Skip to main content

Home Ownership In The Okanagan Is Nearly Impossible

Home ownership is such an amazing dream to have as an individual, for your family and to secure your future. There is such an amazing feeling of success and achievement that comes from owning your own home. Right now it is almost impossible for anyone around here to own their own single family home. According to the mortgage calculator and the prices of homes in the Okanagan any individual or couple looking to buy a home needs to make over 120,000 annually. 

Use this calculator to see what you could afford. 

House prices have skyrocketed in the Okanagan making most single detached dwellings with two floors over $650,000 and nothing less. Which means you need to make over $10,000 each month. Holy crap! This was a huge holy shit moment for me as I am in need of a family home with two floors to run my daycare and as a successful business owner I make around $7000 a month. That is damn good money, not according to the banks and the damn stress test. 

The Okanagan is now one of the most expensive places to live and it just keeps getting worse. You also require 20% down to avoid paying the mortgage insurance which is at least $120,000 all on its own. If you don’t have the $120,000 your stress test is even more screwed up due to a higher mortgage payment every month. Not including bills, feeding your family and trying to enjoy life! 

The stress test has got to go or none of us will ever be able to afford our own home, and for the amount we all work each day we deserve to own our own slice of paradise. Time for the mortgage fat cats to take another look at what they are doing to individuals looking to buy their homes and give us a break. When a person defaults on their mortgage the banks take the home and sell it anyways so they are not losing anything by allowing us to make our own informed home ownership decisions. 

This article explains how unaffordable the okanagan has become. 

Hopefully they see this and give the banks more lending power and take away the dreaded stress test, I have worked way too hard to not be able to afford my own home. 

I hope to own my own home within the next year so right now we are saving a down payment and paying off debt to become completely debt free before becoming mortgage holders. I will be posting updates on how we tackled our debt and saved for our home, also any loop holes we find that can help you meet your goals as I am doing some serious research on this! 


Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!

Amazing Ways To DIY Your Nails In The New Year

Having beautiful fingernails can really boost a woman's confidence. Not only do they feel sexy and sassy but they look well maintained and professional. There are a number of different styles of manicures you can get done professionally but they can be costly and if you are trying to stick to a budget and save money it is best to give DIY a try. These beautiful nail designs are easy to do and look fantastic. There are some that are more intricate and some that are simple but all will be amazed that you made them yourself. Try using small gems and crystals at the tips to add a touch of sophistication.  Tips make a world of difference and they can be as easy as you wish. There are so many beautiful polishes that have amazing colours you can match. These simple nail designs can be done by any busy lady and make a lasting impression to anyone who comes across them. Hot Beauty Health has all the instructions for these super simple nail designs. There are a large number