Quote:
Originally Posted by blankall
$200k condo huh?
Here's the issue. The condo you're talking about costs $400k. Then when you afford that, how do you move up into the house. It takes another decade of savings. Even in Calgary, which is in the middle of a recession, that's far more difficult than it was a year ago.
Also do you really think it's a good idea to advise people to be putting down a 4% down payment? Let's be realistic, if you don't have 20%, it's probably a bad idea....
40% of $400k is $160k. Let's say you have a minimum wage job at $60k/year, which leaves you with roughly $45k after taxes....Do the math on that one? And that's to move your family into a cramped condo in Calgary, which is going through a recession.
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You missed the part about "timing the booms and busts well". If you can do that, three years.
If not, well... I guess you're screwed
