Rant: My buddy the realtor told me something that kept me up last night

He said anyone under 35 basically needs a 200k down payment or a cosigner to get a place in Toronto now, and even then good luck. I thought he was just being dramatic but then he showed me the actual pre-approval numbers for a 1 bed condo. How are normal people even supposed to compete with that without family money?

2 comments

2 Comments

williamt4427d ago

That whole "200k down payment or a cosigner" line really hits different when you see the actual numbers in black and white. Your buddy wasn't just being dramatic, the pre-approval stuff proves it. It's genuinely messed up how a decent job and saving barely gets you anywhere in that market. I've got buddies in their late 20s who make good money and still can't swing a basic condo without their parents stepping in. It makes you wonder who's actually supposed to live in the city besides investors and folks who already own stuff.

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sam_scott5926d ago

Is it just me or does it feel like the whole system is rigged against regular people at this point? I've seen the same thing with friends who work their tails off, save up for years, and still can't even look at a starter home without needing a miracle or a rich relative. The numbers don't lie, if you need 200k just to get your foot in the door, that's not a market for people who actually work for a living. It's especially rough when you think about how our parents could buy a house on one salary almost anywhere, and now we need two good incomes plus a handout. Nobody's really talking about how that changes the whole feel of a city either, makes it feel like a museum for the wealthy more than a place to live. Honestly, I don't know what the fix is, but it sucks watching good people get priced out of their own hometowns.