Quote:
Originally Posted by Street Pharmacist
I just keep doing the math in my head and it's insane. $90,000 a year mortgage payment and you're take home is maybe $200,000. How do you make that make sense? I get that leaves $110,000 after mortgage, but it's still insane.
What makes it worse is I got the sense that they don't share bank accounts and are paying it 50/50. If so, that's well north of 50% of his net income. Then the realization that no matter what investing you do, almost the entirety of your net worth is subject to the whims of the housing market
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It is very expensive but they likely have a rental suite in that property paying $2000-$3000/month.
They probably also see it as their primary investment strategy being how well Vancouver real estate has appreciated and being a tax free gain as a principal residence.
So being "subject to the whims of the housing market" isn't a consideration people here make.