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06-07-2024, 10:01 AM
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#31651 | | Performance Moderator
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Hahaha yes... well this place is 5 stories tall, weird combination of all-concrete building and still a low-rise
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06-07-2024, 10:03 AM
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#31652 | | I have named my kids VIC and VLS
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I remember I watched a short documentary a few years back outlined the epidemic which was “concrete cancer” in the states
Basically water ingress and rusting/deteriorating rebar and structural steel in everything from massive bridges to high rises in the states because there was no money to even inspect a lot of it, let alone repair it.
Wonder how that’s going lol
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06-07-2024, 11:32 AM
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#31653 | | Orgasm Donor & Alatar owned my ass twice!
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Well this is a pleasant surprise -- was doing some other stuff in online banking when I noticed my bank has already dropped the mortgage interest rate. I certainly wasn't expecting them to react quite so quickly, so now the next (weekly) mortgage payment just got a tiny bit cheaper.
Time to treat myself to an extra cup of coffee this weekend?
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06-07-2024, 11:48 AM
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#31654 | | Performance Moderator
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NO... avocado toast bro
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06-07-2024, 11:52 AM
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#31655 | | Willing to sell a family member for a few minutes on RS
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I got you there.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever  Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-07-2024, 12:33 PM
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#31656 | | I *heart* Revscene.net very Muchie
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Originally Posted by Hondaracer I remember I watched a short documentary a few years back outlined the epidemic which was “concrete cancer” in the states
Basically water ingress and rusting/deteriorating rebar and structural steel in everything from massive bridges to high rises in the states because there was no money to even inspect a lot of it, let alone repair it.
Wonder how that’s going lol | there's quite a few reports out about how old and fucked the US infrastructure is
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06-07-2024, 01:05 PM
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#31657 | | I *heart* Revscene.net very Muchie
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Anyone refinance their home to buy a second property in the last couple of years?
A friend of mine did it last month. Bought a Duplex over 10 years ago in Burnaby for $500k. Was down to his last $100k principle and bought a $1million TH in Vancouver.
I assumed he was going to rent the TH but he told me that he and his whole family (2 young children) will move into the TH which is half the size of the duplex and they'll rent out the duplex.
He's put up so much shit on FB marketplace because it won't fit in the new place 
Whatever floats your goat
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06-07-2024, 01:09 PM
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#31658 | | I have named my kids VIC and VLS
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If you have a tonne of equity I guess it’s OK
But I think the same thing applies in terms of that type of investment being a poor return overall relative to just investing in a market fund etc. your return is basically the appreciation of the property
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06-07-2024, 01:31 PM
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#31659 | | linguistic ninja
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Originally Posted by Traum Well this is a pleasant surprise -- was doing some other stuff in online banking when I noticed my bank has already dropped the mortgage interest rate. I certainly wasn't expecting them to react quite so quickly, so now the next (weekly) mortgage payment just got a tiny bit cheaper.
Time to treat myself to an extra cup of coffee this weekend? | So I went to check mine, and yes it did also go down by .25% as expected, so it's basically back to where it was prior to the past hike.
However, the payment amount is ever so slightly more than what the payment was when it was that at that rate last year. I would have expected the payment to be exactly the same (or even lower now since we've paid down more principal). Yes I kept records of all the rate hikes and payments over the life of the mortgage.
Anyone know why?
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06-07-2024, 04:44 PM
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#31660 | | My homepage has been set to RS
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If your mortgage renewal is coming up, are most people agreeing that variable is the way to go?
The chances of rates going back up is pretty low right? It would either stay where its at or maybe even cut another 25 points? Are there arguments for fixed rate right now in this climate?
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06-07-2024, 04:47 PM
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#31661 | | Performance Moderator
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Aren't there several studies out there that said you always win long-term with variable over the life of your mortgage?
One obvious sign of that is the bank always WANTS to lock you in. Safe to assume that if the bank wants you to do something, it's for their benefit not yours.
I no longer have one, but for the last 20 years I did have a mortgage I definitely won BIG doing variable floating the entire time. Only the last year hurt a bit more, the rest of it I was laughing.
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06-07-2024, 04:48 PM
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#31662 | | Rs has made me the woman i am today!
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Originally Posted by PeanutButter If your mortgage renewal is coming up, are most people agreeing that variable is the way to go?
The chances of rates going back up is pretty low right? It would either stay where its at or maybe even cut another 25 points? Are there arguments for fixed rate right now in this climate? | A friend is renewing right now and we were looking at the offerings, the banks have priced in the the rate cuts, you aren't winning whether if you are doing variable or fixed for 2-3 years. Anything more it's probably a bit of a gamble.
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06-07-2024, 05:01 PM
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#31663 | | My homepage has been set to RS
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Originally Posted by 68style Aren't there several studies out there that said you always win long-term with variable over the life of your mortgage?
One obvious sign of that is the bank always WANTS to lock you in. Safe to assume that if the bank wants you to do something, it's for their benefit not yours.
I no longer have one, but for the last 20 years I did have a mortgage I definitely won BIG doing variable floating the entire time. Only the last year hurt a bit more, the rest of it I was laughing. | I think that's because the mortgage rate environment was decreasing over the last 15 years so Variable is the winner for sure, but if you renewed and did variable in 2021, you definitely were losing. It might have been the only time in recent history that you would be losing with variable.
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06-07-2024, 06:42 PM
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#31664 | | in the butt
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1973 / 1979 has entered the chat
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i hate people who sound like they smoke meth then pretend like they matter.
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Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
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Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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06-07-2024, 09:19 PM
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#31665 | | Old School RS
Join Date: May 2004 Location: Port Moody
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Originally Posted by PeanutButter If your mortgage renewal is coming up, are most people agreeing that variable is the way to go?
The chances of rates going back up is pretty low right? It would either stay where its at or maybe even cut another 25 points? Are there arguments for fixed rate right now in this climate? | I renewed my mortgage this week. In my opinion, the move is a 3-year fixed based on information available today, which is what we chose.
For round numbers, a 3-year fixed is 5.00% and a 5-year variable is 6.00% today. On the surface, you'd say "I need 4 rate cuts" but the math actually says that you need a lot more.
I built a simple financial model that assumes you have a rate cut every 3 months - it takes 8 rate cuts, and then the rate holding at 4.00% for the remainder of the 3 years to break even.
It also means that for my own $800,000 mortgage, the going in rate being 1.00% higher means my monthly payment is about $500 higher.
All in all, I believe that the chances of having more than 8 rate cuts in the next 3 years are not all that high, and the higher mortgage payment today is a negative for me. So I'll take a 3 year fixed and reassess then.
-Mark
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I'm old now - boring street cars and sweet race cars. | |
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06-07-2024, 09:19 PM
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#31666 | | JDMEK9Mod | DogWhisperer
Join Date: May 2007 Location: Richmond
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Originally Posted by 68style Aren't there several studies out there that said you always win long-term with variable over the life of your mortgage?
One obvious sign of that is the bank always WANTS to lock you in. Safe to assume that if the bank wants you to do something, it's for their benefit not yours.
I no longer have one, but for the last 20 years I did have a mortgage I definitely won BIG doing variable floating the entire time. Only the last year hurt a bit more, the rest of it I was laughing. | I dunno man, I locked in for 5 years at 2.5% back in 2019. It was definitely me laughing, not the bank | |
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06-07-2024, 10:19 PM
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#31667 | | RS has made me the bitter person i am today!
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I feel you're gonna get close to 5% on a variable by the end of the year. By next summer I think you will be over paying at 5% fixed.
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06-08-2024, 06:45 AM
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#31668 | | Old School RS
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Originally Posted by JDMDreams I feel you're gonna get close to 5% on a variable by the end of the year. By next summer I think you will be over paying at 5% fixed. | In my opinion, there is 0 chance you are getting to anywhere near 5% on a variable this year. There's a good chance of another rate cut in late July, but it could just as easily end up pushed out further to September or beyond.
From there, it is unlikely we get further rate cuts in Canada unless the US starts cutting rates also, which is a much murkier call as neither the economy nor the average consumer is nearly as tight as they are in Canada.
By end of next year, you certainly could end up at around 5%, but the relevant thing is if it takes 18 months to get there, then you need rates to keep going further down beyond that in the 18 months after that to break even to a fixed rate. And that's where I have a hard time seeing the likelihood of that. The central banks are not ever going to prime rates as low as they were, that is for sure, so the "upside" of further reduction is not so easy to see.
We can revisit this in 3 years and see how well or poorly I did. I suspect it is going to end up being a wash for anybody who took variable today versus 3 year fixed today, with my odds being on slightly better for the fixed, and a lower payment today.
-Mark
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I'm old now - boring street cars and sweet race cars. | |
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06-08-2024, 05:19 PM
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#31669 | | I contribute to threads in the offtopic forum
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Thanks Mark for the insight, we are just starting to shop, renewal in October~
We were leaning towards keeping it variable, but now looking at it, maybe 3 year fix is the way to go.
Man, Revscene been giving me life advice for almost 2 decades now~~
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06-08-2024, 11:10 PM
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#31670 | | Performance Moderator
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Originally Posted by PeanutButter I think that's because the mortgage rate environment was decreasing over the last 15 years so Variable is the winner for sure, but if you renewed and did variable in 2021, you definitely were losing. It might have been the only time in recent history that you would be losing with variable. | You're missing the part where I said over the entirety of your mortgage... so 20-30 years.
I'm not talking 1 renewal period.
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06-10-2024, 04:33 PM
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#31671 | | My homepage has been set to RS
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Do you guys think it would be hard to turn around in this driveway? https://www.redfin.ca/bc/vancouver/6...home/156115437
I'm just imaging paying $27M for a house and I can't easily turn my car around.
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06-10-2024, 04:35 PM
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#31672 | | RS has made me the bitter person i am today!
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$27m and over 10000sq? I don't see it, all those rooms are the size of average hotel rooms. Nothing feels $27m about it.
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06-10-2024, 04:40 PM
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#31673 | | Rs has made me the man i am today!
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Originally Posted by PeanutButter | It's probably a pain to park but even worse for your delivery people - how will your caterers get food to your backyard parties? Quote:
Originally Posted by JDMDreams $27m and over 10000sq? I don't see it, all those rooms are the size of average hotel rooms. Nothing feels $27m about it. | Assessed at only $11m so the seller is delusional. It's a double wide, more than double depth lot so I can see it going for $15-20m but def not $27m.
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06-10-2024, 04:43 PM
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#31674 | | Need to Seek Professional Help
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Originally Posted by PeanutButter | I have no clue how much installing a car turntable costs, but I imagine a homebuyer with a $27M budget can find the money to install one if 3-point turns are too peasant-y.
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06-10-2024, 04:52 PM
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#31675 | | Rs has made me the woman i am today!
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I'd expect 27m to buy me something with an underground parking lot for my fleet of supercars
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