79 Eddie Larry 23-Jan-19 18:28
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 100 Notinham 23-Jan-19 21:52
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 126 Eddie Larry 23-Jan-19 22:03
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 78 Jock 24-Jan-19 12:40
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 79 Eddie Larry 24-Jan-19 14:32
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 88 Notinham 24-Jan-19 15:14
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 80 Eddie Larry 24-Jan-19 15:32
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 90 Notinham 24-Jan-19 16:28
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 76 Eddie Larry 24-Jan-19 20:41
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 85 Notinham 25-Jan-19 01:11
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 85 Warwick 25-Jan-19 01:32
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 86 Notinham 25-Jan-19 03:41
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 69 Poster Boy 25-Jan-19 15:21
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 72 Poster Boy 25-Jan-19 16:14
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 74 Eddie Larry 25-Jan-19 17:54
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 80 Poster Boy 25-Jan-19 18:02
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 67 Jock 04-Feb-19 06:03
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 68 Eddie Larry 04-Feb-19 12:36
Re: Nearly half of Canadians come within $200 of bankruptcy: survey 69 Jock 05-Feb-19 07:28
economic reality 61 Warwick 05-Feb-19 19:48
Re: economic reality 66 Eddie Larry 05-Feb-19 23:48
Re: economic reality 60 Jock 06-Feb-19 03:10
Re: economic reality 63 Eddie Larry 06-Feb-19 04:08
Re: economic reality 58 Jock 06-Feb-19 03:14
And here is where the rubber meets the slippery, slippery road 69 Jock 06-Feb-19 22:02
Re: And here is where the rubber meets the slippery, slippery road 101 Jock 08-Feb-19 07:52


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