Look4chrisng

I am not trying tell that 60k person went to buy a $700k house.

I am just trying to show the cost of $700,000 in Vancouver. And the fact that you can buy a crack shack in Vancouver with 700k.

Look4chrisng

回復  Look4chrisng

咁買親樓都係 30-40 年嘅committment啦，咁你覺得uncomfortable嘅話就look for other ...
fibbi 發表於 2010-9-28 15:39

    That is also assume mortgage rate is at histortric  low point for next 30yr.  Try run the number when mortgage is 10%? or like 18% during 80's

Look4chrisng

回復  Look4chrisng

咁買親樓都係 30-40 年嘅committment啦，咁你覺得uncomfortable嘅話就look for other ...
fibbi 發表於 2010-9-28 15:39

I think it is irresponsilbe to think this should be a 30-40 committment.  Mortgage yourself to 65?  That is not a good committment to make.

Look4chrisng

回復 121# fibbi

try run the number with 10% interest.

Look4chrisng

回復 144# fibbi


    pls minus insurance for your house $100/mo and Life insurance $50/mo

Then you have $50 savings every month.

To be fair.  $50 saving per month is lot.  Considering saving rate in -ve in Canada.

Look4chrisng

Only if life is that simple.

You have to live in a perfect world when TV/washer/mircowave/car/glasses/tires/20 co-pay on dental and drugs, retirement never exist.

Also, take parents to McDonld's for their Birthdays. And buy moon cake on the 16th. etc.

AA when dating girls. And have them ride for buses/skytrain.

That is very portion of the fixed costs in life.

Look4chrisng

Everyone (unless you are the one and only in your family)should buy life insurance.  That is part of being a responsible adult.

Look4chrisng

回復 166# fibbi

Where is the money come for when your friends get married ($100/ea wedding dinner), If red bomb come 3x a year, you are not going out of your home of anther 3 mo?   Christmas gift, Boyfriend birthday? New mattress? computer repair. Special assessment for condo repairs.  The list go on and on.

At least, in my life these extraordinary event happens every month.  But this is just me.  


So, iIt is barely affordable for people with strong will and that is when interest is at the lowest.  Cost of money can't stay the low forever.  In fact there is 3x .25 interest in less 6mo.  

And do you believe in savings for retirement, or just to plan on living in CPP?

It is only affordable if we live in a very special perfert world

Look4chrisng

fibbi,

If I am still single.  I marry you for sure.  
My wife spends $35 on haircut.  That will for sure blow my gocery budget.  That is almost a week of gocery for in your budget.

Look4chrisng

回復 203# fibbi


2 of them are 200k for 400-500 sq ft. for 30yr apartments.
1 of them seems a good deal.  But may require 50% down payment for Bank to lend you a mortgage (read: huge acessement coming),

Fibbi, if you ever buy real estate.  Please, please please talk to a "fee" based financial advisors (ie not a realtor).

Just remember that.