I agree too...its not that easy...not all educated get that well paying jobs & as such to conclude most are not educated enough????
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Pooja
Can we be a little sensitive to the OP and not completely squish his hopes with tangential discussion about his educational qualifications that we have zero insight into?
adnancanada:
Two things that will get some real answers are:
1. Go to your local bank (as suggested by Pooja)
2. Go to a realtor
You will get financial advice from a professional. You will get some real real-estate advice/breakdown from a realtor.
Once you get the real picture, you can make a plan to achieve your goals. Its a step-by-step process. You will get there.
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If you have a gun, you can rob a bank.
If you have a bank, you can rob everyone.
- Bill Maher
Thank you very much for all your adivices & suggestions.
OP:
Best contact a realtor as others suggested.. if you want to do some ground work before that,
1. Check out calculators at some sites like 'How much can I borrow' from INGDirect.ca etc. If you put in your 32K annual income and no credit card etc. debts, you will see that, you can borrow around 132K + your downpayment... so can afford a place around 140K... If you have some outstanding debts, then, this number will be lower. Findout your max limit and ensure that you are comfortable with the monthly payment component.
2. Checkout mls.ca for listings in your area which falls under the above max limit. I am sure you can find something - though not the best, but some property which meets your most important criteria.
All the best!
One option that comes to mind is - buying a 5-6 unit building , living in 1 unit and renting the others ..... from the rent the mortgage can be paid .... But you would have to work extra for securing rentals / maintenance etc .
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Fido.
Location: Brampton, Ont, Canada
Posted on: 19-01-09 16:34:53
- buying a 5-6 unit building , living in 1 unit and renting the others ..... from the rent the mortgage can be paid .... But you would have to work extra for securing rentals / maintenance etc .
AS FAR AS I KNOW BUYING 5-6 UNIT BUILDING DOSENT COUNT AS RESIDENTIAL PROPERTY - therefore required down payment will be higher 30-35%
also building will be expensive and u are looking for lot more money as down payment - depends on property but 100k down payment might help 
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
It’s good idea to do homework/research before going for RE shopping. But biggest Q is why would you like to buy in this market?
Distance between Windsor and Detroit is a mile but house price are 1/4 in Detroit. Detroit is not Somalia and Windsor is not a Hong Kong, Zurich, Tokyo. Have your pick—the future?
http://www.greaterfool.ca/
Today’s numbers from the Toronto Real Estate Board and not energizing. Sales in the city off 54% and the average price down 12%. As for the argument that it was only Toronto’s dumb double-land-transfer-tax policy causing this, it’s pretty much debunked - with 905 sales crashing 46% and prices down 8%.
This is the start of a year that will be marked by widespread unemployment, hobbled corporations and evaporating equity. It’s precisely for this market that I included strategies for buyers and sellers in “After the Crash.” Buckle up, kids.
