Quote:
Originally Posted by Frank MetaMusil
This townhouse is $310k in Silverado (next to Spruce Meadows) 
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Who the hell wants to live in Silverado??
Quote:
Originally Posted by MoneyGuy
The biggest mortgage I ever had was $65,000 and now I have young clients (I'm a financial planner) who have 400,000-plus mortgages.
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I'm curious how much you made at the time you got your $65,000 mortgage. Did it seem big at the time?
I know talking to many people in their 50's and 60's that they had a mortgage at one time that they pooped their pants signing the papers and looking back it was something we laugh at now, like $80,000 or $100,000.
I think you old guys need to figure out your $60-$80K mortgage is our $300-$400K mortgage.
Calgary isn't a small town like it was in the 70's and 80's. The price of real estate realative to incomes is quite a bit higher, and incomes are obviously MUCH higher. I think the majority of these young people with giant mortgages will do just fine, as they are obviously in a decent earning position if they can qualify (assuming no parent co-signers).
My parents rented until they were in there 30's and had a massive debt load even past that. If you saw where they are at now in their 50's you realize that you will hit a point in the cycle some time in your working life where your wage goes up significantly while your debt payments stay the same.
This recession was good for a lot of people in their mid 20's to realize that jobs aren't always guaranteed, real estate doesn't always go up, and risk investments never go down.
I think some older people in this thread are a little delusional about the state of their finances in their 20s.