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Thread: Calgary real estate prospects

  1. #3161
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    Quote Originally Posted by JohnnyHockey13 View Post
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    Curious how they did the math on $107,000 being able to but a $513,000 house?... with rates as high as they are today and the stress test, and using the major banks online calculators, they won't even lend you more than $400,000.
    The online affordability calcs are not how it’s actually calculated…

    (Rate+2% @ 25yr am (if high ratio) or 30yr if not + property taxes + $75 - $125 for heat (depending on lender or sqft) + half condo fees (if applicable)) /0.39 = gross income needed

    then if you have other bills they have to be 5% or less of your gross income or you will start eating into that. Typically that’s monthly payment for instalment loans, 1-3% of balance for revolving balances… and if LOC of larger than $25k it’s amortized as if it was a mtg @ benchmark and 25yr am… some lenders limit, other’s balance

  2. #3162
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    Canada home sales rise, good jorb everyone.

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    Quote Originally Posted by 89coupe View Post
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    Attachment 110011

    Is this your build they finished?
    Haha I wish, that's Rob's place, the owner of Maillot. It's a beautiful home, he gave us a tour summer 2021 just after he moved in. The star of that block though is his sister's place right next door. We haven't been inside, but the pictures look amazing.

    https://www.mklresidential.ca/portfo...732-p492068226

    In other news, our project is moving along. The foundation has been poured, basement floor to be set this week and then framing begins!

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    Quote Originally Posted by roopi View Post
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    Is that a garage on the left?
    That's the library.

  4. #3164
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    Quote Originally Posted by JohnnyHockey13 View Post
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    Curious how they did the math on $107,000 being able to but a $513,000 house?... with rates as high as they are today and the stress test, and using the major banks online calculators, they won't even lend you more than $400,000.
    Probably dual income so less taxes?

    There is a reason why sales of townhouse and apartments are up and detached houses are flat or down.
    Last edited by Xtrema; 11-28-2022 at 09:57 AM.

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    if you can't afford 5x your annual salary for your home, I think you are prioritizing wrong.
    EDIT: Clearly interest rates change affordability, in a substantial way, but outside of first-time homebuyers, I think the 5x rule is quite reasonable for even 5% prime rates.
    Last edited by ExtraSlow; 11-28-2022 at 10:49 AM.

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    Quote Originally Posted by ExtraSlow View Post
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    if you can't afford 5x your annual salary for your home, I think you are prioritizing wrong.
    EDIT: Clearly interest rates change affordability, in a substantial way, but outside of first-time homebuyers, I think the 5x rule is quite reasonable for even 5% prime rates.
    True. My 1st home is exactly 5x salary and mortgage rate was 6.2%

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    5x Gross or net?

  8. #3168
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    Quote Originally Posted by Manhattan View Post
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    5x Gross or net?
    Under impression that theory is based on gross.

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    Quote Originally Posted by kJUMP View Post
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    Haha I wish, that's Rob's place, the owner of Maillot. It's a beautiful home, he gave us a tour summer 2021 just after he moved in. The star of that block though is his sister's place right next door. We haven't been inside, but the pictures look amazing.

    https://www.mklresidential.ca/portfo...732-p492068226

    In other news, our project is moving along. The foundation has been poured, basement floor to be set this week and then framing begins!

    Name:  IMG_1674.jpg
Views: 542
Size:  398.9 KB
    Name:  PXL_20221125_225032464.jpg
Views: 550
Size:  409.5 KB



    That's the library.
    I thought foundation work could not be done in the winter. How does the concerete set without the water freezing?

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    Quote Originally Posted by kJUMP View Post
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    That's the library.
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    Quote Originally Posted by tonytiger55 View Post
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    I thought foundation work could not be done in the winter. How does the concerete set without the water freezing?
    Tarps and heat.

  12. #3172
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    Quote Originally Posted by tonytiger55 View Post
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    I thought foundation work could not be done in the winter. How does the concerete set without the water freezing?
    Chemicals haha, they mix the concrete accelerants different for colder conditions. Allows for quicker settings.
    Last edited by 89coupe; 11-30-2022 at 01:37 PM.

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    Quote Originally Posted by tonytiger55 View Post
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    I thought foundation work could not be done in the winter. How does the concerete set without the water freezing?
    Concrete cures. It's an exothermic chemical reaction. I suppose cold would slow it down a bit, but that usually results in a better set.

    https://www.thespruce.com/expert-tip...weather-845024

    So protect for the first 24 hours.

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    Quote Originally Posted by ExtraSlow View Post
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    if you can't afford 5x your annual salary for your home, I think you are prioritizing wrong.
    EDIT: Clearly interest rates change affordability, in a substantial way, but outside of first-time homebuyers, I think the 5x rule is quite reasonable for even 5% prime rates.
    Quote Originally Posted by Xtrema View Post
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    Under impression that theory is based on gross.
    5x household annual gross income? That would keep me up at night, heck even 5x household annual net income would be worrisome. Especially with current interest rates.

  15. #3175
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    5x gross household income is just over what we were approved for. We bought at about 43% of max approval.

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    Rules of thumb are usually dumb
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Hey, buy what you want, I don't care, just saying if your lifestyle and obligations are so high that you can't swing 5x, then you have made some choices that I don't approve of.

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    5x even a pretty good salary doesn’t get you much in Calgary.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  19. #3179
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    Quote Originally Posted by killramos View Post
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    5x even a pretty good salary doesn’t get you much in Calgary.
    That, and... at a certain point - I'm not sure exactly where - 5X gross annual salary doesn't seem like it would translate into a mortgage with a worrisome monthly nut

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    I guess you could come up with your down payment by being good with stonks
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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