New Stats about Canadian Households/Families came out - Pretty Interesting Stuff

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Clearing up some chit here.

The xx% (not sure that's number) rule is not a limit to the mortgage you can get but, the point at which you must seek CMHC (and pay some overheads) approval. Avoid it if you can.

What's driving prices? Foreign investment, clean and simple. The rest of the world is becoming our landlords. How do I know? My wife works for a builder. There is incredible pressure to open sites to investor bids before offering to Joe Public.....

Best of luck!
 
CruiserGoneSport said:
Clearing up some chit here.

The xx% (not sure that's number) rule is not a limit to the mortgage you can get but, the point at which you must seek CMHC (and pay some overheads) approval. Avoid it if you can.

What's driving prices? Foreign investment, clean and simple. The rest of the world is becoming our landlords. How do I know? My wife works for a builder. There is incredible pressure to open sites to investor bids before offering to Joe Public.....

Best of luck!
Click to expand...

Then Joe Blow likes to play investor too. Purchases overpriced houses that are well over his means just to flip them. Then when he flips it he ends up buying an even more expensive house.
 
After reading this thread, I find that my and my girlfriend are totally doing the opposite of everybody else. Own my first condo at 21, moved together at 24 (me) 23 (her), bought a house, rented the condo (it's not easy to rent BTW) and planning to have child in 2 years and buying a rental property in the next 5 years.

BTW, if you find that foreign investment in your housing market is driving the price up, you should maybe put pressure on the government to put regulation in so the "local" (us) can still buy properties for a decent price. This is a thing I found about Ontario, no body complain, no body does nothing, even if something is totally wrong. I know you (Ontario) prefer a totally free market, but sometimes it doesn't work out, just like having the government ruling everything doesn't work out.
 
This is a really interesting thread and I'm really enjoying it.

I think it all comes down to priorities. If you are one of the people saying, "dammit I can't afford a house" and there's a brand new $12k gixxer on your driveway... I'm sorry, but that's half a down payment for real estate or most of a pretty basic wedding, things you 'can't afford to do' (not to mention the associated costs of the gixxer - insurance, tires, tickets, ...).

If that gixxer is what you truly enjoy and makes your life complete, good for you. Personally, I waited and compromised on the bike, until after other things in life were in order.

If you're the sort of person for whom debt can rack up and get out of control, I highly suggest reading a book like "The Wealthy Barber" and setting some goals. Personal finance is a pretty basic form of math.
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