{"id":5936,"date":"2017-05-24T10:10:10","date_gmt":"2017-05-24T17:10:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5936"},"modified":"2017-05-19T09:52:26","modified_gmt":"2017-05-19T16:52:26","slug":"how-quickly-could-you-save-for-a-down-payment","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/05\/how-quickly-could-you-save-for-a-down-payment\/","title":{"rendered":"How Quickly Could You Save For A Down Payment?"},"content":{"rendered":"<p style=\"text-align: justify;\">Recently, a wealthy Australian property developer dished out some advice for Millennials hoping to get into the property market.<\/p>\n<p style=\"text-align: justify;\">In short : resist the urge to shell out $19 on smashed avocado, and don\u2019t even think about splurging on a $4 cup of coffee.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen I was trying to buy my first home, I wasn\u2019t buying smashed avocados for $19 and four coffees at $4 each,\u201d boasts Tim Gurner during an interview with 9News, an Aussie broadcaster.<\/p>\n<p style=\"text-align: justify;\">At just 35 years of age, Gurner has reportedly amassed a fortune worth nearly $500 million, presumably by sacrificing more than runs to Starbucks and Whole Foods, but who knows?<\/p>\n<p style=\"text-align: justify;\">Really, it\u2019s not hard to see why the internet wasn\u2019t grateful for Gurner\u2019s broadcast advice.<\/p>\n<p style=\"text-align: justify;\">Soon, avocados were being referred to as currency. The New York Times, taking a break from Trump coverage, fact-checked \u201ca mogul\u2019s claims about avocado toast, millennials and home buying.\u201d And then there were memes.<\/p>\n<p style=\"text-align: justify;\">David Rudin, a writer from Toronto, where the average price of a home has increased 24.5% in a year and incomes have not, had his own take.<\/p>\n<p style=\"text-align: justify;\">He created a mortgage calculator just for Millennials, or those aged 18 to 34. It figures in regular avocado and latte expenses to show how soon you could have a 20% downpayment for a home in one of five major North American markets, including Rudin\u2019s hometown, if you just gave up these financial vices.<\/p>\n<p style=\"text-align: justify;\">By giving up a daily latte \u2014 and with it a little bit of downtown elite status \u2014 a Toronto Millennial could save $1,460 per year, according to the calculator. Not exactly small change, but here\u2019s where the crux of the argument deflating Gurner\u2019s argument becomes obvious: given Toronto resale homes average $916,000, a 20% downpayment equals $183,200. With all the money you\u2019d save foregoing your daily latte, it would only take you until October 9th, 2142 to save for a current downpayment!<\/p>\n<p style=\"text-align: justify;\">See how far your sacrifice will get you towards the dream of homeownership in Toronto, Montreal, New York City, San Francisco and Boston by trying the calculator.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/05\/avocado-toast-lattes-save-downpayment.html\" target=\"_blank\" rel=\"noopener noreferrer\">By Giving Up Avocado Toast Or Lattes, How Quickly Could You Save For A Downpayment?<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, a wealthy Australian property developer dished out some advice for Millennials hoping to get into the property market. In short : resist the urge to shell out $19 on &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/how-quickly-could-you-save-for-a-down-payment\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-5936","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Quickly Could You Save For A Down Payment? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/how-quickly-could-you-save-for-a-down-payment\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Quickly Could You Save For A Down Payment? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Recently, a wealthy Australian property developer dished out some advice for Millennials hoping to get into the property market. 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