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Old 05-27-2015, 10:52 AM   #251
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If their mortgage takes 43% (considered the top end of acceptable), how the hell are groceries and housing bills taking up the rest? It sounds like these people are spending money on other things and then wondering why they're broke.



The returns do outweigh real estate assuming the real estate was being purchased strictly as an investment with cash and you let it sit empty for some reason. If you start to factor in borrowing any of that money or renting out/living in the property during ownership it becomes vastly more complicated but I somewhat doubt sticking the value of a house into an investment for 54 years still comes out on top.
entirely depends on rent to own cost differential.
right now in vancouver, rent is so much cheaper than owning that the only sane choice is to rent and invest the differential.

again, my point is about the one sided stupidity of our media... but i'm happy the idiots are buying with mortgages, i just hope CMHC doesn't have to bail them out.

buy when there's blood on the street.
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Old 05-27-2015, 01:00 PM   #252
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The government gives you $500 if you contribute $2500 to an RESP per child so it makes sense to max out your contributions because there aren't many programs that allow you to get free money. $5000 was based on the average of two kids per family.
That makes a lot more sense, I mistook that as $5000/child which seemed pretty steep if you're supposedly just scraping by. $200/month/child is still a lot of money but more feasible. Stupid question though, what happens with the money if some/all of it goes unused?

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I'm sure a lot of people here have had crippling student loan debt and probably wished that their parents could have given them a head start (we're talking about education - not cars, or house down payments).
I'm sure they do, but technically that's still a luxury to have. I'd put it very high if not at the top of the list, but saving for future student loans is still an optional thing.

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Even if you buy a used minivan or wagon (like a mid-200s Suburu) to shuttle your kids to doctor's appointments, swimming lessons, etc., you're still paying 1000-2000 per year to keep that car on the road in maintenance and unexpected repairs (like an automatic transmission rebuild, or head gasket). Of course, you could wrench yourself, but then you would need a second car (as a runner to get dealer-only parts if you break something along the way) and ample space, tools, and most importantly, time.
Most maintenance you'll be paying for whether your vehicle is new or used, using the earlier example a new bare bones Rav4 is >$300/month over 84 months to finance. Assuming each person needs a vehicle that's $600+/month just on the luxury of driving new vehicles.
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Old 05-27-2015, 01:15 PM   #253
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what happens with the money if some/all of it goes unused?
Pretty sure the top up money gets taken back. When you withdraw that tax sheltered money out, you'll also pay taxes on it.

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technically that's still a luxury to have. I'd put it very high if not at the top of the list, but saving for future student loans is still an optional thing.
Can't please everyone. People always complain about government programs being non-existent. Well, here's a pretty straight forward one, so use it. It's free money however you look at it!
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Old 05-27-2015, 01:28 PM   #254
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https://ca.news.yahoo.com/real-estat...090000545.html

Should have built the house with a rental suite. Would have solved a lot of problems.
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Old 05-27-2015, 01:45 PM   #255
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entirely depends on rent to own cost differential.
right now in vancouver, rent is so much cheaper than owning that the only sane choice is to rent and invest the differential.
The sane choice is not to live in Vancouver.
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Old 05-27-2015, 01:49 PM   #256
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If their mortgage takes 43% (considered the top end of acceptable), how the hell are groceries and housing bills taking up the rest? It sounds like these people are spending money on other things and then wondering why they're broke.

Have you ever tried to feed a family of more than just yourself. By feed I mean feed the needs not just food.
Car payment, insurance (quite often more than one car), home owners insurance (a must when you have a mortgage), house maintenance (no landlord to fix shit thats your money now), fuel, transit , food, utilities (cable, phone, internet, gas, electricity), entertainment (who wants to sit at home for 20 years). clothing both seasonal and daily and footwear too, daycare, msp.
Man I could go on but then Ive been supporting a family in vancouver since I was 19. I know how much it costs.
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Old 05-27-2015, 02:30 PM   #257
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entirely depends on rent to own cost differential.
right now in vancouver, rent is so much cheaper than owning that the only sane choice is to rent and invest the differential.

again, my point is about the one sided stupidity of our media... but i'm happy the idiots are buying with mortgages, i just hope CMHC doesn't have to bail them out.

buy when there's blood on the street.
I might not be looking hard enough, but most rental suites I've found in my limited time searching hover around the $1000 range for a 1br. A bit less for smaller units, and/or older buildings obviously, and more for newer and/or bigger.

On the flip side, 20% down on a 250k apartment is something like $900 a month not including strata fees of $250-300 in some of the 1br's I've found with 700sqft+ of livable space. I've seen a few ~400sqft 1br's with $120 strata fees in Vancouver. Obviously that 50k can be easily, and safely invested in index funds but for someone who's buying a place as their nest egg and not an investment property, I can see how it might be justified, even if at a greater cost.

Mobility is an obvious issue, but buying a place grants the homeowner with privacy which might not otherwise be respected in a tenancy agreement, no matter how much assurance you're given, not that I would have anything worth looking at by the landlord anyways.
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Old 05-27-2015, 02:33 PM   #258
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Have you ever tried to feed a family of more than just yourself. By feed I mean feed the needs not just food.
Car payment, insurance (quite often more than one car), home owners insurance (a must when you have a mortgage), house maintenance (no landlord to fix shit thats your money now), fuel, transit , food, utilities (cable, phone, internet, gas, electricity), entertainment (who wants to sit at home for 20 years). clothing both seasonal and daily and footwear too, daycare, msp.
Man I could go on but then Ive been supporting a family in vancouver since I was 19. I know how much it costs.
The article states groceries and housing bills are taking up the rest, last I checked none of the things I bolded fall under those two categories. I know full well those expenses exist for most people but that's not what the article is saying.
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OH thank god. I thought u had sex with my wife. :cry:
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Old 05-27-2015, 09:01 PM   #259
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I might not be looking hard enough, but most rental suites I've found in my limited time searching hover around the $1000 range for a 1br. A bit less for smaller units, and/or older buildings obviously, and more for newer and/or bigger.

$1000 a month gets you a shithole. Let's not beat around the bush.


I spent the day exercising, riding my bike in the sun, and hanging out with my friends at the beach while my employee worked

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Old 05-27-2015, 10:25 PM   #260
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Old 05-27-2015, 10:28 PM   #261
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Having a beer and smoking a joint sitting on the beach in May enjoying the mountains and the sunset tonight? Keep complaining and move somewhere else If that's your case.

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Old 05-28-2015, 01:32 AM   #262
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I couldn't move with all of this free entertainment!!!

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Old 05-28-2015, 02:38 AM   #263
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Having a beer and smoking a joint sitting on the beach in May enjoying the mountains and the sunset tonight? Keep complaining and move somewhere else If that's your case.

For less than a mill that could be your back yard in Nanaimo.





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Old 05-28-2015, 05:57 AM   #264
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Conclusion I got from this thread:

Homeowners laugh at renters for not able to afford a home and think if they don't buy soon, they'd be priced out forever.

Multicartual, AKA the de-facto RS renters representative laugh at homeowners as they have so much financial freedom tied up to the house, they cannot do anything while he, as a renter can do whatever his dick feels like.

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Old 05-28-2015, 10:45 AM   #265
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I don't make a lot (In fact I think I am in the lower end around 50k lish). I know I won't get a house or anything but I should be able to get an apartment at the very least(which I did luckily for 300k). I was lucky enough to be able to live with my parents to reduce my expense and put a 100k aside for downpayment.

I do feel bad for people who I work with and make more than me but can't afford to buy even an apartment coz of rent, expense etc etc...... Just seems like unless you have help with your parents this gen of middle class won't be able to afford even a tiny shoe box.
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Old 05-28-2015, 11:03 AM   #266
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I don't make a lot (In fact I think I am in the lower end around 50k lish). I know I won't get a house or anything but I should be able to get an apartment at the very least(which I did luckily for 300k). I was lucky enough to be able to live with my parents to reduce my expense and put a 100k aside for downpayment.
at least you have the self control to save that large sum. lots of people these days would buy fancy cars/clothes/restaurants...or hookers 'n blow
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Old 05-28-2015, 11:45 AM   #267
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Well if you make 50k and can't afford to get int the condo market, maybe you need a second job or a better paying one? Or at the very least need to reevaluate your priorities and savings.

Two couples I know busted their ass and worked two jobs, also went to school during this time etc. they'd either to go work or school come home, change, then go to second job.

Both the couples in question bought 600k houses in good areas in Langley this year. And up until the last year or so neither had exceptionally good paying jobs.

No one ever got ahead by working less.
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Old 05-28-2015, 12:13 PM   #268
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Well if you make 50k and can't afford to get int the condo market, maybe you need a second job or a better paying one? Or at the very least need to reevaluate your priorities and savings.

Two couples I know busted their ass and worked two jobs, also went to school during this time etc. they'd either to go work or school come home, change, then go to second job.

Both the couples in question bought 600k houses in good areas in Langley this year. And up until the last year or so neither had exceptionally good paying jobs.

No one ever got ahead by working less.
Wow , alot of fucking hearsay in this thread. No one should post an experience except if they themselves have experienced it. It makes your arguments less credible.
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Old 05-28-2015, 12:21 PM   #269
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Two couples I know busted their ass and worked two jobs, also went to school during this time etc. they'd either to go work or school come home, change, then go to second job.

Both the couples in question bought 600k houses in good areas in Langley this year. And up until the last year or so neither had exceptionally good paying jobs.
Numbers aside. Unless they're treating this purely as an investment, what's the point of owning so much space when your schedule doesn't allow them to enjoy it? It just becomes more work in the form of maintaining the property. Might as well own/rent a smaller place that's more central (unless they work near Langley).
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Old 05-28-2015, 01:21 PM   #270
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I know people that commute from the Island because property there is so cheap.
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Old 05-28-2015, 01:29 PM   #271
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I find it hard to believe that savings isn't negated by their 5 hours per work day wasted commuting never mind being raped by B.C. ferries.
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Old 05-28-2015, 01:32 PM   #272
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I find it hard to believe that savings isn't negated by their 5 hours per work day wasted commuting never mind being raped by B.C. ferries.
3 or 4 day work week's, walk on passenger.
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Old 05-28-2015, 01:40 PM   #273
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for 3 day work weeks, sure, but anymore that time added up is just painful. Although what works for me isn't necessarily what works for someone else.
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Old 05-28-2015, 02:01 PM   #274
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I find it hard to believe that savings isn't negated by their 5 hours per work day wasted commuting never mind being raped by B.C. ferries.
This. Even if they are being paid quite well relative to their property cost INCLUDING their cost of taking the ferry... I think these people are failing to consider the price of their time; namely as westopher put it, spending 5 hours per workday on the commute alone.
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Old 05-28-2015, 02:04 PM   #275
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Numbers aside. Unless they're treating this purely as an investment, what's the point of owning so much space when your schedule doesn't allow them to enjoy it? It just becomes more work in the form of maintaining the property. Might as well own/rent a smaller place that's more central (unless they work near Langley).
Well, future plans for a family being one. And both work within Langley/coquitlam, so makes sense financially for a home.

Also, in your budget and in buying an older home who wants less space?
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