“My husband and I make a combined income of around $150k. We bought a house on the North Shore after a relative died, with a $300k down payment from the sale of our last house.”

“My husband and I make a combined income of around $150k. We bought a house on the North Shore after a relative died (fixer upper, below market value, no realtors involved, no property transfer tax), with a $300k down payment from the sale of our last house. And we still had a hard price ceiling of $640k, which meant about a $2k monthly mortgage. If it hadn’t been a family property that I knew inside and out and planned on keeping for many many years to come, we likely would not have bought in this city again.”
RESKeptic at VREAA 14 Oct 2011 10:38am

7 responses to ““My husband and I make a combined income of around $150k. We bought a house on the North Shore after a relative died, with a $300k down payment from the sale of our last house.”

  1. HAM is in trouble, see the WSJ article.

    Foreigners’ Sweetener: Buy House, Get a Visa

    The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.

    The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah), designed to spur more foreign investment in the U.S.

    http://online.wsj.com/article/SB10001424052970203752604576641421449460968.html

    • So like in BC, the locals in Florida (or whatever state) will be jealous/pissed at the Canadians/Chinese who are buying up all their properties…and making it unaffordable in the future when the US economy/housing market does turn around.

    • All Canadians should write their senators to have them support this bill.

    • Seems to me this is great for HAM. Buy two houses, live in one, rent the other and get permanent residency for a fraction of the cost of Canada. Then again, there’s a cost associated with laundering dirty money so the Canada program will still have game.

  2. those who don’t believe immigration is the reason for price gains have their head up their a**
    proof positive is that the US wants a piece of the Canadian immigration/real estate action.
    Heck, Canadians should buy a house in the US just to get that residency permit.

  3. Residency does not always equal a work visa.

    I have no idea of the specifics of this proposed bill, but that would be a sticking point for many.

    Otherwise, I’d consider it. I don’t know if the US RE market has hit bottom, but it’s pretty deep in the trough. Buying a $500k house wouldn’t necessarily be financial suicide in some markets… and depending upon the house.

    But then again, I’d have to live in the US. Been there. Done that. Nice enough, but not dying to go back anytime soon.

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