Quote:
Originally Posted by oilers_fan
The problem is though, even a place for 250-350 is completely unaffordable for a person like myself. I make about 50,000 a year, but being a single income guy, I can't afford anything in Edmonton, let alone Calgary. I dropped the ball by not buying something last year...anything.
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Assuming you have a 5% downpayment (and if you don't you can borrow from family/your own RRSP), how can $1620 a month in mortgage payments be classified as unaffordable for a guy making $50K a year? (for a $250K property) As a single guy you can even rent out a bedroom or two to cover some expenses. It's cheaper than renting a 2 bedroom condo in downtown Calgary! Unless you got credit card debts up the wazoo.
Besides, if you're a single guy you can even lower your budget to below $250K since you'd only need 1 bedroom or even a studio bachelor suite will do. There are often inner-city bachelor pads for $210K or less if you bothered to look.