goon,

 

not sure what you're implying... that people 40 years ago had it tougher... or that housing is more expensive now?

 

As usual - you seem to pick and choose your data (like the guys that thought getting 15% on a GIC was somehow better than 5% today (completely ignoring tax and inflation)... anyhooooo....

 

My first mortgage wasn't at 20%.  Not sure if yours was. 

 

I guess there was ONE month where rates went over 18%... so sure, lets pick that as indicative as a time ago!
 

 

in that month, mortgage costs were 4.7% of household income.  Even for the three years after, they were under 5%.  But for the next 30 years they were higher.

 

We were such lucky bastards in 1981 as houses were so cheap, we could service our first home mortgage SO EASILY.  LUCKY BASTARDS WE WERE.

 

Of course, all this peaked in the great housing boom and then crash of 2008.

 

So the latest data today is Q4, at 4%... that'll increase given the rate hikes this year and lags.  Not sure where you can get a 5% mortgage... I'm seeing something closer to 7% for properties I'm refinancing...

 

So I'd suggest its already past the pain point... probably at around 6%.  Exactly what you want from tight monetary conditions... which EVERYONE HERE has been wishing for for the last decade!

 

have a super weekend.  the Truth is out there... just not on youtube!