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chemgear · 05-22-2011, 07:35 AM

"It's okay, HAM (Hot Asian Money) will save us all!"

http://www.financialpost.com/persona...203/story.html

Take a 750 square unit. If you are going to buy the unit for $550 per square foot, that’s $413,000. You put 25% down and you have a mortgage of $310,000. Based on variable rate mortgage at 3% with a 25-year amortization, your monthly payment is $1,475. Add monthly fees of $345 for condo maintenance and $345 for property taxes and you are up to $2,200 in costs.

Newer buildings in Toronto are generating $2.26 per square foot but even at that rate, it only generates about $1,700 per month.

http://www.financialpost.com/persona...251/story.html

Homeowners put 72.1% of their pre-tax income toward homeownership costs, including mortgage payments, utilities and property taxes on a typical detached bungalow in Vancouver during the three months ended March 31, 2011. That was up 3.4 percentage points from the last quarter. Toronto’s affordability index came in at 47.5% (up 0.8 of a percentage point), Ottawa stood at 39.0% (up 0.4 of a percentage point), Calgary was at 35.9% (up 0.9 of a percentage point), and Edmonton at 31.5% (up 0.5 of a percentage point). Montreal is now also losing its affordability status, with home ownership costs up 2.0 percentage points to 43.1% in the quarter, the report said.

05-22-2011, 07:35 AM	#1870
chemgear Franchise Player Join Date: Feb 2010 Exp:	"It's okay, HAM (Hot Asian Money) will save us all!" http://www.financialpost.com/persona...203/story.html Take a 750 square unit. If you are going to buy the unit for $550 per square foot, that’s $413,000. You put 25% down and you have a mortgage of $310,000. Based on variable rate mortgage at 3% with a 25-year amortization, your monthly payment is $1,475. Add monthly fees of $345 for condo maintenance and $345 for property taxes and you are up to $2,200 in costs. Newer buildings in Toronto are generating $2.26 per square foot but even at that rate, it only generates about $1,700 per month. http://www.financialpost.com/persona...251/story.html Homeowners put 72.1% of their pre-tax income toward homeownership costs, including mortgage payments, utilities and property taxes on a typical detached bungalow in Vancouver during the three months ended March 31, 2011. That was up 3.4 percentage points from the last quarter. Toronto’s affordability index came in at 47.5% (up 0.8 of a percentage point), Ottawa stood at 39.0% (up 0.4 of a percentage point), Calgary was at 35.9% (up 0.9 of a percentage point), and Edmonton at 31.5% (up 0.5 of a percentage point). Montreal is now also losing its affordability status, with home ownership costs up 2.0 percentage points to 43.1% in the quarter, the report said.