Quote:
Originally Posted by The Yen Man
I still think houses right now are pretty much the correct market rate here in Calgary. IMO, people who are expecting some sort of market correction will be waiting for something that's not going to happen. People talk about our situation here like we're Vancouver, and that house prices are so high that they're unattainable, but that's simply not true.
My starter home is $400K. With 20% down on a 25 year mortgage, it works out to roughly $800 bi-weekly. A couple with decent jobs should be able to make that payment pretty comfortably IMO. That's roughly $20K in after tax income per year.
A regular AP position at most companies pay $40K a year. Its pretty easy for most people to earn $60K in this city. Lets say a couple earns $100K combined a year. After taxes, you should still have roughly $70K in earnings. How the heck can you not afford $20K of it on a house?
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How long did it take for you to save for your $80K down payment?