Justin Time | Page 71 | GTAMotorcycle.com

Justin Time

Status
Not open for further replies.
Mad Mike said:
If a top earning millennial drives an x5 and rents a $3500 condo, and does Bora Bora each spring he/she might have trouble saving.

I work with hundreds of them in my business, I’m amazed at how many young professionals buy a new car that’s worth more that their annual salary right after landing their first job.

Another one that puzzles me are the ones who rent fancy downtown condos. My daughter is in nursing, she has 3 cohorts that stepped into tiny $3000/mo downtown condos to live in cool areas.

I really don’t care what anyone does with their paycheque. But don’t whine about entry cost to home ownership, it really hasn’t changed for decades in the GTA.
Click to expand...
I don't get the car thing myself never spent more than 35g on a vehicle and make more than most of the people I see who need a bmw tesla or merc. Complete waste of money to me, I also either pay cash or take 0 percent financing when buying. Also never rented after graduation I looked at crazy rent prices said why not get a mortgage for the same amount and never looked back.

Sent from my KFONWI using Tapatalk
 
I get the fancy car thing, I’ve wasted a fortune on them. I’m over that now - today I drive basic economical vehicles.

Thing is, I drove them and ****** away a fortune on toys. I did those things after I took care of the house. It’s not too hard to do both if you do them in the right order.
 
Mad Mike said:
I get the fancy car thing, I’ve wasted a fortune on them. I’m over that now - today I drive basic economical vehicles.

Thing is, I drove them and ****** away a fortune on toys. I did those things after I took care of the house. It’s not too hard to do both if you do them in the right order.
Click to expand...
The older I get the cheaper I seem to get but I have probably dropped 70 g on bikes in the last 10 years toys are always cash though.

Sent from my KFONWI using Tapatalk
 
Scuba Steve said:
The older I get the cheaper I seem to get but I have probably dropped 70 g on bikes in the last 10 years toys are always cash though.

Sent from my KFONWI using Tapatalk
Click to expand...
Same here, cash for toys. I have a $2.3k monthly toy/tool/fuel budget. Tough in the summer, no more atvs and sleds do easy in the winter.
 
Mad Mike said:
You are correct, interest rates did decline, and house values increased in step with declines. And yes, that did benefit many -- but it's not relevant as that has zero bearing on getting into the game. Also realize that a lot of folks had equity wiped out in the periodic market corrections. Once you're in there will be ups and downs - it's an investment with a 25 year horizon.

In 1985 you required 10% down vs 5% today, and in 1985 there was no relief for first time buyers on land transfer taxes.
I picked the rates that are available from any bank today for a high ratio mortgage, but feel free to increase the rate by 50% and you're still only paying 32% of gross income - a lot less than your parents paid.

The bottom line is if you want in, its no harder now that it was in 1985. If you set $200/week aside in an RSP and your partner does the same, reinvest tax savings and together you have $55K in 2 years. That's enough down and income to buy a home worth just under $700K,
Click to expand...

Evoex said:
www.theglobeandmail.com

2012 vs. 1984: Young adults really do have it harder today

Soaring tuition and real estate costs make it tougher for young people to be financially self sufficient than 30 years ago
www.theglobeandmail.com www.theglobeandmail.com
Click to expand...
And that was 2012, imagine 2015-2020.
 
Scuba Steve said:
The older I get the cheaper I seem to get but I have probably dropped 70 g on bikes in the last 10 years toys are always cash though.

Sent from my KFONWI using Tapatalk
Click to expand...
Agreed. Always cash for toys and after all debts are paid. Seems older generation has no problem waiting for the right time to do things. We didn't get on a plane for the first 20 years of our marriage. Now we go to Europe every 2 years. Again after debts are paid. No regrets.
 
Mad Mike said:
In 85 our condo townhouse in Dundalk Drive at Kennedy and the 401 sold for 130k. Today it worth $675k. Not sure where your numbers came from, a freehold house at 120k in 85 would have been Whitby, Stouffville, Maple.

20% down is not the standard for first time buyers. It’s 95%LTV or 42%TDS. Works out to somewhere around 6.75% down payment. It was about 12% in 85 as HR mortgages were max 90% LTV and FTB had full land transfer tax.

Wrong on cost of rents. In 85 a bachelor at Jarvis and Church cost me $850, the year before a 2br at warden and finch cost $1000/mo. Today they are double, while incomes are 2.5x.

As for starting later, that’s a choice too. In 85 most left their parents home between 18 and 20, today that number is closer to 30.
Click to expand...
"In 1985, the average home price was $109,094 according to the Toronto Real Estate Board"

In 2000 for Vaughan, average detached $280K
average freehold town $180K.
Cant find the data for for anything 1985

Vaughan Real Estate Price History | Listing.ca

vaughan.listing.ca vaughan.listing.ca
 
T
ChrisCBR said:
"In 1985, the average home price was $109,094 according to the Toronto Real Estate Board"
Click to expand...
That average includes condos and a massive count of dilapitated homes in rough neighborhoods like East York, Parkdale etc that often sold for land value.

The closest you could find a single family house for 109k in 1985 would be Whitby, Stouffville, Brampton and maybe Maple. A vintage 1950 bungalow in Scarborough and North York would be in the 150k range back then.
 
When I was born, you could have bought most of Scarborough for a million dollars. Land sometimes appreciates in value more than inflation.
 
Baggsy said:
Land sometimes appreciates in value more than inflation.
Click to expand...
Sometimes? In southern Ontario, that statement has been true for decades. It has warped our view of real estate so when you see prices in much of the US roughly tracking inflation it seems strange.
 
"OK" building lot down the street just went on market 1.3m, sold for 1.4m in 24hrs. There is a pesky old bungalow on it that will cost apparently 40K to get rid of. And then the McMansion goes up.
New one around the corner is looking at 20k+ in property taxes.
Some neighborhoods make ZERO sense.
 
GreyGhost said:
Sometimes? In southern Ontario, that statement has been true for decades. It has warped our view of real estate so when you see prices in much of the US roughly tracking inflation it seems strange.
Click to expand...
Nah, there was a time when I was making 19 3/4% on Canada Savings Bonds. Land was depreciating then.
 
Flu shot was cancelled. We're out of vaccine. This bodes ill for Corona.
 
Baggsy said:
Flu shot was cancelled. We're out of vaccine. This bodes ill for Corona.
Click to expand...
The last I heard they ordered 5.1M shots and thought that would be sufficient. The population of Ontario is ~15M. The province was encouraging everybody to get the flu shot. The math does not compute.

EDIT:
Pharmacies were allocated 20% of shots. You may have better luck with public health or your primary health care provider.

Why is this in JT thread? He has screwed the pooch on a lot of things, but I don't think flu shots are one of them as they are outside of his scope. Maybe we should blame Douggie, but flu shot orders were placed long ago and I doubt manufacturers have the capacity to accommodate a huge increase.
 
Last edited:
ChrisCBR said:
And that was 2012, imagine 2015-2020.
Click to expand...
Easier today. Tuition grants are better, interest rates on borrowing are far lower, wages a bit better.
 
when I had a mortgage, 1.6% would have made me go off in my pants. I could only imagine a rate that low, when I had to renew on a property once at 12.5% ( it went to 17% or something) my MOM did me a solid and took the mortgage at 9% . THANKS MOM LOL
 
GreyGhost said:
The last I heard they ordered 5.1M shots and thought that would be sufficient. The population of Ontario is ~15M. The province was encouraging everybody to get the flu shot. The math does not compute.

EDIT:
Pharmacies were allocated 20% of shots. You may have better luck with public health or your primary health care provider.

Why is this in JT thread? He has screwed the pooch on a lot of things, but I don't think flu shots are one of them as they are outside of his scope. Maybe we should blame Douggie, but flu shot orders were placed long ago and I doubt manufacturers have the capacity to accommodate a huge increase.
Click to expand...

Basically, the Feds are responsible for fighting the flu as far as I know: Supply and Distribution of Influenza Vaccine in Canada - Canada.ca

There hasn't been a budget in eighteen months, and the current Federal Minister of Health, well, I don't think she's doing a good job. Therefore, this year's flu vaccine may have been overlooked somehow.
 
Baggsy said:
and the current Federal Minister of Health, well, I don't think she's doing a good job.
Click to expand...

She's not doing the job, period.

Waiting for a flight at YYZ. Apparently she's exempt from her own mask indoors in public rule.
image.jpg

I was getting ready to eat. Yeah, that's the ticket.
 
Status
Not open for further replies.

Back
Top Bottom