Quote:
Originally Posted by Winsor_Pilates
Unless I'm reading it wrong, RBC is saying Calgary and Manitoba are actually more affordable now than their 25 year average.
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Of course Calgary is more affordable if you put $100,000 down on a $400,000 house....
The report is based on 25% down on a 25 year mortgage.
6 years ago putting 25% down on a 150,000 house was a little easier...... The only ones putting 100k down for a down payment are those who were in the market before the boom and made a killing. Wages haven't changed that much in the past 10 years to make up the difference. People saving up for a house aren't putting down 100k. 7 years ago could they have saved up 35 - 40 k over several years, or by selling a property for a small gain? Yup... Pretty tough for those who bought after 2005 to make 100k on their properties right now.
25% down is the only way someone making 90k a year can get approved for a 420,000 mortgage right?