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Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby Bnoel » Sep 14th, 2017, 3:33 am

forum wrote:So many Canadian adults will continue getting dragged out to the woodshed...

14% can only handle a rise of 0%.
38% can only handle a rise of 1% to 5%.
20% can only handle a rise of 6% to 10%
22% can only handle a rise of 11% to 30%

___

Lets now take for example a 1M$ in property in Toronto, 20% down payment which equals a mouth-watering 800,000$ mortgage.

At 2.70% (5 year fixed) = 3,664$ per month
At 2.95% its 3,765$. (since July)
At 3.20% its 3,869$ (since September)
At 3.45% its 3,973$ (coming soon)
At 3.70% its 4,079$ (coming soon)

From the lowest rate present, its already +5.59% more to pay on a mortgage every month, that’s 52% of Canadians that would be in financial distress.

Lets add two more rate increase (Oct and early 2018) and you now have +11.32% more costs to a mortgage. An atrocious 72% of Canadians cant handle it financially


Except for Kelowna of course. Kelowna is unique in the way it has the wealthiest households per capita. Right Jon?
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 14th, 2017, 3:55 am

Bnoel wrote:
LANDM wrote:

Why do you feel that an average income has to be able to buy a home that is at the average price?
Those two figures are entirely disconnected.


:spitcoffee: Did you seriously just ask that?

You are correct because the two are disconnected which is why the housing market is in trouble.

You didn't take economics or finance in school wwwwwaaayyyyyyy back in the day, did you?

Yes, I seriously did ask that......the two are not intertwined.
The average price of a home, as measured by sales of homes in the area over a certain time period, does not equate to an average home.

You do didn't take math, statistics, land economics, or finance *ever* between bartending gigs, did you?


BTW, why are you back to this username? Why not just pick one and stick with it?
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Re: Central Okanagan housing market thread

Postby Bnoel » Sep 14th, 2017, 4:39 am

Come on LANDM, show us some long-term data to back up your thesis. Does that also mean the median income should not be able to purchase the median priced home?
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Re: Central Okanagan housing market thread

Postby jsytnick » Sep 14th, 2017, 6:07 am

Back to this retardation again. The average income has not been able to afford the average home here in decades. Sorry, but that's life. You think it's all going to come crashing down, and then you'll swoop in with your few thousands and purchase a mansion at a huge discount? Not going to happen. Look around, if you actually live in North Van open your eyes. The average wage will never equate to the average home in desirable places. This is true for anywhere in the world that people view as desirable. Or, keep thinking that Garth was right and the housing market will magically revert back to 3x one income.
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Re: Central Okanagan housing market thread

Postby W105 » Sep 14th, 2017, 6:14 am

oh yes it did jystnick..a mere few yrs ago a person making $70-$80K per yr could get approved for a mortgage of $600K with a hot $40K down..

I know 4 people who bought 2-3 yrs ago with those wages and that house price...

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Re: Central Okanagan housing market thread

Postby LANDM » Sep 14th, 2017, 6:47 am

Bnoel wrote:Come on LANDM, show us some long-term data to back up your thesis. Does that also mean the median income should not be able to purchase the median priced home?

If your are really this stupid, Static, you need to lay off the product you serve.

Should a median income be able to purchase a median <insert any product>?

Yacht, car, condo, house, piece of jewellery, drink in the bar you work at......etc
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Re: Central Okanagan housing market thread

Postby jsytnick » Sep 14th, 2017, 6:53 am

W105 wrote:oh yes it did jystnick..a mere few yrs ago a person making $70-$80K per yr could get approved for a mortgage of $600K with a hot $40K down..

I know 4 people who bought 2-3 yrs ago with those wages and that house price...


I said afford, not purchase. A 5-600k mortgage is not affordable at 70-80k salary. Do you have the same reading comprehension issue as static/bnoel and forum/poorum?
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Re: Central Okanagan housing market thread

Postby W105 » Sep 14th, 2017, 6:57 am

people that make $70K a yr buy cars, condos, houses, jewelry etc..

and jystnick, if the bank says you can purchase a $600K home and will lend you the money, then apparently you can afford it..
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 14th, 2017, 7:11 am

W105 wrote:people that make $70K a yr buy cars, condos, houses, jewelry etc..

and jystnick, if the bank says you can purchase a $600K home and will lend you the money, then apparently you can afford it..

Of course they do.....but there is zero correlation between $70k being an average income and being able to buy an average priced product of any type.
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Re: Central Okanagan housing market thread

Postby Hassel99 » Sep 14th, 2017, 7:23 am

W105 wrote:oh yes it did jystnick..a mere few yrs ago a person making $70-$80K per yr could get approved for a mortgage of $600K with a hot $40K down..

I know 4 people who bought 2-3 yrs ago with those wages and that house price...




Ya that math does not check out at all.
with a 3% interest rate for a 25 year loan making $6000 a month you qualify for a $347,000 mortgage.


I straight up do not believe you.
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Re: Central Okanagan housing market thread

Postby W105 » Sep 14th, 2017, 7:28 am

don't care if you believe me, but it happened..and guess what, I thought too how on earth did the bank approve you for that much $$ for a house..
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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 14th, 2017, 7:28 am

An "average" salary does not buy you a Ferrari. Not sure what goes through these simpletons minds, but they seem to get rabid and delusional where RE is concerned.

Your average salary will not buy you a high end place/mansion in some of the highest priced RE markets in Canada. That includes the Okanagan.

Move to Tuk Tuk, or get a better job. Better yourself. Get a (shock horror) second job. Yes, some of us did that to get ahead. Otherwise you are just a whining, snivelling, droning, bottom feeder*. One who will get nowhere in life and will NEVER get on the Okanagan RE ladder.

* But in your alternative universe, you might win some "trophies" and a cookie from mommy if you pay your rent.
Last edited by lightspeed on Sep 14th, 2017, 7:31 am, edited 1 time in total.
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Re: Central Okanagan housing market thread

Postby W105 » Sep 14th, 2017, 7:30 am

if you are referring to me, Lightspeed, as a "whining, snivelling, droning, bottom feeder " you can just stop please..
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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 14th, 2017, 7:31 am

W105 wrote:if you are referring to me, Lightspeed, as a "whining, snivelling, droning, bottom feeder " you can just stop please..


Not you. Why assume that?
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Re: Central Okanagan housing market thread

Postby W105 » Sep 14th, 2017, 7:35 am

ok sorry, I thought you were talking about me..
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