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Crunching the numbers of condo affordability across the world

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Justin da Rosa | 12 Oct 2016, 08:15 AM Agree 0
Think you have it bad in Toronto and Vancouver? One agency show it can be a lot worse in its analysis of condo affordability around the world and concludes investing in Toronto will continue to provide major gains for investors
  • ddz | 12 Oct 2016, 11:48 AM Agree 0
    Toronto is not Paris, Hong Kong , New York or even Chicago. Paris may have a similar population however France has more then twice the population as Canada on a land mass that is a fraction of the country of France. France is 248,573 square miles. Canada 3.855 million square miles. Do you think there may be more of a population density factor here? I know Toronto has suffered an inferiority complex for decades and has been trying to get recognition and acceptance as a world class city but it has a long long way to go.
  • | 13 Oct 2016, 06:44 PM Agree 0
    I'd like to meet the person who, with an average income of $49,795, considers a $440,300 mortgage affordable within nine years.
    • Scott | 13 Oct 2016, 07:53 PM Agree 0
      Me too! People don't seem to understand the costs involved here. I guess if you are a dink (double income, no kid(s) ) family and the property appreciates in value by 10% a year......

      That doesn't help pay off the debt though. Maybe the idea is to refinance in 10 years time when your salary has doubled? Good luck with that last part.

      However, every so often Money Sense magazine has surveys. Apparently 1/3 of the population expects to win a lottery in order to afford retirement.
  • Scott | 13 Oct 2016, 08:10 PM Agree 0
    Sorry, Cdn Business, not Money Sense.
  • Jamie Johnston | 17 Oct 2016, 01:42 PM Agree 0
    if you buy a property with 5% down and take a five year mortgage, you will have 20% equity at the end of the term, That is without any increase in the value of the property. Over 50% of a mortgage payment today goes towards principal repayment. renters don't grasp this concept.
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