Quote:
Originally Posted by blankall
A lot of people who are already in the market will have that equity built up. Additionally, many dual income couples who are 35 or so should be able to save that much. You can each take out $35k from your RRSPs.
There's also the trend of generational transfers. As that trend spreads to other cities, which it will, you'll see more first time buyers jumping in with $1-$300k down payments.
These are all the downfalls of cheap money. The government has been printing money and lowered interest rates to all time lows. This is the inevitable outcome.
I'm not suggesting that everyone should just jump into a $800k house as their first house. You will be surprised, however, just how many people will have access to that $160k.
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Do you have any evidence supporting this stuff? I think you'd be surprised how many people DON'T have access to 160k. Sure, those that have been in the market for > 10 years may have it, but I'd say around 1 in 20 first time buyers have 20% down, and far fewer on 800k homes.
Most dual income families around the age of 35 do not have $160,000 in liquid assets readily available for down payment.