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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
^^ why didn't you lock in? Given how rates were you could have easily saved 1% if you locked. Unless you have cash flow to keep up with the hikes and lump sum or over pay why stay in variable. It looks like the rate drops will take longer to come unless something bad happens.
Cause at the time of our renewal a fixed mortgage was about 4.2% and obviously if I knew BOC was gonna go HAM shortly after I would have jumped at that. We're not screwed by any means it just sucks that our extra cash is getting sucked up by absolutely nothing.
Mine just automatically goes up with the rate hikes so the same principle is getting paid off. Definitely sucks balls lately im so happy I went variable this time around now I have like another 4 more years of this shit... how high can it go?
I'm in exactly the same boat... payments have gone up from $1160 a month to $14xx
I have a buddy on the other system who's gone from 25 years to 71 years now lolllll
For me though, I am seriously considering just paying it off, I only have $110k left and I don't think my current investments for that money are going to pay more than the mortgage interest...
For folks on variable it looks like you could lock in around 5.2% over 3 years right now (uninsured mortgages, even lower for other cases) - most will allow renewals 6 months early so you're only locking in for 30 months at that rate. On a 5 year you can get to around 4.8% - I'm not sure I'd lock in for that long though. I bet those beat whatever you're paying on variable right now.
Are you sure you're not over trigger already, a lot of people who bought during the pandemic has hit trigger long ago with their balance going up each month cuz % is more than their payments.
Yeah I'm sure, trigger is 6.3, I renewed last summer to variable. I think it was around 3.4% when I signed.
I'm at 6.2, lady over the phone told me the hike is tomorrow.
Spoiler!
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Originally Posted by 68style
I have a buddy on the other system who's gone from 25 years to 71 years now lolllll
I was at 19 years originally, "currently" at 53 years lol
Going in next week to see how soon I'm gonna need to sell the Corvette LOL
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Originally Posted by Mr.Money i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
When renewal comes how early do you guys try to renew by? Could you renew 6 month earlier but have it take effect after your full 2-5 year term is up to make sure you get the remaining last 3-6 months of low interest?
Was going to buy a place in the boonies but then realized I should probably refi away from Scotia next year before I do that otherwise I'll get destroyed by the 6% rates they have.
I mean, we should be glad that flexibility is built in... a lot of people can't afford to up their payments / month to keep pace and I suppose the expectation is that it will eventually subside a bit and when people renew they can figure it out at that point.
I was paying it and then the by-law officer, off the record, told me not to cause she said it's a bullshit fee. LOL.
Yeah, I'd like to AirBnB one of my suites b/c I want have guest space and/or have extra room to entertain but the rules are pretty restrictive (even if they're not enforcing them right now). My neighbor just did a renovation to create 2 bedroom suite and I think they are going to Airbnb it out and I'm gonna see how it goes for them first (if anyone narc's on them).
I'm just going to play dumb, and say I never knew I had to update the declaration if I ever get busted LOL. Fucking bullshit application is in small fonts, people gonna miss it .
Everything is illegal based on the various resources I've connected with so far on this topic. Only in trouble when someone snitches you out; otherwise, just get away with it as long as you can.
50 years hey? Actually seems like a good plan, don't have to worry about paying off the mortgage if you're dead.
FYI you can use Visa points for mortgage payment vouchers. I did the math, and it's actually one of the best bang-for-buck value things you can do with your points.
I know some people who, honestly, I don’t know why you wouldn’t take out as many/as big loans as possible and just go live your best life in Mexico/Thailand for a few years and then just kill yourself
Some of these people have 15-25 years of complete misery left in their lives. Don’t know how you get by day to day
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Dank memes cant melt steel beams
Was going to buy a place in the boonies but then realized I should probably refi away from Scotia next year before I do that otherwise I'll get destroyed by the 6% rates they have.
That's ironic. Scotia offered me 5.29%, 5 year fixed, 30 year amort on $680K. I feel like refi to new lender is high key a pain but EQ Bank ain't doing much to keep my business. Their most attractive offer is 5.99%, 3 year fixed, 24 year amort with a $3.4K renewal few (wtf).
I was looking at KEB (Korea) with a broker, 4.8%, 3 year fixed, 25 year amort on $710K. But we ended up not qualifying due to the (all) bank's ass backwards way of combating efficient tax planning within a corporation. In this instance, they don't accept dividend income from retained earnings as part of qualifying income. Which imo is bs, cause as a business owner why would I take on more tax liability when I don't have to.
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I'm certainly not an "immigants get out" kinda guy, but setting massive arbitrary goals for immigration so we can seem welcoming, without having any tiny piece of infrastructure in place, from housing, to hospitals, and so forth, means no matter what happens the housing will never catch up, and the divide will widen. Fucking developers are ditching projects due to interest rates and the BOC think these rate hikes will help.
If the government wants to do something, there will need to be MASSIVE investments in publicly funded housing.
We can't tax the corporations more and we can't raise personal taxes too much either. The government is stuck between a rock and a hard place.
Even if governments become developers of public housing, you can't get away from hard costs such as materials and labour. I'm not sure if the majority of homeowning taxpayers are willing to subsidize the shelter costs of a growing minority of the population.
In the next 10 years, likely many of the lower end service and white collar jobs will be taken over by AI, negating the need for more TFW in the long-term. We're just in a transitory period.
Ok the news they said yesterday that like 30% of Canadian mortgages have now pushed their amortization to 50+ years
Awesome. So your mortgage now is longer than even allowed under Canadian law?..
When the rates inevitably drop (even if not to record low levels) the amortizations will drop so it's not really a big deal except for the people renewing.
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When those renews happen though, and people have to put a lump sum down that they probably don't have, we've got 2008 US on our hands. The effects aren't being felt to their full extent yet, but it could get very ugly when they are.
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Originally Posted by boostfever
Westopher is correct.
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Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
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Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
When those renews happen though, and people have to put a lump sum down that they probably don't have, we've got 2008 US on our hands. The effects aren't being felt to their full extent yet, but it could get very ugly when they are.
Some math to illustrate using $100k mortgage at 30 years:
To keep their payments the same when they renew after 5 years and stay on track (25 years) they have to come up with ~$24,000 at renewal. On a $500k mortgage you'd need to come up with about $120k or see your payments go from $1850 to $2675/mo. Oof.
That's sorta the worst case scenario but not hard to see some people (10-20%?) being unable to come up with the money when renewals come up or they have to make drastic lifestyle changes.
My friend in Victoria was just telling me she thinks they're now in over their heads, property taxes went up 27%, home insurance is up, mortgage is at 4.6% etc. They're very middle class for Victoria but are getting to their limit now and I can imagine a lot of folks like her are running out room to make it work.
To help combat record-high inflation and bring some relief to financially squeezed Canadians, The Bank of Canada announced Wednesday that they would hike the key interest rate for the third time this year, making entirely different things more expensive instead.
“We know that across the country Canadians are struggling with the rising cost of things like groceries, gas, and other daily necessities due to record high-inflation,” said Bank of Canada Governor Tiff Macklem. “That’s why we’re taking aggressive action to raise the key interest rate which will financially screw Canadians in new, other ways,” said Macklem.
Across the country, Canadians welcomed the relief that was sure to be felt by the bank’s most recent announcement.
“I’m so grateful the government is taking such swift action on inflation,” said Ottawa resident Ken Grimsby. “My family’s weekly grocery bill was really skyrocketing, but now as prices settle I can use that money to pay for my mortgage, which just jacked up $400 a month.”
The positive effects have been welcomed by younger Canadians as well.
“I was really struggling to pay for gas to get to campus every day,” said recent university grad Marwa Hussein. “I’m really glad we can expect the cost of gas to go down, because now my car payment’s going up starting next month.I don’t even want to think about how much higher my student loan payments are going to be.”
Some Canadians are questioning why the move didn’t happen sooner.
“I really wish I knew they were going to do this a few months ago,” said single mother Barbara Williams. “Otherwise when I was struggling to pay for gas, groceries, new clothes, and utilities a few months ago I wouldn’t have put so many things on my line of credit, since the cost of paying that back just went up too.”
“But hey, on the bright side, this might mean that housing prices might cool down just in time for virtually no one to be able to qualify for a mortgage.”
Well hopefully in a few more years at renewal, prices will go back up by another $200-$300k as the rates fall, then we can all let the new immigrants hold the bag, while we sell and retire in second world countries. ??? Profit
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but I think Thailand and Mexico both have extradition agreement with Canada
