so there must be a cap, right? how much a person can take a loan for depending on the salary and other stuff?
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- Thread starter js555
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that ain't better either. How will a newcomer afford a house? 800k which means the salary has to be what 200kCAD?3 to 4
if you are single even if you will be earning 100k a year in Ireland you will be able to take out maximum 170k EUR mortgage. If tou are single you are considered as a bigger risk to the bank
My point is that housing is expensive everywhere, Europe has a huge disadvantage because wages here are not that high compared to US or Canada, plus EU has a lot bigger taxes for everything.
another example cars.In Canada you can have Hyundai Tucson for 27k CDN in Ireland it will cost you 38k EUR
I am talking about Ireland now and EU in general
My point is that housing is expensive everywhere, Europe has a huge disadvantage because wages here are not that high compared to US or Canada, plus EU has a lot bigger taxes for everything.
another example cars.In Canada you can have Hyundai Tucson for 27k CDN in Ireland it will cost you 38k EUR
I am talking about Ireland now and EU in general
In Canada you can even borrow 6 times of your salary depending how much of other debt you have etc.
You can only afford to buy a house in Canada if both spouses work, otherwise you need to settle for a small apartment.
Which makes sense. ON the other hand even a couple getting 500k-800k o mortgage should afford to do it if both are working in a descent jobs (not for a minimum wage)
It is also worth to mention that most 2/3 beds condos in Canada are bigger than 3 bed houses in Ireland or UK hahahaha
There are tiny shoebox apartments in Toronto selling for 750k, I call them modern pieces of shit.It is also worth to mention that most 2/3 beds condos in Canada are bigger than 3 bed houses in Ireland or UK hahahaha
Well Toronto is a big city
same thing is in Dublin, London or any other big city this is why I would not like to live in the city centre of a big city, I would have to be mad to pay that much for the apartment. I prefer to live just outside city centre. There is no surprise that condos are expensive in the city centre The thing for me is that in our situation we will have a lot better life over there. Obviously each one of us has a different situation and each one of us is at the different point in life.
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*Ahem*
Lets be clear, by "house" you mean a 2 bedroom apartment or a 3 bedroom house on a lot? Because later is NOT available in Toronto for 800K CDN since quite a while.
Now coming to the real point, yes, growth:
Let me invite you to Nanaimo.... find it on the map.
Here is a specimen from the messed up real estate lab called Canada:
1. This is its tax valuation or what government thinks its worth:
https://www.bcassessment.ca//Property/Info/QTAwMDBENFlIVA==
2020 : 489,000
2021 : 659,000
And its listed for?
https://www.realtor.ca/real-estate/23908148/471-hillcrest-ave-nanaimo-university-district
800K CDN!
Yup! Someone could have bought a house in no-name place in Canada and would have made 300K by selling it just in one year! That is assuming it will sell for its asking price. These days it goes WAY WAY WAY above that.
And this is NOT EVEN the worst offender!