FSW WORLDWIDE

[GandiBaat]

My guess is that no one will take a loan for these type of houses. I can really understand your frustration guys but it is what it is. As @slavicgirl said it, the income ratio to the house prices is really really bad in EU. Canada is a lot more affordable with their income etc. Obviously not every occupation will give you this but it is the same across the whole world soo...

@slavicgirl you forgot to mention places in Ireland and UK.

Demand for these type of places increased a lot and as I said it if people would not be willing to spent that much money the prices would be different.

Median household income in vancouver island is 70-80K CDN before tax per household. Thats 20 years of income to buy a 1.5 million dollar house. Affordable is not the right word here.

BTW, its not just the price, its increase in price that makes me shudder : 356K to 1.9 million listing in 2 years!

 

[NavjotS123]

Median household income in vancouver island is 70-80K CDN before tax per household. Thats 20 years of income to buy a 1.5 million dollar house. Affordable is not the right word here.

BTW, its not just the price, its increase in price that makes me shudder : 356K to 1.9 million listing in 2 years!

how will you even buy it when the loan amount is 6 times the annual salary?

 

[GandiBaat]

Simple, borrow and buy. I have seen a few videos on YouTube where recently moved immigrants bought 2-3 properties after just spending 1-2 years in Canada by taking loans because the value of these properties will "appreciate" 20-40% in 2-3 years after which will sell it off for a profit. If new immigrants are able to do this by purchasing "investment properties", imagine what Canadians are doing.

Houses are not meant to be lived into here. They are tokens to make money. They are modern day tulips in Canada.

 

[dxdroid]

Median household income in vancouver island is 70-80K CDN before tax per household. Thats 20 years of income to buy a 1.5 million dollar house. Affordable is not the right word here.

BTW, its not just the price, its increase in price that makes me shudder : 356K to 1.9 million listing in 2 years!

You do not understand something here. It will not be people from that island that will buy these houses but some people from different regions of Canada that are wealthy. I can see this happening in EU is well, in the region were few years ago house prices were very low and today they are crazy. As I said it, more people are willing to move to different, nice regions etc. and are willing to pay crazy money for it.

 

[GandiBaat]

how will you even buy it when the loan amount is 6 times the annual salary?

Most of the time, you take loans. Massive loans. The rate of interest during this boom dipped below 1 percent.

 

[dxdroid]

Houses are not meant to be lived into here. They are tokens to make money. They are modern day tulips in Canada.

Yes and know, if someone has few houses or condos they are not sitting empty. They are rented out, this is how they are making money. Someone else is paying off the mortgage, what is wrong with this?

 

[GandiBaat]

It will not be people from that island that will buy these houses but some people from different regions of Canada that are wealthy.

Mostly, its people from Island who are buying in Nanaimo.

 

[NavjotS123]

Most of the time, you take loans. Massive loans. The rate of interest during this boom dipped below 1 percent.

with 100k annual salary, my loan would be limited to 600k max

 

[dxdroid]

how will you even buy it when the loan amount is 6 times the annual salary?

I doubt that people will take a full loan to buy this properties.

 

[dxdroid]

with 100k annual salary, my loan would be limited to 600k max

This is why you should buy a house when you settle down with your love hahah

 

[GandiBaat]

They are rented out, this is how they are doing money.

To be honest, a lot of the Canadian landlord are few hundred dollars away from insolvency each month.

https://www.ctvnews.ca/business/half-of-canadians-within-200-of-not-being-able-to-cover-bills-debt-payments-survey-1.5379871

 

[seadrag0n]

The market over there is different. I would do exactly the same in Ireland as renting is in demand. So, I would buy the property, rented out, and get someone to pay for it. After that I would sell it etc. however as a normal person in EU it is extremely difficult to do that. In US or Canada if you buy the condo for rent it is for rent - it is business. You would not simply buy another condo and leave it empty waiting for it to get up in the value.

That is how bubbles are created, especially if the owners start to default on loans.

 

[GandiBaat]

with 100k annual salary, my loan would be limited to 600k max

So a 1 bedroom condo you will buy then.

 

[slavicgirl]

how will you even buy it when the loan amount is 6 times the annual salary?

Take a huge big monster loan that you hopefully be able to pay until you are seventysomething. Your one and only asset will be your house and you won't be able to help your kids buy one

 

[NavjotS123]

Take a huge big monster loan that you hopefully be able to pay until you are seventysomething. Your one and only asset will be your house and you won't be able to help your kids buy one

I think I would need to spend couple more years in the US, my salary in CAN is going to be almost half of what I am earning here. I can't even afford a 600k condo