How Much Home Can You ACTUALLY Afford in Canada? (it's not just your income!)

Рет қаралды 10,252

Күн бұрын

Пікірлер: 28

@JayB-JayB 4 ай бұрын

There is an entire college semester's worth of valuable knowledge neatly packed into this brilliant 10-minute video!😅 This should be shared and shown to new Canadians and new home investors throughout Canada. 🙂👍

@LivinginCanada 4 ай бұрын

Thanks for supporting the channel! Living in Canada will treat herself more coffees this summer 😎☕️

@JayB-JayB 4 ай бұрын

😂 Also check your Multiple Careers Buy Me A Coffee Account.

@hchalz 4 ай бұрын

Municipal government has only two incomes: property tax on existing homes, and development fees on the new homes. New home construction is collapsing, and I doubt the municipal government will slow down their spending. So chances are, property tax will go through the roof in the next years till most people can't afford keeping their homes.

@Canadianpatriot2024 4 ай бұрын

Life in Canada has become pretty expensive for everyone

@LivinginCanada 4 ай бұрын

Yeah, it's crazy how little a decent income can afford! Without proper budgeting it's easy to get out of control

@D4rkBl4de 4 ай бұрын

Yikes. To have payments that are around the same as my current rent, I'd have to find a house under 200k in price. Another reason why buying a house isn't realistic. I would pay so much more getting a mortgage. But my landlord didn't skyrocket my rent yet. My neighbor pays much more than me for the same thing.

@asadb1990 4 ай бұрын

You don't buy a house for just cheaper than rent. You buy a place for more space as well. Also could rent out the basement or extra rooms to cover mortgage. Your rent only pays landlord's mortgage while living under their rules.

@LivinginCanada 4 ай бұрын

If you can still hang out to a rent that's much lower than a mortgage (and invest the difference), it can be a good option, depending on your financial goals. The biggest reason why I still value home ownership is this: rents can and will go up at some point (by landlord or when moving to a new place). Mortgage payments stay fix (e.g. for a 5-year period, or lower, assuming interests rates go down. Even if payments are super high because of the high interest rate environment at the moment, the price of the home is locked in at time of purchase, so you kinda buffer yourself against home price increases for the next 20-25 years, or however long your mortgage is. That being said, it all depends on your personal financial plan.

@D4rkBl4de 4 ай бұрын

@@LivinginCanada sorry i wrote 200k a month. I meant 200k in price. 😬 That's really hard to find. My rent is 868$ a month for a 2 bedrooms.

@asadb1990 4 ай бұрын

@LivinginCanada yeah combination of lower rent and investment is not a bad idea short term but as with you im a fan of home ownership as that fix my rent in the long term, give me more space, and also provide supplemental income via rent or airbnb.

@LivinginCanada 4 ай бұрын

@D4rkBl4de That's actually a steal! In your case (just me!) I'd probably hang on to that for a while and invest any leftover cash. It can't get cheaper than that!

@anonymousanonymously8216 4 ай бұрын

I can probably buy a cardboard box as a home, that’s how expensive real homes have become.. absolutely ridiculous. I could move to the U.S and afford a home there and it would be more n likely bigger than a home in Canada.

@geraldramos5770 4 ай бұрын

Very informative ❤

@LivinginCanada 4 ай бұрын

Glad to hear! Thanks!

@geraldramos5770 4 ай бұрын

@@LivinginCanada by the way which is better Variable or fixed? Pls let me know ❤

@pierrejackson6865 3 ай бұрын

I got an apartment 2 months ago. But i made the mistake of getting mortgage from my bank RBC. 3 year term on 5.19%, and my credit score is more than 800. Do you think i could have gotten less interest somewhete else?

@blackgrandpa7652 2 ай бұрын

I bought my house in 2012 in Brampton Ontario Canada 🇨🇦 for 290k and in 2024 its worth about a million dollars and it will be paid off in 2027 and i have never made more than 90k dollars in my life and im 54 the key is live below your means i also have 400k in investment account and zero debt im not rich but i can eat what ever i want and travel where ever and when ever i want😂

@chillkid1465 4 ай бұрын

First viewer But before this u need to be able to get a + figure every month and not go into debt

@LivinginCanada 4 ай бұрын

Definitely the bare minimum to start with! But for those still in a lot of other consumer debt, looking forward to buying a home one day can also be a motivation to get out of debt.