Quote:
Originally Posted by mrdonkey
Super. Doesn't help Vancouver one bit.
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Quote:
Originally Posted by TorqueDog
• The home must have a purchase price of less than $750,000.
Okay, well clearly this means buying in Vancouver is out.
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Depending on your definition of Vancouver (proper vs. GVA), there are literally thousands of homes priced below $750,000 at this moment.
Quote:
Originally Posted by TorqueDog
• The combined gross household income of all people on title must not be more than $150,000.
Who the hell is buying a home valued as high as $750,000 with a combined gross income of $150,000 or less? Can you afford it? Sure. Should you spend that kind of money on a home with only $150k in gross yearly income? Probably not.
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Using the CIBC mortgage calculator, if you earn $150,000, you can borrow $700,000. Everyone spends their money differently, according to their own values. Some people want to travel the world for two months of the year. Others want the latest car. Some want to save every penny. Others want a more expensive home. I hate when people say you shouldn't buy a home, because they wouldn't do it.
As a Vancouver resident, I know many people that own homes in GVA that people who don't live in the market think is crazy. People in New York might think the house is a bargain. People in rural Saskatchewan will tell you they could buy hundreds of acres for the same price. People in Vancouver have made the decision that they want the lifestyle, climate, etc. and have decided to allocate more of their earnings towards housing costs than previous generations, or other cities have. If they determine that the costs outweigh the benefits of living here, then they move to other places.