Rolling Chassis In Apartment

[ChrisCBR]

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]

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.

 

[Jimmer]

How long is your lease? Do you think you will be given an opportunity to renew?

 

[Gary]

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]

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]

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.

 

[Rockwell]

How long is your lease? Do you think you will be given an opportunity to renew?

My lease expired after the first year, after which time I went month-to-month based on the terms and conditions of my expired contract and subject to any rent increases in accordance with the Residential and Tenancies Act.

Here is the email I sent to my landlord shortly after receiving a notice from her that she may apply for eviction if the bike was not removed within a week:

Regarding the motorcycle parts in my apartment: I would prefer to have them stored elsewhere, but am not in the position to afford a storage locker at this moment. I thought that storing them on the porch would be a reasonable solution, but you did not agree to that since, as you stated, neither the deck nor the apartment floor were constructed to support the weight of these parts. This statement was made despite knowing neither the load-bearing capabilities of either, nor the weight of the motorcycle parts. I have spoken with my friend, who is a professional mechanical engineer who does structural design work, and he is willing to provide expert advice regarding this. I could put you in contact with him if you are interested. Also, as previously stated on several occasions, the one sealed fuel container has already been removed. I feel I have been clear on this point. I should again stress that there is no fuel, oil or any other combustible substance being stored. This is simply a metal frame on wheels, the weight of which is approximately that of a large person (just under 300 lbs.). It poses no harm and is doing no damage.

If you can point to any specific clause in either our lease agreement, The Tenant Protection Act, 1997, or The Residential & Tenancies Act, 2006, that states that I am in some sort of breach, please do so. I want to know. Otherwise, I will conclude that I am not in violation and am operating within my rights.

Of course, you are free to apply to The Landlord & Tenant Board regarding this issue, where you will have to prove that I am, in fact, "substantially interfering with" your "reasonable enjoyment of the residential complex", or "lawful rights, privileges, or interests". A failure to do so could constitute harassment and threats (of eviction), which is a violation under the Residential & Tenancies Act, 2006 c.17:

Landlord not to harass, etc.
23 A landlord shall not harass, obstruct, coerce, threaten or interfere with a tenant. 2006, c. 17, s. 23.

Have a good day.

This was sent on June 19, 2019. I've neither seen nor heard back from her since sending this.

Also, anyone making the case that it's just as easy to buy a house these days might be living in their own world.

 

[backmarkerducati]

There is nothing irrational about people making a simple inference from the evidence at hand. You have a bunch of parts in your apartment, enough to say, build a complete motorcycle. Many people may infer that you intend to work on it and restore it in your apartment.
Is that such a crazy illogical assumption? Any more so than using a residential dwelling as a storage unit for a garage?
Have you seen the inside of a garage where restoration work is performed? I can understand her concerns.
You may think that opinions don't matter, however your case will be decided by the opinions of the tribunal.
Good luck with your fight.

Sent from my SM-A530W using Tapatalk

This! I would never believe a tenant storing stuff like this in the unit "that they are not working on it". Oil spills, painting, fuel, etc., how do they really know.

OP, put it all in boxes and hide it away (should not matter if you are not working on it), get rid of it or move but the next landlord will likely have the same problem.