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Finances & Real Estate Ages 20-35: Young adults 'feeling the squeeze'

Discussion in 'General Discussion' started by milquetoast, Jan 8, 2012.

  1. milquetoast

    milquetoast Senior Member

  2. Joe

    Joe Full Member

    ....interesting that the article sez that the girl featured in it makes $13 an hour as a pastry chef.

    C'mon get real. I know technical & professionals who make at least twice that and can't even get enough for a down payment in this city.

    You wonder who makes these stories of fiction up. $13 an hour in the Lower Mainland will get you a basement suite somewhere out in the boonies or the burbs. That girl likely receives or has received considerable assistance from her mom or relatives. She wouldn't be able to afford a mortgage on a wage like that. The banks wouldn't even bother giving her the time of day with that salary.
  3. milquetoast

    milquetoast Senior Member

    Part of the problem is that the banks give out credit like candy. The guideline that's commonly used is that your mortgage should be no more than 3x your annual salary. That's impossible for the vast majority of Vancouverites.

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