DeanWinchester 41,390 Posted November 3, 2016 Share Posted November 3, 2016 2 minutes ago, Economy said: Up until now if you could make mortgage payments with your income and you had the downpayment youd generally get approved I have a coworker nurse who could pay 30% of the total house and STILL pay the mortgage but is a single parent with only part-time line so she got denied Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Economy 52,851 Posted November 3, 2016 Author Share Posted November 3, 2016 5 minutes ago, A Gaga Lad said: I have a coworker nurse who could pay 30% of the total house and STILL pay the mortgage but is a single parent with only part-time line so she got denied There must of been somethint about her circumstances that made her seem a high risk of default candidate anyway i found the info u asked about the homes over 500k. I added it to my last post Link to post Share on other sites More sharing options...
Luc 4,776 Posted November 3, 2016 Share Posted November 3, 2016 Are house prices in rural places rising as quickly, by the way? Becsuse that could be a factor that makes it more difficult to make measures to cool down the heat in the cities. Link to post Share on other sites More sharing options...
Maleficent 6 Posted November 3, 2016 Share Posted November 3, 2016 My parents always preached to never ever get a mortgage. Buy what you can afford. Link to post Share on other sites More sharing options...
Economy 52,851 Posted November 3, 2016 Author Share Posted November 3, 2016 10 minutes ago, Luc said: Are house prices in rural places rising as quickly, by the way? Becsuse that could be a factor that makes it more difficult to make measures to cool down the heat in the cities. Honestly if you strip out the Toronto metro area and Vancouver then Canada as a whole is not that terrible. Still a little pricey but reasonable Alberta cities like Calgary and Edmonton used to be very pricey also but they kinda corrected a bit after the oil crash. But the issue is these 2 markets (Toronto + Vancouver) make up nearly 40% of Canadian Real-estate and are enough to affect the entire financial system. Vancouver in particular is super bad. Small condos in many areas are going for $2Million to $3 Million. The average for the city as a whole though is $1.1 Million for a condo. They just introduced a 15% forein investment tax in Vancouver though to reduce forein buyers As for Toronto its starting to spread beyong the Metropolis. Cities that are an hour away or more that are not part of the Toronto area are starting to rise quickly now and people move there for more affordable housing even if they gotta commute Link to post Share on other sites More sharing options...
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