tag:blogger.com,1999:blog-480286723085387632.post4478797653334428660..comments2023-07-04T03:57:58.886-07:00Comments on Alberta Real Estate Watch: Median Family Incomes Increase but Housing Remains ExpensiveBearClawhttp://www.blogger.com/profile/15714953167582532109noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-480286723085387632.post-62161155842446261982010-09-26T18:21:10.794-07:002010-09-26T18:21:10.794-07:00While the stat is true about incomes it is in 2008...While the stat is true about incomes it is in 2008 and not 2009 when things turned sour in the housing industry. <br /><br />otherwise I agree with you that back then housing was pricey but now I know with many people taking on second jobs just to keep up it is unaffordable at best.Anonymoushttps://www.blogger.com/profile/12109140436878091821noreply@blogger.comtag:blogger.com,1999:blog-480286723085387632.post-66621000087904963302010-09-23T11:28:47.926-07:002010-09-23T11:28:47.926-07:00Just for fun I did some calculations at the previo...Just for fun I did some calculations at the previous guidelines I used when I was a banker......<br /><br />A $91,500 average family income at a 30% GDSR equals $2,289 a month......subtract $150 of taxes and $200 of utilities and that leaves $1,939 for mortgage debt service.<br /><br />Which over a 25 year amortization at 5.5% equals a mortgage debt of roughly $315,000 +/- not counting CMHC fees and closing costs..........and back then, "lest we forget" you also needed a minimum of 15% down to qualify for CMHC mortgage financing........<br /><br />Heh........Carioca Canuckhttps://www.blogger.com/profile/13560054096545858201noreply@blogger.com