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Comment by andi999

"A down payment on a Toronto house should take 24 years to accumulate", reading the article this seems to be based on a severe case of dyscalculia. If the apartment costs 1 million and you want to save until you have 6% (which is 60k), and you only save 10% of your annual 170k salary, meaning you save 17k per year so after 3 years plus you have the down-payment. In addition to proper math one also should probably save a bit more per year.

Edit: I am basically criticizing the article linked from the comment: https://nowtoronto.com/lifestyle/toronto-real-estate-afforda... Apart from the calculation wrong I also think the numbers/assumptions are not good

parent andi999 5 years ago

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