Motorcycle Mike
Well-known member
New townhouses in my neighborhood, hurontario and eglinton are being built and will sell for around $700k, and $200+ maintenance fees every month.
Google the marquee townhomes.
Another question for the trades guys here
- Thread starter Mongrel
- Start date
Google the marquee townhomes.
I remember when I looked in that area, closer to Grand Hylands golf course, and an 1800 square foot detached was $200k
I don't understand those developments. I don't understand who in their right mind would plop $700k for a townhouse when you can literally drive 2 minutes in any direction and get a fully detached house for that much or less.
Motorcycle Mike
Well-known member
Yep, a couple weeks ago there was a fully detached house selling just across the street from these for around $650k or something... 2000+ square feet, double car garage, etc..
Although not for me, I can understand it to some degree. Whoever buys in there won't have any condo headaches (elevators, common parking etc), they'll have a double car garage, pool, and pretty much all maintenance done for them -- so pretty much the ultimate condo if you have the money.
Personally I'd rather do the work myself or hire someone but own a freehold property.
For sure! Imagine the rules that the condo board could come up with that you'd have to follow or pay for.
Purchase price shouldn't be more than 2-3 your annual income, which makes you wonder wtf are people in the gta doing. Cause the average income isn't 300-500k
What goes up must come down. Happens to stocks, and houses. Dont believe it?
Ask the millions of people in the states. They were all just as smart as you...now look where they are.
You're clearing ~$4800/month? Is that what's considered a decent income nowadays? Not being facetious here, just curious.
That's pretty damn good. That's what the senior engineers make at the plant I work at.
No matter what home values go up. Don't you believe it... just like the stock market things may go up and down but LONG term not year to year LONG term there will always be gains like income and taxes and inflation. Sounds like you are renting paying some one else's mortgage. Looking for a place in Oakville?
Same type of sheeple who will blow $1000+ for an iPhone rather than an Android thats more than half the price.
It must be better because it costs more, right?
Windows phone 1/5th the price, thank you very much.
I couldn't afford my house if I was buying now. And as much as I love it, I wouldn't even if I could.
the bandit -- I don't remember exactly where in Oakville, but I did some work on an end-unit laneway townhouse that had a bachelor apartment above the detached garage. Was done by the builder. When I'm ready to become a landlord, that's what I'm looking at.
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Red_Liner740
Well-known member
To be honest, i have no idea.
Looking at prices in GTA, and the $$ that on paper you need to support such a lifestyle, im a pesant. Lol.
For me its more than enough. 4 years ago i was making 40k and supporting slightly smaller monthly bill load. Through austere thinking i maintained same bill load while increasing income.
Its not how much you make. Its income vs expeditures. As long as your income is above expeditures youre ok.
So what do ppl consider a decent wage? 60k, 80k, 100k?
Looking at prices in GTA, and the $$ that on paper you need to support such a lifestyle, im a pesant. Lol.
For me its more than enough. 4 years ago i was making 40k and supporting slightly smaller monthly bill load. Through austere thinking i maintained same bill load while increasing income.
Its not how much you make. Its income vs expeditures. As long as your income is above expeditures youre ok.
So what do ppl consider a decent wage? 60k, 80k, 100k?
This crap again? different country, different banks loaning, different loan rules, there is a reason we in Canada didn't suffer as much as the rest of the world in 2008. Yes the prices of homes will come down once there is no longer demand, it is part of how the capitalism system works.
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Riceburner
Well-known member
Wondering....when has there not been a demand for housing in the GTA?
Exactly!
Paul's point is that because people are borrowing above their means to buy these homes, eventually people will start defaulting and the 'bubble' will explode. However I read an article yesterday that said that according to stats, the percentage of people defaulting on the over 90 day late payments are decreasing, so Canadians are actually getting better at making their payments.
i know in my case if I hadn't made some smart financial decisions in the pass same with my wife, the bank would have never allowed us to borrow enough money to buy the current house we live in and just sold for a nice profit. After going through the experience of buying 3 houses now, I think the banks do a pretty good job in keeping people in check.
Back on topic - A good salary is really dependent on where you live and work and your spending habits, like Red_line said what you make vs what you spend. I know people that make 100+ (which really isn't that much these days) and are broke and others that make 60+ and live within their means and do ok.
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I think bringing home 5k every month is an excellent wage, that's 60k/year cash.. that works out to something like 85k pre tax? I have no idea what people in other fields make. $100k/year after everyone takes their cut is about $5800/month. Surely 80-100k/year is considered a 'good' income still?
What does a typical family doctor make? How bout a lawyer shuffling papers 80 hours a week? IT admins? Investment advisors at banks? Curious
What does a typical family doctor make? How bout a lawyer shuffling papers 80 hours a week? IT admins? Investment advisors at banks? Curious
I've cleared $80k before tax but that's not my normal salary. It doesn't go that far and the math says I can't buy a house so not being able to afford a house doesn't sound like a great income to me. Depends where you live, though. I thought it was pretty decent until this discussion, lol.
Doctors make hundreds of thousands a year. Knew a 28 year old doctor that was complaining that he had to pay $300k in taxes because he made so much. The other doctor I know (know him through her, actually), only works 3 days a week and is making well into 6 figures.
The cut-off for the top 10% earners in Canada is just over $80k per year.
http://www.cbc.ca/news/canada/who-are-canada-s-top-1-1.1703321
National average is $38,700. Obviously that is skewed by the GTA. But I think it's safe to say our (mine included) ideas of a decent wage may be out to lunch.
