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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.

  3. #3163
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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.

  5. #3165
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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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