How much did you pay for your first house?

[Albertaktm]

1987 55,000 in Edmonton. Westwood area NE of NAIT. Sold it in 1990 for 85000.
Moved west of stony and developed / built every average/house since.

[Fur]

$212,000 London, Ont. was about 1100sq feet, bought new in 2008.

[dangerranger5143]

Paid $345,000 in April of 2016. 1000 sq ft bi level with 24x26 detached garage in Sylvan Lake.

DR

[Mangosteen]

Paid 63 K on a foreclosure in 2005 in Woodlands area Calgary. Thousand square ft bungalow starter home.

[jtiwana]

First house 2005 in Calgary for 130000 half duplex, then the next in 2006 for 340000 four level split then next and next and ---- now live in Edmonton since 2009 in a house that the bank bought for me for 650k.

Its been nice since I moved to Canada in 2004. Now renters pay my mortgage and taxes and give me some money for all the properties that I own, could not ask for more from life

[cardshark]

Not applicable. Interested in buying but it seems crazy at these prices.

Eventually the baby boomers have to start dying off and prices have to drop - right? Or will rich immigrants swimming in debt money be allowed in to buy it all up?

[waterninja]

I bought mine for 26,000.00. This year the city assessed me at 245,000.00. I'ts the same house, except I'm paying 10 times the taxes. What BS. I do like my house though. Just renovated the bath room.

It's all good in the hood.

[58thecat]

30k...paid it off in seven years
1990 Caron, Sask.

Now got a beautiful acreage, custom built home, bla, bla, bla,...next stop Kelowna area for the summer and winter...where it is hot and great fishing!

[bobinthesky]

Originally Posted by cardshark

Not applicable. Interested in buying but it seems crazy at these prices.

Eventually the baby boomers have to start dying off and prices have to drop - right? Or will rich immigrants swimming in debt money be allowed in to buy it all up?

1) You either jump in now or fall behind every one else.
2) Wrong
3) The rich immigrants are paying cash for property with USD!

[bobinthesky]

$73,000 for a 1000 square foot bi-level with developed basement, fenced yard and detached garage in 1983.

[cardshark]

Originally Posted by bobinthesky

1) You either jump in now or fall behind every one else.
2) Wrong
3) The rich immigrants are paying cash for property with USD!

"Housing prices only ever go up"

If it's "falling behind" not to pay exorbitant prices for something, then I'd rather fall behind. Not worth it.

Sure, many people are loaded with USD funny money. How many trillions were printed over the past two decades?

[ren008]

Just last year spent $260,000 for a 1978 1040sq foot with finished basement and detached single garage in Brandon MB. Move in ready and updated outside of the kitchen which needed some paint and lino replaced, and a few touch-ups here and there. Nice developed yard and 3 houses down from a K-8.

Everyone who bought in the 80/90's and early 2000's and keeps spouting off about kids staying at home too long can get bent imo with prices as they are now. Two decent jobs, saving for retirement, kids on the way, plus paying for house, etc there isn't much for toys being bought here.

I know I've said it before but so many people my age and younger are starting to say screw it to the dream. You know what that means? No kids, white picket fence, two cars, etc... And no-one to look after the old farts or pay taxes in the end. The cost of entry is just too high for many and they are looking at other ways to live that doesn't involve being a wage/mortgage slave forever.

[Jack Hardin]

1975 in Moose Jaw, SK. Brand new 3 bedroom Toronto split on a 50 x 100 ft lot for $32,000.

[Big Grey Wolf]

Only $10,000 including lot in Ft Sask, built it myself with open beam, attached garage, built in walnut china cabinet and brick fireplace.

[captain91]

Fiance and I just bought in Airdrie this past December Mid 70's split level, $330,000 no garage, just an oversized shed.

[elkhunter1234]

In 1988 bought an older well built house in Magrath for $39,500. Sold it in 2005 for $95.000 to build our dream retirement house on our acreage. Today still working to try and get said dream retirement house paid off so I can afford to retire.. not sure where that plan went wrong.. lol

Jim..

[50/50]

1988 , ( Peace River) bought a new Shelter Mobile home 16x 66 in trailer court, for 35,000, bought abandoned homestead (10,000 for 10 acres) the next spring , move trailer onto it.

1999 bought acreage/house(1991 built) between Peace and Grim, for 150,000 , sold other acreage for 95,000.

2016 -Refused unsolicited offer from industry for $600,00 - I think refusal was a mistake.

[The Cook]

Built my first house in Canmore in 1980 for $65,000 lot included.

[big zeke]

In 1989, in Canyon Meadows (SW Calgary) about 1000 sqft for $130,500 put about half down (was 23 at the time), market was very hot as TCPL was moving to town. Sold in 1997 for just over $137,000. House recently sold for the mid 400s but had a ton of renos and high end stuff added.

Should have kept the darn thing, one of the few investments that ever increased.

[cardshark]

Originally Posted by ren008

Everyone who bought in the 80/90's and early 2000's and keeps spouting off about kids staying at home too long can get bent imo with prices as they are now. Two decent jobs, saving for retirement, kids on the way, plus paying for house, etc there isn't much for toys being bought here.

I know I've said it before but so many people my age and younger are starting to say screw it to the dream. You know what that means? No kids, white picket fence, two cars, etc... And no-one to look after the old farts or pay taxes in the end. The cost of entry is just too high for many and they are looking at other ways to live that doesn't involve being a wage/mortgage slave forever.

Baby boomers sold out on family/community/country/culture/civilization for cheap goods made in China, cheap labor immigrants, personal comfort and greed. But perhaps they're not to blame, they're just the falling domino set in motion by the generation before them.

Western civilization is in steep decline, but many baby boomers don't see it and think things are just wonderful as long as their house's "value" keeps going up.

[jstubbs]

Two things to keep in mind here folks. Interest rates and inflation.

From 1975-1992, Canadian mortgage rates never dipped below 10%, and at one point it was all the way up to 20%.

In 1984, when mortgage rates were around the 12-14% mark, a 30 year mortgage on a 14%, $85,000 loan churned out a month payment of $1,007, which according to the BoC inflation calculator, is $2,200 in today's dollars. Of course, unless you're a poor soul with a fixed IR you began to pay less as interest rates eventually dropped, but at the time, that's what you were paying.

In 2017 now, with mortgage rates around 3%, on a $350,000 house (probably equivalent to that $85,000 house), you're paying $1,475/month. Even bump it up to a $450,000 house, and the monthly payment is still only $1,897, cheap compared to the $2,200 you were paying.

The real issue, however, is stagnant wages...



So as a young guy hoping to purchase a house within the next few years, this thread makes me want throw up with jealousy.

[ren008]

Originally Posted by jstubbs

Two things to keep in mind here folks. Interest rates and inflation.

From 1975-1992, Canadian mortgage rates never dipped below 10%, and at one point it was all the way up to 20%.

In 1984, when mortgage rates were around the 12-14% mark, a 30 year mortgage on a 14%, $85,000 loan churned out a month payment of $1,007, which according to the BoC inflation calculator, is $2,200 in today's dollars. Of course, unless you're a poor soul with a fixed IR you began to pay less as interest rates eventually dropped, but at the time, that's what you were paying.

In 2017 now, with mortgage rates around 3%, on a $350,000 house (probably equivalent to that $85,000 house), you're paying $1,475/month. Even bump it up to a $450,000 house, and the monthly payment is still only $1,897, cheap compared to the $2,200 you were paying.

The real issue, however, is stagnant wages...



So as a young guy hoping to purchase a house within the next few years, this thread makes me want throw up with jealousy.

No kidding. Mortgage affordability due to low interest rates is one of the of the biggest crocks ever made up and just a way to keep justifying high prices to the masses who would otherwise just quit the game.

$350,000 at 3% over 25 years gets you $496,908 ($1656 month) total cost. While $85,000 mortgage over 25 at 14% would cost $299,327 ($998 month).

But who wants to draw out a mortgage over 25 years anyways??

$350,000 at 3% over 15 years gets you a total cost of $434,640 ($2414 month). $85,000 mortgage over 15 years at 14% would still only cost $199,700 ($1110 month).

[bobinthesky]

Originally Posted by cardshark

"Housing prices only ever go up"

If it's "falling behind" not to pay exorbitant prices for something, then I'd rather fall behind. Not worth it.

Sure, many people are loaded with USD funny money. How many trillions were printed over the past two decades?

You can put your money towards a mortgage and end up owning the house or you can put the same amount towards rent and end up owning nothing or you can live in your parents basement forever wishing you were somewhere else... your choice.

I'm not sure what your comments about the usd have to do with anything but Canada is on sale right now to foreigners that have US cash!

[Hindsight]

$191,000 2 Bedroom 1000 sqft house with detached garage, Olds AB 2016

[cdales]

396k Cochrane..May 2013. Sold Oct 2014 for 418k on Kijiji

[ronkaren]

$21,000 in 1975, it was an AHOP house, no carpet, no roughed in plumbing in basement, no shower, no DW, single kitchen sink, and can't remember anything else, sold it a year and half later for $44,000.
those were the days when at least three of the bigger contractors put up 100 homes a year.
now the biggest builders won't sell enough to put up 20 new homes a year.
lots of demand back then, real estate was making good money.

[omega50]

$86K for 1600sq ft Bungalow in Turner Valley in 1991. Paid it off in 1999

[raab]

Originally Posted by jstubbs

Two things to keep in mind here folks. Interest rates and inflation.

From 1975-1992, Canadian mortgage rates never dipped below 10%, and at one point it was all the way up to 20%.

In 1984, when mortgage rates were around the 12-14% mark, a 30 year mortgage on a 14%, $85,000 loan churned out a month payment of $1,007, which according to the BoC inflation calculator, is $2,200 in today's dollars. Of course, unless you're a poor soul with a fixed IR you began to pay less as interest rates eventually dropped, but at the time, that's what you were paying.

In 2017 now, with mortgage rates around 3%, on a $350,000 house (probably equivalent to that $85,000 house), you're paying $1,475/month. Even bump it up to a $450,000 house, and the monthly payment is still only $1,897, cheap compared to the $2,200 you were paying.

The real issue, however, is stagnant wages...



So as a young guy hoping to purchase a house within the next few years, this thread makes me want throw up with jealousy.

Better a high interest rate with low principle then the other way around. If you can pay down the principle in a half decent time frame then you dont pay nearly as much interest. Heck, some people might even be able to save up and buy a place with 10% interest rates.

[raab]

Originally Posted by bobinthesky

You can put your money towards a mortgage and end up owning the house or you can put the same amount towards rent and end up owning nothing or you can live in your parents basement forever wishing you were somewhere else... your choice.

I'm not sure what your comments about the usd have to do with anything but Canada is on sale right now to foreigners that have US cash!

Renting is far cheaper then owning right now. To many people just look at mortgage costs, and dont take into account maintenance, property taxes, or insurance. For example you buy an older home and the furnace craps out on you without any savings. Your suddenly 15,000 in debt thanks to your lovely new home. People dont look at it that way. Also the mobility of renting in todays job market is a good thing for many younger people.

[jstubbs]

Originally Posted by raab

Better a high interest rate with low principle then the other way around. If you can pay down the principle in a half decent time frame then you dont pay nearly as much interest. Heck, some people might even be able to save up and buy a place with 10% interest rates.

Absolutely it is. Additionally, when interest rates are 12%, saving money becomes much, much easier. Way easier to pay half the principle on the initial down payment.