I would add in expected average maintenance of let’s say 1% of square footage so $1,700 per year year so this adds about $142 per month to your calculation
@AndrewStephens
Жыл бұрын
That’s a good point! Variable cost, could be a lot more than that estimate too
@Citygamelabs
Жыл бұрын
4k a month for a home ownership is crazy
@AndrewStephens
Жыл бұрын
It sure is! A huge number for an average home price
@davidranadm
Жыл бұрын
wow great video,
@gl0ryh0und
Жыл бұрын
The prices can't be sustainable.. If there is growth in prices like you suggest, then where are people getting the money to buy them.. even 2 average people with perfect credit scores and no debt are going to get crushed by these numbers. There's just no more 'north of here' left. Something has to give.
@AndrewStephens
Жыл бұрын
Even if the prices were stagnant over the 5 year term, there would still be the 62k equity which is nice. We’ll see what the future brings. Reality is that no one knows. Still a lot of people migrating here from out of province too.
@LC-ht7sg
Жыл бұрын
I’m from there. Love NS, greatest memories from my youth and up to my 30s before I left for good in mid 2000s. But I’ve been saying it for years. They’re a Toronto wannabe and it’s sad. Not a quaint city anymore. Wrong ppl in charge wanting to make it expensive and busy. Makes me sigh when I return to visit.
@colleenduffy1139
Жыл бұрын
I don't think their is a deliberate plan to make the city busy. Yes, government might try to attract business but that happens everywhere. More people moving here is a natural process.
@AndrewStephens
Жыл бұрын
A lot has changed since the mid 2000’s, that’s for sure
@Aubatron
Жыл бұрын
@@colleenduffy1139more people moving to a place faster than new home construction is not a natural process though. Canadas population increased by a million last year, and a ton of people moved to Nova Scotia because of the inflation because it was cheaper. Right now, Ns is one of the only provinces that hasn’t saw a housing price decrease from the high interest rates because of the surge of population with limited housing. It is actually kind of insane and not a natural population growth.
@SlayR1101
Жыл бұрын
I will have to disagree with you on a modest 2% year over year increase over the next 5 years. I would say that will be a very generous estimation for the next 5 years. No matter what the perceived demand may be, people still need to borrow money for a home, and that money is gone, and can no longer sustain the inflated prices.
@AndrewStephens
Жыл бұрын
That may be the case. No one knows and only time will tell. Historically speaking, it would be modest. Even if I take out the last 3 years of insane growth, the avg is +5% per year since 1980 in HRM. What do you think would happen if rates start to drop over the next couple of years? (that’s a ways away at this time as I doubt rates will drop for some time yet)
@colleenduffy1139
Жыл бұрын
Poplulation is increasing quickly - I'm not sure prices will go down. Vancouver didn't have very high wages but look what happened to their prices.
@SimilakChild
Жыл бұрын
That's why mostly everyone in Nova Scotia lives in trailers. I find its cheaper in Alberta
@AndrewStephens
Жыл бұрын
lol there's an interesting comment... What facts are you basing this on? I have no clue what the number of mini homes vs other residential properties would be, but I can tell you that sales wise, in 2023, only 5% of sales in NS have been mini homes so far. But yes.. I am assuming Alberta's cost of living would be lower and obviously the taxes are much lower.
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