Could I manage a million buck house?

Could I manage a million buck house?

$1 million was previously sufficient cash to establish you for a lifetime, but days past are long past. In certain components of Canada, you’re lucky if $1 million will purchase your fantasy house, allow fund your retirement alone. This couldn’t be truer in cities like Toronto, in which the typical home cost hovered around $800,000 in 2019.

Therefore, you one of the lucky Canadians who can afford this price tag if it costs $1 million to buy a home in cities like Toronto in Vancouver, are? Let’s take a good look at the facets that may figure out if you really can afford the typical home loan on a 1 million buck house.

What is a million bucks today?

Keep in mind the track “If I’d $1,000,000” because of the Barenaked women? Whenever band released the track in 1992, $1 million had some purchasing power that is serious. Fast ahead a few years, plus it’s a different tale.

Cash loses its value with time because of inflation. [Read more…]