Real estate in Canada? (insurance, mortgage, homes)
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I do enjoy watching that show---forget the name---about the two brothers fix up homes to equal a much more expensive home. most of the homes are in the Toronto area. However, I am consistently shocked at the prices. What are interest rates, taxes, insurance like in Canada? How long can mortgages go out? Here the maximum term is 30 years, can mortgages be obtained for longer periods in Canada? i understand 100-year mortgages are common in Japan. I just don't understand how a young couple making their first home purchase can afford an 800K+ mortgage
I was watching the show last night, an 800K mortgage monthly payment was something like $2000 (Canadian, but the Canadian dollar is about at par with US dollar now). Geez, our mortgage is $1600/month for a 180K mortgage---perhaps we should move to CA
I do enjoy watching that show---forget the name---about the two brothers fix up homes to equal a much more expensive home. most of the homes are in the Toronto area. However, I am consistently shocked at the prices. What are interest rates, taxes, insurance like in Canada? How long can mortgages go out? Here the maximum term is 30 years, can mortgages be obtained for longer periods in Canada? i understand 100-year mortgages are common in Japan. I just don't understand how a young couple making their first home purchase can afford an 800K+ mortgage
I was watching the show last night, an 800K mortgage monthly payment was something like $2000 (Canadian, but the Canadian dollar is about at par with US dollar now). Geez, our mortgage is $1600/month for a 180K mortgage---perhaps we should move to CA
We are not Exempted from Stupidity!!
$2000/month on a $800K mortgage simply impossible. (maybe interest only payment)
playing with TD morgage calculator Mortgage Payment Calculator - (http://www.tdcanadatrust.com/docs/mortCalc/MortgageCalculator.jsp - broken link) with lowest interest rate. maximum term of 30 years gives 3500 a month. ,putting 200,000 down so mortgage is only 600,000 gets it to $2500 a month.
I don't understand how Canadians (at least folks in the GTA and Vancouver, etc) buy homes. If you look at the median income numbers and the median debt service on home prices, given current interest rates and the amortization schedules on offer at the big banks (the typical Canadian mortgage matures in 5 years or less), it just doesn't add up.
However, people are buying homes like crazy, so obviously I'm missing something. But I have no clue what.
I don't understand how Canadians (at least folks in the GTA and Vancouver, etc) buy homes. If you look at the median income numbers and the median debt service on home prices, given current interest rates and the amortization schedules on offer at the big banks (the typical Canadian mortgage matures in 5 years or less), it just doesn't add up.
However, people are buying homes like crazy, so obviously I'm missing something. But I have no clue what.
To be fair though, how is this any different than cities like SF, NYC, Boston and DC? I guess the only major issue is that salaries are typically much higher in those cities than Toronto and Vancouver.
Last edited by edwardsyzzurphands; 04-11-2012 at 10:07 AM..
I don't understand how Canadians (at least folks in the GTA and Vancouver, etc) buy homes. If you look at the median income numbers and the median debt service on home prices, given current interest rates and the amortization schedules on offer at the big banks (the typical Canadian mortgage matures in 5 years or less), it just doesn't add up.
However, people are buying homes like crazy, so obviously I'm missing something. But I have no clue what.
Renewed every 5 years but payment schedule amortized over 30
I don't understand how Canadians (at least folks in the GTA and Vancouver, etc) buy homes.
Generational wealth transfer. Largest in known history.
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