On Mon, 3 Apr 2017 08:40:29 -0400, Ed Pawlowski wrote:

On 4/2/2017 10:57 PM, wrote:


If it's really that hot, housing is very under priced. Ninety days is
considered "normal". This isn't even the normal peak buying time.

BTW, if I move again, I certainly wouldn't even try to buy a house
after selling. Way too stressful.
When a 3 bedroom 45 year old semi-detatched home with no garage in a
"working class" subdivision sells for over $350,000 I don't think the
house is "under-priced"
With the influx of Toronto buyers I think you could sell a henhouse in
a week for what would have been the high end of the market for a
decent house less than 2 years ago.
It's NUTS.

How easy is getting a mortgage? I hope it is not heading like our
housing market before the bubble burst. Of course, if you earned $2000
a month and your payment would be $1999 you qualified.
The mortgage "stress test" is pretty tight. You don't qualify for a
CMHC insured mortgage if you wouldn't pass at 3 or 4%? higher than
current levels..

As an example, at my bank, IF I was making $80,000 a year and was debt
free with a $50,000 down payment on a house with $3000 taxes and $750
anual heating bill, they would approve me for only $247,900 purchace
price (about $197,900 mortgage) with current payments of $1133.00 per
month.
A $4751 CMHC insurance fee is charged on that mortgage.

A minimum 5% down payment is required up to $500,000, and 10% on the
balance up to 1 million. Over 1 million no default insurance is
available and a 20% down payment on the total value is required.

At my current income I couldn't afford the mortgage on a chicken coop.