Rolling Chassis In Apartment | Page 5 | GTAMotorcycle.com

Rolling Chassis In Apartment

K20EF8

Well-known member
Like I said before, carry on with the excuses and pay an investor's mortgage with your rent -- or -- make a plan and get into the game, your choice.
If you're an average Toronto income earner, put away 15% of your gross income into an RSP ($8600) AND all of your tax refund ($2900). In 3 years you should have $35K. If your partner does same, $70K between you. Unless you have scortched credit, any bank will lend you almost $900K. To be reasonable, an entry level home at $700K with a $650K mortgage is a no brainer, mortgage payments under $3K/mo.
What banks are going to lend 900K to a couple with combined income of 100K?
Thats a $4300 monthly payment. Add in property tax, utilities, CMHC, maintenance etc and thats a $6000 a month cost, $72000 a year. That's 90% of their after tax income. No bank will allow that debt ratio.
Even if the mortgage was $650K, thats still 65% of their after tax income all said and done.
 

Mad Mike

Well-known member
What banks are going to lend 900K to a couple with combined income of 100K?
Thats a $4300 monthly payment. Add in property tax, utilities, CMHC, maintenance etc and thats a $6000 a month cost, $72000 a year. That's 90% of their after tax income. No bank will allow that debt ratio.
Even if the mortgage was $650K, thats still 65% of their after tax income all said and done.
No conventional lender will give you $900K on a $100K income. If you have a below average incomes (the average in Toronto is approx $58K), you have 2 choices -- earn more or scale back your expectations.

As for a bank lending you $650 with $70K down and 2 average Toronto incomes? Allowing for $40K in other debts, you would have a total debt score of 40 -- that mortgage is a no brainer at every Canadian bank.
 

Gary

Well-known member
Site Supporter
I searched for individual income statistics but to no avail. All I can find for the 80s is household income. Either way that works out in your arguments favour, not mine. Number of income earners in a household has increased since 1984 (more woman work now), meaning the household incomes in 1984 were made up more of single income earners, yet despite this adjusted household income has barely risen.
Your average salary doubling argument is laughable, that's not the way it works and you could apply that to 1984 as well.

Face it, your generation had it easier.
I bought my 1st house in 83. Please. Stop the bs.

Thanks.
 

J_F

gringo diablo
Site Supporter
women didn't work in the 80's? lol
it was not actually a Leave It To Beaver time
someone has some very inaccurate historical understanding
 

Mad Mike

Well-known member
women didn't work in the 80's? lol
it was not actually a Leave It To Beaver time
someone has some very inaccurate historical understanding
women didn't work in the 80's? lol
it was not actually a Leave It To Beaver time
someone has some very inaccurate historical understanding
Sadly the belief that parents had it so much easier is a common belief among the millennial generation. Having lived thru that time as an adult, I just laugh when I hear them complain about how easy it was for their GenX parents. Funnier are the unsophisticated arguments to explain why things are so much harder today (as in this thread).

Certainly there are differences, things change over time.

This thread has headed a bit off course, probably best to take it to the Romper Room if anyone wants to carry on discussing the differences between GenX vs Millennials.
 

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