Montreal City Weblog

Kate 10:09 on 2020-08-16 Permalink Reply  

• mare 11:49 on 2020-08-16 Permalink

  People who can afford a house like that probably don’t need mortgages, but I’ve calculated it anyway.

  If you pay 1 Million down, your mortgage payment at the current low interest rates would be around $75,000 PER MONTH, for 25 years.
  Add a considerable amount for cleaning, maintenance and repairs (easily $25,000 per month) and it’s clear this is not for mere mortals.

  You could rent 75 good sized apartments for that.

  Also note that the current owner didn’t double his money, even though the selling price doubled. If they had a similar mortgage as above for $9M with $500,000 down they would have paid around $5 million dollar in mortgage payments, and would still owe the bank $5 M to pay off the complete mortgage. So they would have made a profit of “only” $4.5 million, assuming they paid $3 M for upkeep, maintenance and a whopping $200,000 In welcome tax.
  ($18 M – $0.5M (downpayment), – $10M (total mortgage payments) and $3M (expenses).)

  (I hope my numbers are right; it’s more complicated than I envisioned.)

• Bill Binns 12:00 on 2020-08-16 Permalink

  I sure am glad that there are rich people who for some reason stay here and pay all those taxes. Otherwise, my own tax burden would no doubt get even worse than the crushing and demoralizing level it’s at now.

• Raymond Lutz 15:39 on 2020-08-16 Permalink

  Bill, rich people owns and manage corporations that don’t pay for their negative externalities: you’re paying for them. Those corporations are abusing public infrastructures and public education without paying their due share. Those rutted highways filling with water when it rains? Too heavy trucks are ruining them, and YOU pay for it, not they. The planet you’re living on will be hell in a few decades because rich people are against drastic policy changes (that would impair their perceived fortune). Yeah: thank, rich people!

  https://mamot.fr/system/media_attachments/files/010/679/035/original/15572568a84f27f5.png

• Douglas 22:00 on 2020-08-16 Permalink

  Raymond you don’t have the correct numbers at all. If you look at the actual numbers, rich people, the 1%, pay about 17+% of the income taxes collected.

  The top 10% pay about 54% of the income taxes collected yet only collect 35% of all the income.

  The bottom 50% pay 15% of the taxes collected.

  Corporations pay enormous amounts of aggregate taxes.

• CE 09:07 on 2020-08-17 Permalink

  There’s something about those big rooms with low ceilings that I find really depressing. Maybe they’re not as bad in person. Why does the 14 car garage have a piano in it??

• Su 11:13 on 2020-08-17 Permalink

  Was it a cash deal I wonder. But no doubt the sellers would have been registered with FINTRAC if that were the case.

• Kate 12:34 on 2020-08-17 Permalink

  CE, the piano is odd. Maybe someone has to play your staff in as they arrive and play them out as they leave.

  I liked the bathroom with the fireplace, and the fire pit outside. Could an owner like this be constrained by laws against wood burning in the city?

• Dhomas 06:52 on 2020-08-18 Permalink

  The fireplaces as well as the fire pit all appear to be of the non wood burning variety. The indoor ones might be electric or gas and just have some faux wood in them for aesthetic. The outdoor one is likely propane or natural gas.