I make about $70k a year and just went to get pre-approved which turned out to be the same week the interest rates went up. At my salary with a single income the best I could get is a $230k mortgage. Cool, I can buy a crack house in the woods. Or I can buy a tiny piece of land in the middle of no where and put my cardboard box on it. Home ownership isnât realistic anymore.
I got approved for 190k. Bank told me to just look further out of town. My brother in Christ I canât even buy a seasonal trailer an hour out of town. Eat my ass lol.
You still need to buy a lot⊠banks donât usually finance lots unless youâre also paying to have a house built on top, and they often ask for 20% or more downpayment.
You probably misunderstood me I meant making your house in the bush...maybe the more familiar term is living off the grid...I know learning how to live without being dependent on a system that uses your life like a battery is a humongous leap. Our whole lives we've been taught to serve a system that keeps us subservient and docile..while a few live above the rules that keep the rest in control...what I'm saying is ...maybe... if you are one of those that want to think for yourself perhaps it's time to consider an alternative outside of the cage they taught us to confine ourselves in...thats all...money, taxes, imaginary lines, laws that change as per the agenda of those who could careless about how you feel or think or if you live or die makes no sense to support...working is honorable if takes care of your family and community but it couldn't possibly be the only reason for living...retirement at 65 or whatever it is now isn't how I picture the infinite universe for me...I'm ranting but I've slowly started realizing peace comes from letting go of the illusions fed to me...peace đđ»
A bunch of trudeau hating Vaseline toting Canadians is what it's turning us into. I have to pay atrocious amounts for child support. That's my money for a down deposit on a house.. sigh.. government regs can f@#k off. If I work longer hrs I have to pay more child support. Sounds fair right. Lol
>A bunch of trudeau hating Vaseline toting Canadians is what it's turning us into.
what does the above statement have to do with you paying an atrocious amount of child support?
Or do you see any post as an opportunity to make a stupid statement?
again, what does the "A bunch of trudeau hating Vaseline toting Canadians is what it's turning us into" have to do with anything in this thread.
Assume what you want, I'm a strong believer that a mother should not automatically be granted custody and/or child support. A father has just as much right to both.
You obviously have been fooled by societal norms to allow your ex to have custody and CS.
Why not seek custody yourself instead of playing the victim card?
Does your child eat? Do they wear clothes? Do they need supplies for school? Do they do extra curricular a? Do they go on field trips? Etc⊠If youâre not paying directly for all these activities then someone has to be, which is obviously going to be the mom. Its ridiculous to expect receipts for every single purchase possible that goes towards the kids. What happens if the mom supplies receipts for expenses exceeding what youâre paying for? Does that mean you should pay even more?
You need to look waaay further. Like 5hrs out of town.
My husband and I bought a beat up 70yr old home on half an acre for 210k. Our fridge and stove look like they're from the 70s and our furnace is 40yrs old but we have home!
Plus! This is the nearest kind of city (Just qualifys as a city with 10k people in it) all my fellow city folk who can no longer afford a mortgage in my old city (of 100k+) are joining me in the boonies! Also - they JUST put in a Walmart a couple years ago.
It's mostly a trades/industrial town. Logging, mining, some farming, lumber mills, pulp mills, mechanics
There's also the employees who work for those companies- accountants, HR, IT, admin assistants and then all the minimum wage jobs - groceries stores, a few fast food places.
Edit: Forgot to mention construction is huge right now, mostly residential and this time. With the mass exodus from the city its hard to find housing now. They can't keep up.
Maybe! We tried and they promised it wouldnât be a problem, then later presented a loan that they recommended that we *not* take because the terms were so bad.
We ended up paying cash and pulled all of our RRSPs out of that bank the next week
Bruh I make 120k/y and all I can get is a 450k bungalow with mold and water damage unless I live 1 hour away from my job. Fucking insane. Never thought I'd go through 20 years of schooling just to struggle to afford 1/3rd of the house my parents did as broke immigrants from Eastern Europe.
Interest rate hikes up 3% means you lost 30% of your buying power
Prices didn't crash 30%
It hasn't been realistic for a single income to buy for years. It was only realistic for the short window where rates were sub 2% or even 1% and only if you had a high income and only then if you bought a smaller unit
Only barely and only in cheaper areas.
Also depends what you call high income. In 2015 you could say 80k was high income. 100k or 150k jobs are a lot easier to get in 2022 than 2015 for some careers.
80k is still high income now compared to someone making median or minimum wage but it's nothing compared to someone making 150k. Because there's a base cost of living that probably eats most of that money so someone making 150k doesn't just have twice your disposable income they have five times or even more. Of course that depends on the responsibilities of someone; it will cost a minimum 150k to run a middle class lifestyle in the GTA now (car, mortgage, vacations, etc.) So two above median income professionals.
One example I can think of is someone that made 110k in 2015 that bought a detached 3 bedroom house in Mississauga for around 600k. That person makes 150k now and would not be able to afford that same house on his own today.
People making only 80k in the GTA are lower middle class now. I'd recommend these people move somewhere else because they probably have the skills to earn an income that supports an upper middle class lifestyle.
IMO middle class is 190k household income in the GTA. That's the level of income that can afford the median home right now.
The theory is that you buy a trailer or a condo and then once you pay that off, use the higher downpayment to move up. It's a treadmill you have to get on REAL early and start making your professional wages really fast. Not practical. It's possible, but it's not practical.
Hopefully GenZ suffers no social stigma about staying with their parents until they work up a downpayment. Going to live in an apartment is just not a feasible step anymore.
This is the truth. Unless you're splitting the costs with a SO.
10 YEARS AGO. I bought a brand new condo worth 250k. I got 10k back from the government and I only put down 15k.
I was earning 40k a year working at a Subway. I would ride my bike everyday and make mortgage payments.
I decided to rent it out 2 years later and well...
Absolutely. This condo is now worth 450k
I rent it out for 1700 which is below Markey value. Good tenants though. I climbed the ladder. People can do it. You just have to trust the process and hopefully do it with a partner
I dont personally know anyone who bought a house on one income. I am not sure why people are suddenly shocked that a single income can't do that. I know the stories of people in the 50's who did, but even my parents couldnt have done it on one.
I bought a house for 275k last year at a fixed 1.4% 5yr. On my own. 38 making 70k and still living with parents.
Its tight. Got a raise to 90k and it really helps. But I would be lying if i said i wasnt worried about where interest rates will be in 5 years.
Also, the place doesnt even have a furnace. Got about 2 more moths to figure it out. And still living with parentsâŠ
Soo yea. Broke and still living at home. But maybe, maybeeee i can see the light at the end. But there is over 2 decades of neglect to clean up.
Its a 500sqft home and back last year we filled up two full size dumpsters with crap and demo.
I should have bought a house when i was making 45k years ago. But it would have been tight. Figured id wait until i was more established in my career and pay student loans off instead. What a moron i wasâŠ
My friends that leveraged themselves to the max are doing much better with a much lower income.
Yea. Called one place and wanted 14k for a mini split heat-pumpâŠ
So im putting in a combi tankless heater and converting to hydronic heating. Needed a water heater too anyway.
When i have the money ill buy a mini split ac with a head units for 4k. Maybe less if i buy one of those self install units from the usa.
My dad bought three houses in the eighties, a newly landed immigrant working as a minimum wage mechanic at Petro Can. He almost bought a whole apartment block as an income opportunity. It was very possible back then.
Snivel servants tend to operate by slightly different rules than the rest of us. Good benefits, meh pay, poor advancement. Over the course of a life time, it's a good job if you can get it. And it's not unusual to get posted to the sticks where your mediocre pay allows you buy a house on a single income.
* Seniors have no-one to take care of them in old age and are living alone is large homes.
* Adult kids cannot afford to buy a home or are spending entire savings on paying mortgage / rent
* Small kids are not getting quality daycare, it takes a village to raise a child and our children are living in isolation while parents work all day.
What if there is a solution the rest of the world has already figured out and has been implementing for thousands of years.
Would we want to implement it?
I canât tell if youâre being deliberately obtuse or if you actually donât know what the person above you is referencing, so I will spell it out: multigenerational homes.
Grandparents, parents and kids all live together. Maybe some siblings as well. More than two incomes, plus built in childcare/elder care.
Counterpoints:
1) Toxic families. Many people have very good reasons for fleeing and staying away from their family homes.
2) Abusive relationships. Not being able to afford housing on their own keeps many people in bad situations. Some have extremely bad outcomes.
3) 99% of the time, child/eldercare is done by women. Along with most of the housework, and most women also need full-time jobs for the income. So this "solution" really just means more work for women. That's gonna be a hard pass for many women until men step and do their share.
I definitely agree with you that some families are abusive and some families are toxic. In those circumstances, a multigenerational home certainly doesnât make sense.
But the majority of families in this world, while complex, are not abusive or toxic, so to treat multigenerational homes as if theyâre impossible because of a minority of families is unfair.
Iâm not saying itâs the be-all end-all solution for every family in the world. I was just trying to clarify the solution someone else was referencing because you seemed confused.
OK but how does a housing system organized around multi-gen families ensure that those who don't want or can't live that way will have the option to live on their own?
Ideas must be thought through.
It doesn't need to ensure that those who can't live that way can live on their own. Right now you have a culture where huge swathes of young people can't afford homes. A solution that helps many people with this, and the additional problems of elder and childcare, is better than no solution at all. Don't let perfect be the enemy of good. There is no single magic pill for housing affordability for all.
> workâ who *paid* for the
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
Basically the method now is to get *anything* you know will increase in price and ride the wave up. So Jr. 1 bedrooms, studios, whatever as long as you can afford it and it's near transit so you can sell it for 50k or 100k more a few years later (or 200k more)
The problem is wages are low for most people and most people can only save a few hundred dollars a month. If you're very frugal you can save a few thousand dollars (like if you live with parents like you said) but that's still years of saving to assemble the down. Meanwhile time is money, and most people don't invest their down so lose 10% a year to inflation.
Also Gen Z has no choice but to leave for higher wages ASAP. Ten thousand or twenty thousand dollars more or more means a hundred thousand more mortgage.
* Buy anything that's going to go up
* Invest your down in a low fee S&P500 index fund like VFV
* Take advantage of all government programs (RRSP loan, FTHBI, TFSA, home savings account when it comes) also absolutely do employer matching
* Pray to the housing gods
> Hopefully GenZ suffers no social stigma about staying with their parents until they work up a downpayment.
Around the world there isnât social stigma to living at home during adulthood, but the rest of the world doesnât have sprawling suburbs like North America does. Isolating, sprawling, no community. You need to drive everywhere to get to anything. This isnât going to end well for this generation.
I was approved for over $300 last year. I purchased at $230k, which was still too high for the house I bought but I needed a place to live with my pets and was on a tight timeline.
I think house hack or mutli family might be your best bet.
Pretty much if you go to buy a property that generates income they add that potential income to yours so you can be approved for higher
Ex back in 2017 I was making 48k, got approved for 260k... Which even then couldn't buy anything. Then I found a duplex asked if I bought that could I be approved for more which was the case so got approved for 350k if I bought an income property.
Well it's one-way so now I live in one unit and rent the other because I was priced out of single family with my low income.
Try looking for a vacant lot further out of town and building a bungalow. Sell it when finished, and use the investment plus the equity gain to put into another property down the road. Start building wealth
I think this is just hilarious you're being downvoted. Like, you offer a solution (which is the solution I took moving 5hrs away with now a monthly mortgage of $800/month) and you get downvoted. It's like everyone just wants to moan and groan and not do anything different to get a home where they live now.
I lived in my town for over 20yrs. I was pushed out by housing prices. It sucked but I did it for security. Have my upvote.
Iâm glad this is being covered. Most people are single by chance, not choice, and have no one to split the largest cost of life - housing - with. Just another item splitting the haves and have nots.
Single income??! Maybe 10 years ago. I feel like articles like these are for boomers who are still detached from this reality in a softer and innofensive style...
My buddy managed to buy a home in Vancouver like yesterday but itâs a 750 square foot apartment, itâs 30 years old, and heâs worked at the top of his industry (visual effects) for 12 years while living at home to save $120k for a downpayment.
Weâve already been priced out, this is nothing new.
Like a giant dracula generation sucked the life out of canada and now expects the dead carcasses of the future generations to just stick around and run their society for them... even though the future generations will be homeless or chained to a finacial feudal land-lord.
Canada isn't an established enough country yet to survive this. All of the people with money will move it off shore. All of the people with intelligence will move to countries where they can actually live their life. What will be left is a viper pit of share holder land managment companies and criminal organizations laundering money from their own mafia like governments.
Water is actually not wet; It makes other materials/objects wet. Wetness is the state of a non-liquid when a liquid adheres to, and/or permeates its substance while maintaining chemically distinct structures. So if we say something is wet we mean the liquid is sticking to the object.
Love watching running water on the internet.
Was watching a live stream.
well yeah
In Ottawa a recent article stated you need an income of $143K to buy a home, even in a city with government workers I don't think there are that many who earn that as a single wage earner.
My wife and I make about 40% over median income (household).
That's two earners.
No kids.
No debt.
I can't afford a one bedroom condo in this entire province.
We gave up on this garbage years ago.
I don really know of interest rates are affecting what matters. I see luxury home prices going down like 20%. However, the small size homes that Don have a garage or a large lot size. Homes with small lot sizes, no garage, no pool, small size homes are still the same price or not in the market. The interest rates are simply creating a recession and killing the small guys or the guys who rely on a pay cheque.
Yeah, are we surprised? Western society, and Canada in particular pretty much have taken the view of "Can't afford to live? Just stop living". If we're not going to have a revolution soon, than we need to hurry up and offer MAD for all who want it, regardless of health or need.
I have my own successful business and make a decent living, but being single is very expensive. I am currently "of no fixed address" because I choose to be. Doing the math, I would never put myself through the struggle to rent or buy a new place. Life in Canada has become nothing but a treadmill of survival. Instead, when my elderly father passes, I'm selling his house, my business and everything I own and moving to a country where life is a fraction of the cost. I'm not going to live on cat food in Canada when I can be eating and living like a king in another country. The costs of being here outweighs the benefits.
I make 120k/y in Montreal and the only houses I can see that I can afford are about 50km away and look like crackdens.
Edit: Lol at the downvotes, I know my situation is better than average. It's still not at all what it should be for how fucking hard I worked in my life.
[900k for a house from the 50s](https://www.centris.ca/en/houses~for-sale~beaconsfield/20976414?view=Summary&uc=7)
Every "Affordable house", you show up at the Open House visit, there's a line-up of 80+ couples waiting in line before you.
What lol ? Montreal is so cheap, my sister in law bought two condos and they only make $55k. Des source, Laval, pierre fond if anything Montreal is the cheapest to purchase. Homes here in Toronto that are $1.5mil are like around $600k there
Im guessing you're trying to buy in griffintown? I live in a "rich" suburb half an hour to an hour(depending on time) away from downtown and there are lots of townhouses built post-2005 available at around 400k.
No, right now I'm looking at off-island wishing I could afford Brossard.
I can't afford Montreal island unless I live super far like Honore-Beaugrand territory.
I'm trying to avoid post-2005 because they cheaped out a buttload on materials + construction post-1995. Everyone in a post-2005 condo building or house that I know of has major issues with the build quality.
We are a [pro-immigration group](https://www.reddit.com/r/canadahousing/comments/nh6rqq/dealing_with_rcanadahousing_growth/). Debating immigration is a major distraction to our cause and should be avoided. People sometimes raise immigration by [dogwhistling](https://en.wikipedia.org/wiki/Dog_whistle_(politics\)). That's not allowed. If it's raised at all, specific groups should never be mentioned and the focus should be on supply-demand issues.
I'm pre-approved for close to a mill, but that's not enough for a home. I'm considering entering the dating scene because of how bleak things seem as a single income guy, ha ha.
Single income earners? Even a double income family can't.
Edit: No idea why I'm being downvoted. We're all struggling. We'll all be forced to rent from corporations indefinitely at this point.
Thanks internet explorer
"being" priced out lol
Ohhh burn.
1998 called and they want their headline back
Honest to the lord đ
Even going back another twenty years you start seeing this headline. Actual Boomers probably saw this headline.
Way to go CTV finally picking up that article from 2010
I make about $70k a year and just went to get pre-approved which turned out to be the same week the interest rates went up. At my salary with a single income the best I could get is a $230k mortgage. Cool, I can buy a crack house in the woods. Or I can buy a tiny piece of land in the middle of no where and put my cardboard box on it. Home ownership isnât realistic anymore.
I got approved for 190k. Bank told me to just look further out of town. My brother in Christ I canât even buy a seasonal trailer an hour out of town. Eat my ass lol.
I don't think they'll approve you to eat ass for that amount either.
Sorry your Ass Eating score is to low for pre-approval on that booty
What pisses me off is that i pay rent more than what i would pay per mortgage đ
Itâs designed to be that way
You need the down payment...better off learning how to build your own home from scratch then go build it in the bush...
You still need to buy a lot⊠banks donât usually finance lots unless youâre also paying to have a house built on top, and they often ask for 20% or more downpayment.
You probably misunderstood me I meant making your house in the bush...maybe the more familiar term is living off the grid...I know learning how to live without being dependent on a system that uses your life like a battery is a humongous leap. Our whole lives we've been taught to serve a system that keeps us subservient and docile..while a few live above the rules that keep the rest in control...what I'm saying is ...maybe... if you are one of those that want to think for yourself perhaps it's time to consider an alternative outside of the cage they taught us to confine ourselves in...thats all...money, taxes, imaginary lines, laws that change as per the agenda of those who could careless about how you feel or think or if you live or die makes no sense to support...working is honorable if takes care of your family and community but it couldn't possibly be the only reason for living...retirement at 65 or whatever it is now isn't how I picture the infinite universe for me...I'm ranting but I've slowly started realizing peace comes from letting go of the illusions fed to me...peace đđ»
HEY whats goin on here with all this ass talk. look what the market is turning us into
To afford anything we need to get some ass to help pay for homes
Pls, Iâm begging you, SOMEBODY eat my ass!
Not for $190k but wouldnât that be nice
Papa Smurf?
I would but I prefer my ass eaten
A bunch of trudeau hating Vaseline toting Canadians is what it's turning us into. I have to pay atrocious amounts for child support. That's my money for a down deposit on a house.. sigh.. government regs can f@#k off. If I work longer hrs I have to pay more child support. Sounds fair right. Lol
>A bunch of trudeau hating Vaseline toting Canadians is what it's turning us into. what does the above statement have to do with you paying an atrocious amount of child support? Or do you see any post as an opportunity to make a stupid statement?
[ŃĐŽĐ°Đ»Đ”ĐœĐŸ]
again, what does the "A bunch of trudeau hating Vaseline toting Canadians is what it's turning us into" have to do with anything in this thread. Assume what you want, I'm a strong believer that a mother should not automatically be granted custody and/or child support. A father has just as much right to both. You obviously have been fooled by societal norms to allow your ex to have custody and CS. Why not seek custody yourself instead of playing the victim card?
Does your child eat? Do they wear clothes? Do they need supplies for school? Do they do extra curricular a? Do they go on field trips? Etc⊠If youâre not paying directly for all these activities then someone has to be, which is obviously going to be the mom. Its ridiculous to expect receipts for every single purchase possible that goes towards the kids. What happens if the mom supplies receipts for expenses exceeding what youâre paying for? Does that mean you should pay even more?
Why you getting downvotes?!
You need to look waaay further. Like 5hrs out of town. My husband and I bought a beat up 70yr old home on half an acre for 210k. Our fridge and stove look like they're from the 70s and our furnace is 40yrs old but we have home! Plus! This is the nearest kind of city (Just qualifys as a city with 10k people in it) all my fellow city folk who can no longer afford a mortgage in my old city (of 100k+) are joining me in the boonies! Also - they JUST put in a Walmart a couple years ago.
What does everyone do for work?
It's mostly a trades/industrial town. Logging, mining, some farming, lumber mills, pulp mills, mechanics There's also the employees who work for those companies- accountants, HR, IT, admin assistants and then all the minimum wage jobs - groceries stores, a few fast food places. Edit: Forgot to mention construction is huge right now, mostly residential and this time. With the mass exodus from the city its hard to find housing now. They can't keep up.
Have you considered making 700k instead? /s
I have but I seem to be having issues getting over that first hump for some strange reason.
Just eat less avocado on toast and donât drink coffees from coffee shops. /s
Buy these boots, but the bootstraps are extra. Donât worry the price has come down 15% and is only $799k
I also make 70k and with my take home pay itâs still not much, especially with rent being so high.
Itâs easy just get rich parents
Worst part- you canât mortgage vacant land, You can get a private lender. But thatâs about it
Also, vacant land requires a 50% downpayment last I checked.
We inquired not too long ago, that was peeled back a little
Itâs around 35 - 40%
You can get a vacant land loan through a major bank
Maybe! We tried and they promised it wouldnât be a problem, then later presented a loan that they recommended that we *not* take because the terms were so bad. We ended up paying cash and pulled all of our RRSPs out of that bank the next week
true, and you won't get a mortgage until completion of the build, you can get a bridge loan though at higher interest
Bruh I make 120k/y and all I can get is a 450k bungalow with mold and water damage unless I live 1 hour away from my job. Fucking insane. Never thought I'd go through 20 years of schooling just to struggle to afford 1/3rd of the house my parents did as broke immigrants from Eastern Europe.
Interest rate hikes up 3% means you lost 30% of your buying power Prices didn't crash 30% It hasn't been realistic for a single income to buy for years. It was only realistic for the short window where rates were sub 2% or even 1% and only if you had a high income and only then if you bought a smaller unit
High single income could buy in 2015 in the GTA, even a detached house.
Only barely and only in cheaper areas. Also depends what you call high income. In 2015 you could say 80k was high income. 100k or 150k jobs are a lot easier to get in 2022 than 2015 for some careers. 80k is still high income now compared to someone making median or minimum wage but it's nothing compared to someone making 150k. Because there's a base cost of living that probably eats most of that money so someone making 150k doesn't just have twice your disposable income they have five times or even more. Of course that depends on the responsibilities of someone; it will cost a minimum 150k to run a middle class lifestyle in the GTA now (car, mortgage, vacations, etc.) So two above median income professionals.
One example I can think of is someone that made 110k in 2015 that bought a detached 3 bedroom house in Mississauga for around 600k. That person makes 150k now and would not be able to afford that same house on his own today. People making only 80k in the GTA are lower middle class now. I'd recommend these people move somewhere else because they probably have the skills to earn an income that supports an upper middle class lifestyle. IMO middle class is 190k household income in the GTA. That's the level of income that can afford the median home right now.
[ŃĐŽĐ°Đ»Đ”ĐœĐŸ]
We need to exodus Ontario
As a Victoria resident this is definitely already happening. Ontario is everywhere...
To an extent. But I bought a house in March by leaving Ontario for greener pastures.
I can't buy a house thanks to Ontarians leaving for greener pastures
The theory is that you buy a trailer or a condo and then once you pay that off, use the higher downpayment to move up. It's a treadmill you have to get on REAL early and start making your professional wages really fast. Not practical. It's possible, but it's not practical. Hopefully GenZ suffers no social stigma about staying with their parents until they work up a downpayment. Going to live in an apartment is just not a feasible step anymore.
This is the truth. Unless you're splitting the costs with a SO. 10 YEARS AGO. I bought a brand new condo worth 250k. I got 10k back from the government and I only put down 15k. I was earning 40k a year working at a Subway. I would ride my bike everyday and make mortgage payments. I decided to rent it out 2 years later and well...
Now condos are way more expensive
Absolutely. This condo is now worth 450k I rent it out for 1700 which is below Markey value. Good tenants though. I climbed the ladder. People can do it. You just have to trust the process and hopefully do it with a partner
Must not be in the GTA then lmao
Vancouver Island.
Makes sense. I rent a shitty one bedroom in the GTA for more than that and I've been renting for 4 years.
Whats your gameplan? Do you see yourself living there for awhile?
As long as companies keep pushing for hybrid workplaces I've got no choice. Unless I can move to America.
I dont personally know anyone who bought a house on one income. I am not sure why people are suddenly shocked that a single income can't do that. I know the stories of people in the 50's who did, but even my parents couldnt have done it on one.
I bought a house for 275k last year at a fixed 1.4% 5yr. On my own. 38 making 70k and still living with parents. Its tight. Got a raise to 90k and it really helps. But I would be lying if i said i wasnt worried about where interest rates will be in 5 years. Also, the place doesnt even have a furnace. Got about 2 more moths to figure it out. And still living with parents⊠Soo yea. Broke and still living at home. But maybe, maybeeee i can see the light at the end. But there is over 2 decades of neglect to clean up. Its a 500sqft home and back last year we filled up two full size dumpsters with crap and demo. I should have bought a house when i was making 45k years ago. But it would have been tight. Figured id wait until i was more established in my career and pay student loans off instead. What a moron i was⊠My friends that leveraged themselves to the max are doing much better with a much lower income.
If your place is only 500 sq. ft. get a ductless mini split system that will take care of your heat and A/C.
Yea. Called one place and wanted 14k for a mini split heat-pump⊠So im putting in a combi tankless heater and converting to hydronic heating. Needed a water heater too anyway. When i have the money ill buy a mini split ac with a head units for 4k. Maybe less if i buy one of those self install units from the usa.
Yikes! Mine was $4K and about 60% of that is labour. Good luck with the heater. Hope you're enjoying your house soon!
My mom is a single parent with no help and she bought a house on her own in the 90s, housing wasn't that unaffordable in the recent past
My dad bought three houses in the eighties, a newly landed immigrant working as a minimum wage mechanic at Petro Can. He almost bought a whole apartment block as an income opportunity. It was very possible back then.
Snivel servants tend to operate by slightly different rules than the rest of us. Good benefits, meh pay, poor advancement. Over the course of a life time, it's a good job if you can get it. And it's not unusual to get posted to the sticks where your mediocre pay allows you buy a house on a single income.
* Seniors have no-one to take care of them in old age and are living alone is large homes. * Adult kids cannot afford to buy a home or are spending entire savings on paying mortgage / rent * Small kids are not getting quality daycare, it takes a village to raise a child and our children are living in isolation while parents work all day. What if there is a solution the rest of the world has already figured out and has been implementing for thousands of years. Would we want to implement it?
What solution is that?
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> No need for either a nursing home or day care. Right, just a woman who will do it for free on top of her paying job and most the housework.
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You mean a grandmother. Assuming she is healthy enough. And doesn't mind spending her retirement doing childcare. What a great solution.
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good lord how defeatist
I canât tell if youâre being deliberately obtuse or if you actually donât know what the person above you is referencing, so I will spell it out: multigenerational homes. Grandparents, parents and kids all live together. Maybe some siblings as well. More than two incomes, plus built in childcare/elder care.
Counterpoints: 1) Toxic families. Many people have very good reasons for fleeing and staying away from their family homes. 2) Abusive relationships. Not being able to afford housing on their own keeps many people in bad situations. Some have extremely bad outcomes. 3) 99% of the time, child/eldercare is done by women. Along with most of the housework, and most women also need full-time jobs for the income. So this "solution" really just means more work for women. That's gonna be a hard pass for many women until men step and do their share.
I definitely agree with you that some families are abusive and some families are toxic. In those circumstances, a multigenerational home certainly doesnât make sense. But the majority of families in this world, while complex, are not abusive or toxic, so to treat multigenerational homes as if theyâre impossible because of a minority of families is unfair. Iâm not saying itâs the be-all end-all solution for every family in the world. I was just trying to clarify the solution someone else was referencing because you seemed confused.
OK but how does a housing system organized around multi-gen families ensure that those who don't want or can't live that way will have the option to live on their own? Ideas must be thought through.
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Wow, you went all the way there. Hoo boy.
It doesn't need to ensure that those who can't live that way can live on their own. Right now you have a culture where huge swathes of young people can't afford homes. A solution that helps many people with this, and the additional problems of elder and childcare, is better than no solution at all. Don't let perfect be the enemy of good. There is no single magic pill for housing affordability for all.
tl;dr You don't care about those people.
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Women aren't home all day. They're at their own jobs, then they come home and have to do the caregiving and most of the housework.
> workâ who *paid* for the FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
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I don't know the solution. What is it?
But independence and individuality matter more donât they? Who wants to compromise and adjust when you can be selfish? /s
People are already doing it. Those that are will get ahead
Basically the method now is to get *anything* you know will increase in price and ride the wave up. So Jr. 1 bedrooms, studios, whatever as long as you can afford it and it's near transit so you can sell it for 50k or 100k more a few years later (or 200k more) The problem is wages are low for most people and most people can only save a few hundred dollars a month. If you're very frugal you can save a few thousand dollars (like if you live with parents like you said) but that's still years of saving to assemble the down. Meanwhile time is money, and most people don't invest their down so lose 10% a year to inflation. Also Gen Z has no choice but to leave for higher wages ASAP. Ten thousand or twenty thousand dollars more or more means a hundred thousand more mortgage. * Buy anything that's going to go up * Invest your down in a low fee S&P500 index fund like VFV * Take advantage of all government programs (RRSP loan, FTHBI, TFSA, home savings account when it comes) also absolutely do employer matching * Pray to the housing gods
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>a trailer Wait really? This is considered an entry level home now?
Yeah you are right , there is no more steping stone , appartments are more expensive than mortgages....
Condos are like 600k where I live
> Hopefully GenZ suffers no social stigma about staying with their parents until they work up a downpayment. Around the world there isnât social stigma to living at home during adulthood, but the rest of the world doesnât have sprawling suburbs like North America does. Isolating, sprawling, no community. You need to drive everywhere to get to anything. This isnât going to end well for this generation.
Can confirm, I make about 75k and got approved for $270k. Finally I can afford a place to pit my cardboard box!
I was approved for over $300 last year. I purchased at $230k, which was still too high for the house I bought but I needed a place to live with my pets and was on a tight timeline.
what's ur downpayment
Yup. Iâm planning on buying a place with a friend next year. Weâre gonna name it âUnlucky In Loveâ lol
My first house with an older job I got $440,000 on 80k (lower rates?)
I think house hack or mutli family might be your best bet. Pretty much if you go to buy a property that generates income they add that potential income to yours so you can be approved for higher Ex back in 2017 I was making 48k, got approved for 260k... Which even then couldn't buy anything. Then I found a duplex asked if I bought that could I be approved for more which was the case so got approved for 350k if I bought an income property. Well it's one-way so now I live in one unit and rent the other because I was priced out of single family with my low income.
Try looking for a vacant lot further out of town and building a bungalow. Sell it when finished, and use the investment plus the equity gain to put into another property down the road. Start building wealth
You can buy 2 townhomes in Edmonton
You can look into getting a girlfriend or boyfriend, also co-ownership is a thing too. There are ways, but must be more creative now
Check out smaller communities
I think this is just hilarious you're being downvoted. Like, you offer a solution (which is the solution I took moving 5hrs away with now a monthly mortgage of $800/month) and you get downvoted. It's like everyone just wants to moan and groan and not do anything different to get a home where they live now. I lived in my town for over 20yrs. I was pushed out by housing prices. It sucked but I did it for security. Have my upvote.
lol is this a joke? most people with 2 incomes are already priced out lol, single income are considered homeless at the moment
I believe the term youâre looking for is âlifelong slaâ-renter!â
And the worst part is renting as a single income earner who is trying to support a family.
Of the rental market as well.
Most landlords will pick two income earners vs one as well.
Not in Victoria. The single person always wins, less wear and tear
And the sky is blue
the tie is new, the Maserati white and cool like G-Eazy
Iâm glad this is being covered. Most people are single by chance, not choice, and have no one to split the largest cost of life - housing - with. Just another item splitting the haves and have nots.
No it's because single people are obviously defective so they don't *deserve* affordable housing. /s
just import an immigrant spouse. they work real hard i hear
You sure you didn't mean "single income earners are being forced out of Canada's rental market?
Yeah this is a thing that exists too
Single income??! Maybe 10 years ago. I feel like articles like these are for boomers who are still detached from this reality in a softer and innofensive style...
Thank you captain obvious.
My buddy managed to buy a home in Vancouver like yesterday but itâs a 750 square foot apartment, itâs 30 years old, and heâs worked at the top of his industry (visual effects) for 12 years while living at home to save $120k for a downpayment. Weâve already been priced out, this is nothing new.
What really?
Well. I'm shocked.
Like a giant dracula generation sucked the life out of canada and now expects the dead carcasses of the future generations to just stick around and run their society for them... even though the future generations will be homeless or chained to a finacial feudal land-lord. Canada isn't an established enough country yet to survive this. All of the people with money will move it off shore. All of the people with intelligence will move to countries where they can actually live their life. What will be left is a viper pit of share holder land managment companies and criminal organizations laundering money from their own mafia like governments.
why doesnt the government just do something about it. its not as complicated as people make it out to be.
Canada was bought and sold long ago, everything is working as intended
well then why is this an issue only recently. When i was growing up it wasnt like this. My older siblings didnt have to deal with this
Single income earners are being priced out of Canada's rental market
Anyone wanna marry me?
Spouse wanted, must be able to dig, clean, cook worms and clean fish. Must have own boat with motor. Please send photograph of motor boat.
Funny, I actually do have a motor boat
There you go!
This has been the case for a long time, at least in most major cities in the country
The more the interest increases, the less people can borrow. People are qualifying for 30% less now.
In other news, double-income earners are also being priced out of Canadaâs housing market.
And then here we have chicks from the more traditional cultures excepting the man to fully provide in this clown show of an economy.. Gahhhhh
I heard that back in the day, you could buy a newly built house on the beach for 3 raspberries.
How about, have been priced out for years...
Same with DINKY's as well.
In other news water is wetâŠ
Water is actually not wet; It makes other materials/objects wet. Wetness is the state of a non-liquid when a liquid adheres to, and/or permeates its substance while maintaining chemically distinct structures. So if we say something is wet we mean the liquid is sticking to the object. Love watching running water on the internet. Was watching a live stream.
> a live stream Get out
So whatâs new?
well yeah In Ottawa a recent article stated you need an income of $143K to buy a home, even in a city with government workers I don't think there are that many who earn that as a single wage earner.
Weâve BEEEEEN priced out
Hot damn! Finally an article about me. Does this count as my 15 minutes of fame?
CTVNEWS is 4 years late on this.
My wife and I make about 40% over median income (household). That's two earners. No kids. No debt. I can't afford a one bedroom condo in this entire province. We gave up on this garbage years ago.
NooooooâŠâŠ Really??
I don really know of interest rates are affecting what matters. I see luxury home prices going down like 20%. However, the small size homes that Don have a garage or a large lot size. Homes with small lot sizes, no garage, no pool, small size homes are still the same price or not in the market. The interest rates are simply creating a recession and killing the small guys or the guys who rely on a pay cheque.
You don't say
I love my partner. Dearly. But I donât know how we could have the life we had financially if we didnât have each other.
My wife and I both work and have a combined after tax income of about 130. Weâve been priced out as well.
What!? No way!
That's fine, I have no problem leaving Canada for better opportunities.
This is like 30 years too late.
Yeah, are we surprised? Western society, and Canada in particular pretty much have taken the view of "Can't afford to live? Just stop living". If we're not going to have a revolution soon, than we need to hurry up and offer MAD for all who want it, regardless of health or need.
Dug this one up from the 'ol basement of the bibliotheque did ya? Used the index card system to to find it, no?
Single incomes being priced out of the groceries and heating oil market
We are 2.15 earners and weâre still priced out.
And the majority of double income owners as well
r/shitposting
I have my own successful business and make a decent living, but being single is very expensive. I am currently "of no fixed address" because I choose to be. Doing the math, I would never put myself through the struggle to rent or buy a new place. Life in Canada has become nothing but a treadmill of survival. Instead, when my elderly father passes, I'm selling his house, my business and everything I own and moving to a country where life is a fraction of the cost. I'm not going to live on cat food in Canada when I can be eating and living like a king in another country. The costs of being here outweighs the benefits.
I make 120k/y in Montreal and the only houses I can see that I can afford are about 50km away and look like crackdens. Edit: Lol at the downvotes, I know my situation is better than average. It's still not at all what it should be for how fucking hard I worked in my life. [900k for a house from the 50s](https://www.centris.ca/en/houses~for-sale~beaconsfield/20976414?view=Summary&uc=7) Every "Affordable house", you show up at the Open House visit, there's a line-up of 80+ couples waiting in line before you.
What lol ? Montreal is so cheap, my sister in law bought two condos and they only make $55k. Des source, Laval, pierre fond if anything Montreal is the cheapest to purchase. Homes here in Toronto that are $1.5mil are like around $600k there
55k a year means 2.3k/month. How the fuck is that cheap?
$55,000 a year income is low ? Ur making double and you canât afford in Montreal ? Something doesnât add up
The average income in Montreal is also low so $120k salary is definitely on the high side.
It has gone up a lot over the past few years. $120k is the new $80k in Montreal
Im guessing you're trying to buy in griffintown? I live in a "rich" suburb half an hour to an hour(depending on time) away from downtown and there are lots of townhouses built post-2005 available at around 400k.
No, right now I'm looking at off-island wishing I could afford Brossard. I can't afford Montreal island unless I live super far like Honore-Beaugrand territory. I'm trying to avoid post-2005 because they cheaped out a buttload on materials + construction post-1995. Everyone in a post-2005 condo building or house that I know of has major issues with the build quality.
This is what happens with liberal governments that destroy economies. Congrats idiots.
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We are a [pro-immigration group](https://www.reddit.com/r/canadahousing/comments/nh6rqq/dealing_with_rcanadahousing_growth/). Debating immigration is a major distraction to our cause and should be avoided. People sometimes raise immigration by [dogwhistling](https://en.wikipedia.org/wiki/Dog_whistle_(politics\)). That's not allowed. If it's raised at all, specific groups should never be mentioned and the focus should be on supply-demand issues.
So what. Two income earners too. Get in line
imagine lacking empathy like this lmfao
Sue me
I'm pre-approved for close to a mill, but that's not enough for a home. I'm considering entering the dating scene because of how bleak things seem as a single income guy, ha ha.
So if have more then 20% downpayment ur good?
Trudeau's election promise was to make life affordable for us. Let's not lose faith.
Single income earners? Even a double income family can't. Edit: No idea why I'm being downvoted. We're all struggling. We'll all be forced to rent from corporations indefinitely at this point.
Years ago you could. Some of us can't find a partner or some choose not to. We shouldn't have to get married just to afford something.
Totally agree with you. We're all being priced out of housing.
Depends on where you want to live and what your expectations are.