Quote:
Originally Posted by LockedOut
Is anyone able to answer this? What kind of annual income would an individual or a couple need to be making, minimum or recommended, to afford an average priced home in Calgary, which I believe is around $460,000, on a 25 year mortgage? 40 year mortgage?
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Depends on what you have to put down. If you have 5% than you'd need to be making about 100 as a couple for a 25 year mortgage right now. The thing thats hurting most people is the down payment for a 460k house as 5% of that is 23 g's.
But the question people have to ask themselves is do you need to start out in an average house? It's called starting because you have to get in and build your way up. Get the 14500 together for a 250k condo, use that help save up money. If the market continues to go up and your condo is worth 280k a year later, suddenly you have 30k plus the 14 k you put in and you can upgrade. It's not the mortgage payment people can't afford, it's the down payment. But a lot of people fail to see that, even if the market goes down, the first thing to go generally is middle range to upper mid housing. So if your in on the low end of the scale you generally won't take a bath.