Bank of Canada reduces rate by 50 basis points to 3.75%; what's next? | Real Estate Victoria BC

[@RS-vz8xd]

Do you know how people can afford to take on the mortgages for these single family homes (all over $1M it seems)? Even if you have $200k for the down payment, the monthly mortgage amounts are still too high even for a family with a $250k income... Is it just retired people with stockpiled cash/equity from sold houses buying?

[@JurasPresentations]

In terms of % there are very few families with a $250k income; however, in terms of absolute terms I work with lots of couple under 40 with a combined income over 250k. For example a nurse and police officer with a few years experience under their belt would be approaching 250k. This absolute number of $250k families increases as time goes on while the inventory of SFHs in core areas is going to start shrinking as SFHs are town down to be replaced by multi-plexes density.