HawthorneVillager.com

High income young professionals who are not first time home buyers.

_________________
LEON VAYMAN, BROKER
RE/MAX Real Estate Centre Realty Inc., Brokerage (MILTON Office)
Direct/Text: 905-616-7307
www.LEONVAYMAN.com
facebook | Linkedin | YouTube
CLICK HERE to Listen to what Leon's past clients are saying!

I just think that a million dollar asset of one particular class, is too much For someone making 150k they have put far to many eggs in one basket. When I die my family will also get a million dollar payout. I bought a 1 million dollar participating whole life insurance plan. Mortgage insurance is not great, the underwriting is very bad. If someone has a million dollar home on 150k income, I would hope they also had at least 500k in other assets as well. There will be a market correction with housing. I know that I with the salary I have couldn't afford to lose 20% on a million dollar home and wait the 10 years or so to come back. Pricing of home will have to come down, because in the gta the only people buying are people who already own.

That model works in Manhattan, but we are not making New York salaries.

I don't entirely disagree but the people buying these homes are not Canadian born and they're not buying these houses the same way that Canadians are used to buying houses, so unless they have money thrown at them by their parents when they start a family, they shouldn't bother trying to keep up by mortgaging themselves to death. In some cultures it's quite common to give your children a house when when they start a family so making $150k a year is fine if all they need to cover is property tax and maintenance.

I bought my first place at the age of 26. It was a small condo, but I was in the market. The problem now is when a high income earner making 85k is now priced out of the single family home market that is a very scary metric. The only people that can afford these homes is people who already own. Home ownership is at record lows for people in their 30's

Depends on how much of a down payment you put down.

Yup... those people are now instructed to live with their parents until they're 40 and then start a family at 45 as if that's normal and they don't know how the $%^& others are "affording" these homes. The birth rate is also plummeting because who the hell wants to have babies while they're living with their inlaws and by the time they get out on their own, it's too late... and those same people are then wondering how come all their friends in their 40s are suddenly having twins...

Anyone have the price list from the Remington Holmes release? The website no longer has prices for the sold out homes.

We own a home and can't afford to buy in Milton again with our current salaries. Wish we had of stretched ourselves back in 2007 so we wouldn't have to move to a bigger home. Though back then we weren't really expecting to have twins (we are not in our 40s though).