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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: maceng2 who wrote (192477)	10/6/2022 1:34:10 PM
From: Cogito Ergo Sum	Read Replies (1) \| Respond to of 218643

When my ex and I (have told this story before) bought our first home in Toronto (97K LOL) it was a condo (Townhouse only 18 units in one U formation) that was self managed.. (got on the board right quick :) anyway.. it was boom times.. rental market in Toronto was incredibly tight and everyone was building shitty basement apartments in their homes.. DIY nightmare abodes.. I checked out one with a dirt floor LOL .. buying was cheaper than carrying rent.. I was so happy that I did the math ... and my first mortgage was at 10.5%!!! went up (I forget duration) renewed one or two years to 12.5% so RE agent says oh you can afford up to 40% of gross income in mortgage payments !!! WHAT!!!!! no thanks.. no higher than 25% thank you.. we were both working .. stable but was just before my software career took off.. Our payments came in slightly higher.. (taxes.. but that was the point of the 25% limit :) but we bought in a good GTA location Thornhill.. still a great location 40 years later... Our home was at one point marketable for over 250K about 3-4 years in.. we moved post bubble burst 7 years later to an area that again looked promising say 7-10 years out.. we still got 170K for our townhouse.. !! Buy smart.. location, within budget, and watch demographic trends,,, oh and use every mortgage trick the companies offer but do not always advertise to reduce your amortisation period.. our first home sold after 7 years was bought on standard 25 year Canuck amortization period but after 7 years had only 11 years remaining.. so our equity was good :)