Quote:
Originally Posted by nik-
Sometimes a number that technically works on paper during a stress test doesn't really work in the real world. It doesn't need to be fraud, it can just be underestimating what "tight budget" can actually mean.
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I've also seen examples where people are buying a house with a basement suite and the broker works the rent of the suite into their income.. before the house is even built or the suite is even rented... not sure how that works.
I've also seen people who are buddy buddy with their broker in houses I can't even understand how they afford.
I guess if you just keep leveraging your equity you can keep upgrading/renovating houses... but I mean eventually you have to pay that lump sum off, or work for the rest of your life.
We've played it very safe during this covid situation, watched a lot of people make big moves, build their dream home on record low interest rates.. all I know is if winter is coming we will be in good shape to weather the storm..