We need to spend more money on restaurant and takeout meals because most couples are working 80-100 hours between the two of them instead of 40-60 between the two of them.

I'm looking at 1990's Finance and accounting salaries for manager roles (5-8 YOE) and it's showing $52-60K USD as the average in 1990. $25 - 32K starting salaries in big 5 public accounting as a first year. That means houses were at 5x-10x income if you're average.


https://www12.statcan.gc.ca/census-r.../index-eng.cfm

In 2022, you can make $120K and is around the top 15 - 2% of all individual earners in Canada depending on your age and you're still 10 - 20x away from a detached home lol. If you're like dead 50% at $40-50K, you're 50x away.

To be fair, it feels like there's a lot of high earners now due to more jobs and everyone has a lot of educations and qualifications. That probably contributes as to why everyone can afford so much even in current markets.

Ever since I started working two jobs, I justified eating out almost 1x a day. Felt like if I didn't spend 1 - 2 hours on cooking and cleaning, I could make another $x from work.

what's considered 'not a big mortgage' these days? serious question.

is $600k mortgage for a house between a married couple the threshold, and everything over "big"?

just trying to quantify my peasantry

Depends if you have like 5 kids to feed, 2 car payments. Or both have steady income or rental passive investment income? :suspicious:

A $350k mortgage at 12% is 3600/mo. WUT.

My current mortgage would need to be a third the size at 12% to have the same payments.

It’s all relative, but a mortgage that is 2-2.5x your annual income is as high as you “should” go. So let’s say you have a 200k household income. You’d be top 15% of household income in Canada, and if you saved 100k, which is a respectable down payment, you should be able to afford a 2 bedroom condo in maple ridge if you max out lol.

dare i ask what's a 2br condo go for in maple ridge these days?

I think that kind of thing has been going on since the end of time though. I bet when indoor plumbing showed up that people said people flushing their shit in house were entitled too. Look at those rich folks who don't dump their shit into the street! Some things are indeed extravagant (have you seen those Korean strawberries that go for like $3 a piece?!?) some are merely just increases in quality of life like good coffee.

^ And the rise of doordash, ubereats ... I find millenials spend a LOT of money on food, takeout, and BBT!

why bother saving up if you're completely fucked out of the housing market anyway. might as well enjoy life.

Must go on vacation, Coronas ain't real, war in Ukraine doesn't exist:troll:

Reminds me: Despite lower class and unskilled, both my parents worked full-time (blue collar) and bought a house in 1982. That said, if my parents were born ONE generation later, my dad would be making $17 / hour and my mom's job wouldn't exist unless she commuted to Cambodia or Ecuador.

New condo kitchen designs pretty much encourage this ^ . It's just a recess along one wall with some cabinets and a weird metal structure with four humps protruding from the counter.

There has been a bit of an uptick in the variety of "optional" luxuries these days though. Back in the day a family had 1 TV, maybe cable, 1 land line, and that was it. Now you've got multiple TVs, computers, cell phones, internet, streaming services, phone plans, etc. I know it likely makes very little difference but a lot of people are definitely throwing some money away on bigger phone/internet packages than they need.

This gets me. I try really hard to keep those costs low as we have Netflix and Spotify only for subs. Wife's work pays for her phone and I have a $62 plan after taxes, soon to be nil as my new job subsidizes that(taxable benefit, but meh I still effectively get a little more than half off).

I have a friend who's struggling to make ends meet because he:
1. Bought a ND2 Miata when he shouldn't, and proceeded to get shafted on it
2. Subscribes to a bajillion things: Netflix, Disney+, Spotify, Prime, etc and he can't use all of it.
He's on variable mortgage and he was struggling before the hikes, can't be any easier now.

around $600k


https://i.imgur.com/VvGCXH8.png

I must say this thread, is amazing. The level of conversation in here is so interesting, and seeing people's anecdotal evidence and views. This is probably the busiest thread on this site for the last year or couple years.

It's also great because were 860 pages and 10 years in and still debating whether prices are going to crash...peepoClap

While things haven't 'crashed' and they never will, there are reports that the market is gradually cooling down a bit compared to last FOMO month and if that may mean a $800K condo can now be feasibly be sold for $785K with one or two subjects ... it certainly beats the hell out of having to overbid and getting it for $825K and no subjects whatsoever. While $40K in the grander scheme of things of $800K is not huge ... $40K is nothing to sneeze at and can take care of a lot of those purchasing fees, taxes, insurance, inspection, and some basic renovations like repainting a few walls, etc.

Imagine screwing yourself financially because you bought a…miata… :lawl:

How doe? And variable should be ok if his mortgage has a trigger rate to protect him.

Financing a Miata is not cheap for some one who makes less than 100k and has a new mortgage, and he got shafted by the typical dealership shenanigans. That's a whole other tragic story.

There's lots of down the road ramifications. I don't know what the trigger rate is but it's still not great when he needs to renew.

I’m moreso saying..it’s a miata lol

This isn’t like shit yea better not grab that morning Latte because I pushed my limits to get a P Car..it’s a miata.

Prices should still be okay till end of June/July. My friends who were lookin have their rates locked at 2.xx% till June. So I think once the new rates are taking full effect and new offers are financing at 3.2-5% we should see some reasonable slowdown.

Market might be cooling, but buying power stays the same with these rate hikes.
Only benefit as others have said is less competition. I'd guess to the opposite of "fomo", more like "fear of buying in"

Yeah, qualification stays at 5x as long as rates are sub 5.25%.

Now it's a matter of question whether you wanna pay 45% more in monthly payments vs 1.5%.


My renewal new year is around $2,200 - 2,400 for $416,000 mortgage, up from $1,680 :lawl:

I think things will hit that fan more once that cool down period thing kicks in. I still don't see prices dropping 10% though maybe just staying flat for 6 to 9 months.

Unless bank of Canada fucks up the market and has to lower the rates again. :badpokerface: