Quote:
Originally Posted by GP_Matt
The $100000 mortgage taken out in 1980 at 19% interest works out to a monthly payment of $1540. Plugging that into the bank of Canada's inflation calculator it yields an inflation adjusted monthly mortgage payment of $4400. Using today's 4% interest rate you and a payment of $4400 you could buy a house worth $840000.
High interest and inflation can be a real bitch when they are working against you.
|
You could buy a house in Shaughnessy for 100,000 in the 80's, my first house in Port Coquitlem on a 1/4 acre was about 80,000 in '87.