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COVID and the housing market
- Thread starter mimico_polak
- Start date
That's to be affordable. There hasn't been affordable rent for quite a while. By that metric the vast majority of mortgages are also not "affordable". Mortgage interest + property tax + utilities + maintenance exceeds the 30% threshold for most people (and that assumes you never pay prinicipal)
I worked for Habitat for Humanity. Our shirts were emblazened with "Everyone deserves a decent place to live". Most employees were not paid enough to meet the minimum income threshold required to buy a Habitat house. (yes you buy them - they are NOT free)
I've always enjoyed a good double standard.
I've always enjoyed a good double standard.
I'm almost certain at least 50% of the population doesn't have those numbers.
If you've played MMORPGs, engage a PvP mindset: those are your targets, 50% are already losing hard, just climb over them and take their ****!
I agree
It would be interesting to know the basis for the minimum income thresholds. The main concern is that the numbers are being crunched by people that don't have the problem. Some people become very innovative when under pressure. They learn to think outside the box. Some privileged types are having a bad day if their name on their latte cup is written in the wrong font.
I think a lot of media intentionally causes panic/disruption because it's lucrative. At the same time, here's my expense breakdown (year):
Mortgage is $33 800
Maintenance $7 200
Food (min, not eating out) $6 000
Utilities $1 800
Property Tax $2 000
"Oh **** I didn't know I needed that" $2 000 (may or may not be used, just keep this budget around)
Total: $52 800
Minimum pretax income needed: $70,000
The above is a rat race scenario. There's almost no room for investments or additional mortgage payments. Notice there are also no kids, cars or entertainment. Someone living like that might as well put a noose around their neck cause there's no light at the end of the tunnel =/
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Toronto Life magazine does a 1 page interview with somebody every issue " the cost breakdown" , a monthly look. There are people making it work on 60K a yr, its a small apt. / no car/ base cable/ no pets or kids.
My niece is in downtown, makes about 50k , room mate, moms old car, nights out are work related. She is quitting to be a missionary in East Africa , leaving in March
I dont want any of those lifestyles , ever.
My niece is in downtown, makes about 50k , room mate, moms old car, nights out are work related. She is quitting to be a missionary in East Africa , leaving in March
I dont want any of those lifestyles , ever.
It's definitely difficult to make it work on a single budget <70k in the GTA. Have seen it plenty of times.
Double it up with one making 70, and another 50k and now it's a different story. Throw in some early house purchases and the numbers change again...
Impossible to lump everything in a single tidy package. I feel for the younger generation trying to get in, it appears they get screwed from every which way. Like a gangb$@g...but with no happy ending, and you're spent at the end of it.
Double it up with one making 70, and another 50k and now it's a different story. Throw in some early house purchases and the numbers change again...
Impossible to lump everything in a single tidy package. I feel for the younger generation trying to get in, it appears they get screwed from every which way. Like a gangb$@g...but with no happy ending, and you're spent at the end of it.
You make it work.
Part of what makes it bearable is your peer group and how far ahead/behind you are compared to them.
In my 20s, all my friends and I were working low-paying jobs (if they were employed at all, due to the recession). We were all driving 10+ year old econoboxes, everyone was renting or living with their parents, we all cooked and ate at home, had house parties, BYOB, camping, etc.
Those were some of the best years of my life: very social, lots of laughter, I had no sense that I was missing out on anything.
Cue today, when social media constantly blares at you exactly what you are missing out on: big houses, expensive cars, motorcycles, vacations, etc. The pressure to keep up with people not even in your peer group has never been greater.
They're completely ******.
Because the averages are available, I know how much (more) I make than the average, and the required costs. Because of how capitalism works, there is always an average which implies losers must suffer. This **** kept me up at night longer than I want to admit and had me double glancing at China: seriously, is our way really better? Is their way really worse? Or is it just the same ****?
I skipped the parties but have the same group of friends now who knew what I was doing; their parents would help them and they knew mine weren't in a position to. It helps having psychopathetic and/or anti-social tendencies because you care far less than "normals" for being "outside of the curve."
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Weeee. More money raining from above. It sounds like a bad idea for the homeowners though. Assuming the shared equity is real and not just a misleading name, government gets a percentage when you sell. If you renovate and increase the value, government gets a portion of that increase too. I'm not sure a 50K bump really makes housing affordable at this point. If you couldn't get approved before to buy, a 50K one time injection probably still isn't enough to get you in. We'll just spend 8M of the 10 on bureaucracy and then cancel the program.
www.cp24.com
The Canadian government is committing $10 million in federal funding to help 200 Black families in the Greater Toronto Area purchase their first home.
The new funding will help 200 Black families purchase their first home in the GTA within the next four years under the Shared Equity Mortgage Provider fund. It will help the homebuyers reduce their monthly mortgage without increasing the amount they pay toward the down payment.
Toronto, Canada and Global Breaking News – CP24
Most recent News News business news stories and video from CP24
www.cp24.com
The Canadian government is committing $10 million in federal funding to help 200 Black families in the Greater Toronto Area purchase their first home.
The new funding will help 200 Black families purchase their first home in the GTA within the next four years under the Shared Equity Mortgage Provider fund. It will help the homebuyers reduce their monthly mortgage without increasing the amount they pay toward the down payment.
Wait...what about the Indian, Asian, Polish, and South American families?
Or indigenous? Don't look at the streets in Ottawa. Look at this money raining from above. We are awesome. More press releases to follow. Report on those. I repeat, do not look at the streets in Ottawa.
You ask hard questions for peanut brain. If you want the real answer, it's because he identifies as black so he is lifting his people. All the times he wore blackface were not offensive, they were him being true to himself.
Weeee. More money raining from above. It sounds like a bad idea for the homeowners though. Assuming the shared equity is real and not just a misleading name, government gets a percentage when you sell. If you renovate and increase the value, government gets a portion of that increase too. I'm not sure a 50K bump really makes housing affordable at this point. If you couldn't get approved before to buy, a 50K one time injection probably still isn't enough to get you in. We'll just spend 8M of the 10 on bureaucracy and then cancel the program.
Toronto, Canada and Global Breaking News – CP24
Most recent News News business news stories and video from CP24
The Canadian government is committing $10 million in federal funding to help 200 Black families in the Greater Toronto Area purchase their first home.
The new funding will help 200 Black families purchase their first home in the GTA within the next four years under the Shared Equity Mortgage Provider fund. It will help the homebuyers reduce their monthly mortgage without increasing the amount they pay toward the down payment.
What kind of ******** racist **** is this?
This is like the silicon valley ******** where they give blacks and women easier interviews or exclusive training programs.
Also Russians. I know many poor Russians who drink Vodka all day while screaming blyat. Good people though!
Something something most poor something something low iq because less education something leading to less opportunities something something social media #BLM something votes.
aka. government's PR driving the ship because fixing the actual problem is beyond them; also I would get banned for this on reddit lol
EDIT: Wait, that's also my tax money. The actual ****.
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If it's an equity stake, it basically doesnt matter. The bureaucracy money will be lit on fire but the money that makes it to dwellings will eventually come back (appreciated by a lot)
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Strike that. I can just imagine the press release in a few years. "JT gave me 50K for my 700k condo. I just sold my condo for 1.4M and not government is stealing 100K from me. Always stealing from the black guy. That is equivalent to an interest rate of 20%. The bank loaned me money at 3%. Wtf". If numbnuts (or freeland) is still in power, they will agree and forgive the "loan".
Do it! We (I mean I) won’t judge!
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