Real Estate

Toronto is a city where even the ‘rich’ can’t afford an average-priced house

  • Last Updated:
  • Mar 21st, 2017 10:39 am
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Oct 26, 2003
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Winnipeg
Ziggy007 wrote:
Mar 17th, 2017 4:04 pm
I don't know why so many people are still measuring income to list price.

Very few probably have a mortgage of 1.5M or higher. Most likely this hypothetical couple making 225+ bought a house 5-10 years ago for 400K that is now worth 900K, with an outstanding mortgage of 200K for a total of 700K in equity, that they will roll into their new 1.5M home, giving them a mortgage of 800K, which is pretty affordable at their income levels.
you have a point, unless this couple suddenly got a job now and got paid 225k, chances are they were employed years ago when RE was cheaper, so could have bought it at less than half of the price or a starter home or sort, so they can "upgrade" to a bigger home once they had kids.
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Deal Expert
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Oct 26, 2003
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Winnipeg
Jungle wrote:
Mar 20th, 2017 9:39 pm
Did they got rich from shady business practices and taking jobs from America (globalism)?
is it even possible to get rich in a 3rd world country without been corrupt?
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Oct 7, 2010
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divx wrote:
Mar 20th, 2017 10:34 pm
is it even possible to get rich in a 3rd world country without been corrupt?
No. You will need to bribe people along the way. Gift giving (aka corruption but looks like not). Everyone doing business does this.
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Oct 26, 2003
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spike1128 wrote:
Mar 21st, 2017 7:39 am
No. You will need to bribe people along the way. Gift giving (aka corruption but looks like not). Everyone doing business does this.
yeah i know, while in 1st world countries, it is all about tax evasion, seriously who wants to pay over 50% in marginal tax and that doesn't even make you rich
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