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07-13-2023, 03:54 AM
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#26876 | | RS.net, where our google ads make absolutely no sense!
Join Date: Jan 2007 Location: GVA
Posts: 912
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Originally Posted by cafe22  For those who have mortgage renews in the next 2-3 years, how are you guys preparing for the hit? (assuming rates hover at 5-6%). | Up for renewal in Feb 2026, likely looking at going from 1.49% -> who knows on a $500K mortgage. - Biggest thing is taking the opportunity to work and build up a bigger potential lump sum payment. No kids, early 30's, my line of work = work more get paid more (e.g. evening/weekends/overnights), so I understand this isn't something everyone can do.
- Being more conservative about other liabilities/spending. E.g. a couple years ago I was planning on getting a nicer ($70-80Kish) car at this point in life - holding off on that now. Same with plans for more extensive renovations.
- I hadn't planned on renting my basement suite and probably still won't, but it certainly is becoming a more tempting opportunity. The way rents are, an additional $1600-1800/month (admittedly pre-tax) is not an insignificant amount. Still, for now, I'd rather work a little harder each month and have the place for myself but that may change.
No real planned change to other spending like vacations, because after pandemic shutdowns life's too short to pass up those experiences (and the number of pre-kids years is dwindling). Dining out we're doing less just because with prices/tipping expectations we just aren't finding it as worth it.
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07-13-2023, 04:15 AM
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#26877 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2016 Location: Ricemond
Posts: 10,330
Thanked 12,130 Times in 4,350 Posts
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When we were shopping for our new place there was quite a few McMansions that were advertising having two one bedroom rental units. That’s 3600 a month and really made me 
But the trade off was quite severe. Unlike Vancouver where most of these units are downstairs and pretty much out of sight / out of mind. Richmond ones are just adjacent to your family room or office or kitchen. When I’m blasting my loud ass hentai scat porn, I don’t think these “students” will appreciate it.
So ultimately we forego the rentals to maximize our own livings spaces. Chihuahuas would not approve of renters.
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07-13-2023, 05:26 AM
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#26878 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2014 Location: Van
Posts: 5,199
Thanked 2,170 Times in 1,162 Posts
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Nothing you can really do, cut back on spending like what the gov wants, lump sum payment if you can, buy some gics  or all in in stonks
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07-13-2023, 05:49 AM
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#26879 | | Network Admin Team
Join Date: Apr 2001
Posts: 5,539
Thanked 1,579 Times in 554 Posts
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re: GIC's, cant avoid the taxes. After I sold my place back in Aug 2022, Locked in at 4.5 for 6-months in Sept 2022. It was great on paper but after taxes, it worked out to be at 3.6% while the RE market ran up 4-5% by March
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07-13-2023, 07:11 AM
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#26880 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,593
Thanked 3,810 Times in 1,354 Posts
Failed 83 Times in 42 Posts
| Quote:
Originally Posted by cafe22 For those who have mortgage renews in the next 2-3 years, how are you guys preparing for the hit? (assuming rates hover at 5-6%). | Trying to save as much as I can, I'll evaluate what I'm going to put down on my mortgage at renewal in January 2025.
Other than our mortgage we have no debt, pay our CC off every month. I do have to buy my wife a new vehicle this year but even if I don't pay it off at time of purchase I'll make sure it's cleared before the mortgage renewal.
I might go back to contracting on the side to make some extra money in the next little bit so I can save even more money, wife is finally getting reclassified in her Govt job so her wage should go up as well which helps.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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07-13-2023, 07:19 AM
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#26881 | | SFICC-03*
Join Date: Mar 2002 Location: richmond
Posts: 8,682
Thanked 3,259 Times in 1,281 Posts
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| Quote:
Originally Posted by Alpine Listed my 2bd basement suite in Coquitlam and received 100+ applications in 3 days.
90% of the applicants are new/recent immigrants with young families, TFW, or intl students. If you don't seem like the perfect model tenant you don't stand a chance.
And fuck all these BS universities charging these intl students 40k+ for a program. What a fucking sham of an industry. | it's insane, getting paid in rupees and then taking loans to pay to send your kid to international school and it's a completely worthless institution. definitely the fault of predatory immigration consultants over there who get kickbacks from these types of schools. at least get your kid on the path to go to kwantlen or douglas if they can't go straight to uni, not 'canadian college' or 'coquitlam college', etc...
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07-13-2023, 08:04 AM
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#26882 | | Rs has made me the man i am today!
Join Date: Sep 2004 Location: Canada
Posts: 3,024
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How do you vet applicants like them if they just moved here?
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07-13-2023, 08:09 AM
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#26883 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2016 Location: Ricemond
Posts: 10,330
Thanked 12,130 Times in 4,350 Posts
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yes traditional education is a friggin scam. They run it like a business with little to no value to the student all the while making these kids jump through some very expensive hoops. yes, of course, you need a 20-30 science credits for your liberal art degree because that'll really give you a more WELL-ROUNDED EDUCATION. shut the fuck up.
Trade schools at least make sense as they teach you an employable trade. But getting a History Degree (says the guy who has a history and philosophy degree) is utterly a waste of time and money.
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07-13-2023, 08:12 AM
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#26884 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,435
Thanked 4,357 Times in 1,562 Posts
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Originally Posted by unit it's insane, getting paid in rupees and then taking loans to pay to send your kid to international school and it's a completely worthless institution. definitely the fault of predatory immigration consultants over there who get kickbacks from these types of schools. at least get your kid on the path to go to kwantlen or douglas if they can't go straight to uni, not 'canadian college' or 'coquitlam college', etc... | No fuckin' kidding. I was walking around the West End yesterday and this Euro-sounding guy approached asking where "XXX English School" was? We were in the middle of a residential zone with nothing but apartments/condos. I asked to see his phone and according to Google Maps there's a supposed school inside an apartment building with dozens of five star reviews. Not a tutoring service, an actual school. WTF? We're really bringing in the best and the brightest into this country these days  .
Also wtf Google, reported that shit you better get on it...
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07-13-2023, 08:17 AM
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#26885 | | Rs has made me the woman i am today!
Join Date: Apr 2007 Location: Langley
Posts: 4,174
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Even trade schools have a lot of bullshit in there where you know you're never going to need to know certain things they teach you but at least each it's only like 7 weeks at a time and then you get you go actually work and learn hands on which is what's actually going to make you good at it.
For most jobs just having someone show you what to do and letting you get hours doing it is all you need, but without dat 50k degree no one will touch you.
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07-13-2023, 08:21 AM
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#26886 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
Posts: 3,696
Thanked 633 Times in 361 Posts
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| Quote:
Originally Posted by Alpine Listed my 2bd basement suite in Coquitlam and received 100+ applications in 3 days.
90% of the applicants are new/recent immigrants with young families, TFW, or intl students. If you don't seem like the perfect model tenant you don't stand a chance.
And fuck all these BS universities charging these intl students 40k+ for a program. What a fucking sham of an industry. | I think universities charging big money to non locals is everywhere. My cousin went to Penn State in mid - late 2000. His tuition was $70k USD per term back then and he did 4 terms to finish his degree. Meanwhile his American classmates were paying 1/3 what he was paying.
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07-13-2023, 08:26 AM
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#26887 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,435
Thanked 4,357 Times in 1,562 Posts
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Aren't state schools heavily subsidized for In-state residents?
Still, a reputable university vs going to "Canada College for Engrish and Busniss" school is not really comparable.
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07-13-2023, 08:27 AM
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#26888 | | SFICC-03*
Join Date: Mar 2002 Location: richmond
Posts: 8,682
Thanked 3,259 Times in 1,281 Posts
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| Quote:
Originally Posted by 6thGear. I think universities charging big money to non locals is everywhere. My cousin went to Penn State in mid - late 2000. His tuition was $70k USD per term back then and he did 4 terms to finish his degree. Meanwhile his American classmates were paying 1/3 what he was paying. | for sure but what we're talking about here are the useless predatory colleges that are run strictly like businesses to lure international students, not legitimate schools that even locals attend.
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07-13-2023, 08:39 AM
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#26889 | | I *heart* Revscene.net very Muchie
Join Date: Mar 2011 Location: Vancouver
Posts: 3,553
Thanked 3,737 Times in 1,527 Posts
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Originally Posted by SSM_DC5 How do you vet applicants like them if they just moved here? | We had a heap of new to Canada applicants this last round and things we looked at beyond the usual (personality etc):
- What's their bank balance? Some folks had as much as a year's worth of savings ($60k+).
- What's their prior work experience and how hireable are they now? We passed on the ones that were doing a career change or had a somewhat complex/niche type job. The easier to hire they were the less they had to have in the bank balance.
- How likely we thought they were to like the amenities and area? Eg. If they have to commute an hour+ to school/work and hadn't experienced that before in their prior life that's not a great fit.
- Have they been to Vancouver to before? Do they know what they're getting into? We rented once to a couple that had never been here and came from a tiny Irish town and they hated Vancouver within a few months and moved back.
We ended up renting to a British couple in their mid-20s who work in the service industry (pub manager), they had about 4 months of runway and were able to both get jobs in about 5 weeks. I think they were hoping to get higher paying jobs but it's a start and I'm sure their jobs will get upgraded over time.
We turned down a couple who had $60k in the bank but one was doing a career change (going to school) in a field (tech) where n00bs would have a brutal time getting work. Turned down all the students going to schools that were more than a hour commute as well, we figured they wouldn't last long.
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Last edited by supafamous; 07-13-2023 at 08:49 AM.
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07-13-2023, 08:53 AM
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#26890 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
Posts: 7,352
Thanked 7,107 Times in 2,906 Posts
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As far as predatory higher education agents go, my thinking is -- where you place the blame depends on where you want to focus on, and how high you want to go.
- Do you blame the family for not doing their research first to see how much it is going to cost young Sandeep to go to school in Canada? or how much strain it is going to put the entire family back home up against? or what kind of earning expectations he'll see after completing the program?
- You can probably blame the predatory non-Canadian and Canadian agents no matter how you look at it.
- Do you blame the Canadian higher education institutions for charging sky high tuition fees (usually 3x of what domestic students pay)?
- Do you blame the provincial and federal gov for the ever decreasing per capita education funding towards the publicly funded higher ed institutions?
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07-13-2023, 08:55 AM
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#26891 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
Posts: 3,696
Thanked 633 Times in 361 Posts
Failed 20 Times in 17 Posts
| Quote:
Originally Posted by unit for sure but what we're talking about here are the useless predatory colleges that are run strictly like businesses to lure international students, not legitimate schools that even locals attend. | My understanding of this, is these students can't afford paying for UBC/SFU and the cheaper alternative is these "immigration schools" to get their immigration application approved by prepping them for CELPIP/IELTS (although not mandatory). Then in turn, they buy property by using the banks new immigrant program.
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07-13-2023, 09:05 AM
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#26892 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,435
Thanked 4,357 Times in 1,562 Posts
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Originally Posted by Traum As far as predatory higher education agents go, my thinking is -- where you place the blame depends on where you want to focus on, and how high you want to go.
- Do you blame the family for not doing their research first to see how much it is going to cost young Sandeep to go to school in Canada? or how much strain it is going to put the entire family back home up against? or what kind of earning expectations he'll see after completing the program?
- You can probably blame the predatory non-Canadian and Canadian agents no matter how you look at it.
- Do you blame the Canadian higher education institutions for charging sky high tuition fees (usually 3x of what domestic students pay)?
- Do you blame the provincial and federal gov for the ever decreasing per capita education funding towards the publicly funded higher ed institutions? | Por que no los dos x2?
There's really no excuse to fall for these scams from the point of view of the immigrant. They all have access to the internet like the rest of us. These are not people coming from villages with no electricity looking for a better life.
Everyone else is just in it for the $$$ and they don't care who they exploit or whether they're foreigners, immigrants, or generational Canadians
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07-13-2023, 09:19 AM
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#26893 | | in the butt
Join Date: Aug 2016
Posts: 2,967
Thanked 3,800 Times in 1,376 Posts
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Originally Posted by SSM_DC5 How do you vet applicants like them if they just moved here? | As supafamous said, ask for bank details (even tho it's easy to fake)
Second would be personality in person. You can usually tell who is a wackjob degenerate, and who is trying to make it by a simple 5 min conversation.
Otherwise it is tough, you want to rent to these people, but it goes against the normal "what's their job, what's their credit"
I had an international student apply, no job, no credit. I asked her how she's going to pay, she whips out her phone, logs into her banking and proceeds to tell me daddy dumps in 50k every 6 months. Her bank account had 90k in it.....
Signed her up, one of the best tenants I've had.
__________________ Quote:
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 BIC_BAWS
pretty clean looking car tho... Kinda gay
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07-13-2023, 09:24 AM
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#26894 | | I contribute to threads in the offtopic forum
Join Date: Jun 2013 Location: Burnaby
Posts: 2,519
Thanked 2,986 Times in 802 Posts
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100+ applicants, I guess your pricing is too good. You could probably repost it 30% higher. The ideal number of applicants is about five if your listing is priced at the correct market rate.
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07-13-2023, 09:29 AM
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#26895 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 17,544
Thanked 18,650 Times in 6,269 Posts
Failed 302 Times in 198 Posts
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Originally Posted by donk.
I had an international student apply, no job, no credit. I asked her how she's going to pay, she whips out her phone, logs into her banking and proceeds to tell me daddy dumps in 50k every 6 months. Her bank account had 90k in it.....
Signed her up, one of the best tenants I've had.
| Fuuuuuck I hope you signed her up for a lot more than just tenancy #sugarmama
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07-13-2023, 10:50 AM
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#26896 | | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 30,337
Thanked 12,145 Times in 4,965 Posts
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Wow she has more money than most people off the street in Vancouver lol
__________________ Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | Quote:
Originally Posted by Badhobz I think she’s one of those weirdos who gets off on feeding fat fucks. Pretty sure she feeds me and then goes home to cook her own baooo yuuu with supreme sauce | | |
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07-13-2023, 11:21 AM
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#26897 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,063
Thanked 548 Times in 293 Posts
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Originally Posted by PeanutButter 100+ applicants, I guess your pricing is too good. You could probably repost it 30% higher. The ideal number of applicants is about five if your listing is priced at the correct market rate. | Seems like it. I thought asking 2100 was fair or market rate as my unit is smaller (700sqft) and it’s an older house and those with brand new homes and larger basements/nicer features like radiant heating and taller ceilings were asking 2300-2500.
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07-13-2023, 11:45 AM
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#26898 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
Posts: 4,397
Thanked 4,242 Times in 1,346 Posts
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this is the cause of our inflation guys 
raising interest rates can't curb the wave of FOB money
__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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07-13-2023, 11:54 AM
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#26899 | | RS.net, where our google ads make absolutely no sense!
Join Date: Nov 2012 Location: YVR
Posts: 933
Thanked 709 Times in 350 Posts
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Originally Posted by CivicBlues Por que no los dos x2?
There's really no excuse to fall for these scams from the point of view of the immigrant. They all have access to the internet like the rest of us. These are not people coming from villages with no electricity looking for a better life.
Everyone else is just in it for the $$$ and they don't care who they exploit or whether they're foreigners, immigrants, or generational Canadians | Don't they just pool money to show they have proof of funds, give it back after entering Canada, then live 10 people to a 1bed condo and go work some job to get PR and sponsor their family after?
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07-13-2023, 12:16 PM
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#26900 | | OMGWTFBBQ is a common word I say everyday
Join Date: Nov 2010 Location: /
Posts: 5,037
Thanked 2,757 Times in 1,070 Posts
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Originally Posted by donk. As supafamous said, ask for bank details (even tho it's easy to fake) | I recall when I worked at the bank kids would come in to ask for a copy of bank details + Bank stamp for rental. That way it can be verified as just printed from at the branch.
Otherwise I can spoof the numbers and print it myself. Quote:
Originally Posted by noclue Don't they just pool money to show they have proof of funds, give it back after entering Canada, then live 10 people to a 1bed condo and go work some job to get PR and sponsor their family after? |
We evicted 4 people living in a 1BR condo in our place. There's a fire hazard rule of 3 people per 1BR.
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