Westside – “Everybody maxes”.

This ‘group anecdote’ from Marty Pospischil, a Westside realtor, quoted in The Province, May 11, 2008

“Everybody maxes,” says Marty Pospischil, a realtor with Dexter Realty specializing in the west side. The profile of a typical buyer of a $1.3-million, three-bed, two-bath west-side home is a couple between 35 and 45 years old with one or two young children. They are both professionals who have ascended the ranks — think stockbroker, lawyer, doctor. They will usually have a down payment of $400,000 to $500,000 — derived from a combination of personal equity, inheritance or a substantial gift from a wealthy boomer parent, says Pospischil. That means they’re still borrowing between $800,000-$900,000. To make ends meet, the couple will rent out the basement for $1,500 a month. The rest — monthly mortgage payments of $3,500 to $4,000 — must be covered by income. “These are hefty mortgages. So they’re scraping for every penny that they can get,” says Pospischil. “

One response to “Westside – “Everybody maxes”.

  1. wow, sounds fun paying $4000 a month for the privilege of saying to people you don’t really care for that you live on the west side.

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