Quote:
Originally Posted by Lt.Spears
To save up the 10-20% required for a DP shouldnt take that long, its the payments that are going to own you, Try telling a 1-2 year grad who makes 55K a year, that he has to spend over 1/2 of his monthly net income alone on mortgage payments. Makes it almost impossible to do.
There is a reason people are getting married/having kids at 30+ now instead of in their 20's, because its basically impossible to do.
|
But how does that compare to 30 years ago? The average price for a house in Calgary in the early '80s was about $100,000. Given the interest rates and amortizations available at the time, you'd be looking at paying about $12-13K a year in mortgage payments. In today's dollars that's about $28-30K or about $2400 a month.