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Why a salary of $115K isn't enough to purchase a house in some parts of Canada | News
Thirty years ago, it was normal for a grocery store produce manager or part-time nurse to find the five per cent downpayment needed to buy a home, says mortgage broker Ron Butler. Those days are gone. Now, someone earning $115,000 a year would have trouble buying a house in parts of Canada.
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Ron Butler says that when he started in the mortgage business 30 years ago, it was quite easy for a grocery store produce manager or part-time nurse to find the five per cent down payment needed to buy a home."Those days are gone," Butler said recently at a parliamentary finance committee hearing looking into household debt in Canada.Asked how long it would take someone with a solid, full-time job to save up the minimum down payment on a home today, Butler said that when it comes to the Greater...