REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The 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.

Reply
 
Thread Tools
Old 08-26-2016, 12:20 PM   #7976
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,086
Thanked 3,375 Times in 1,279 Posts
Failed 92 Times in 70 Posts
Quote:
Originally Posted by IGTBAR View Post
I put 40% down on my condo 4 years ago, and I didn't live at home or receive help from my parents. Moved out 6 years before buying.

4 to 5 of my friends also put between 30-35% down, about half lived at home beforehand.
4 years ago, when prices weren't totally cray cray. Either way good job on saving up.
Advertisement
MarkyMark is offline   Reply With Quote
Old 08-26-2016, 12:22 PM   #7977
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 70
Thanked 40 Times in 13 Posts
Failed 0 Times in 0 Posts
Quote:
Originally Posted by westopher View Post
I bet your 40% down payment 4 years ago though would be a 20-25% down payment on that same condo today.
I've said it before and I will again, we can't discount the trouble that people have inherited simply because they have reached home purchasing age at the worst time in history to purchase.
Based on recent sales it would be about 30% today.
IGTBAR is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 12:25 PM   #7978
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 70
Thanked 40 Times in 13 Posts
Failed 0 Times in 0 Posts
.

Last edited by IGTBAR; 04-08-2018 at 08:56 AM.
IGTBAR is offline   Reply With Quote
Old 08-26-2016, 12:27 PM   #7979
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,021
Thanked 2,531 Times in 1,151 Posts
Failed 81 Times in 54 Posts
4 years ago, interest rates were above 3%. Today, they are less than 2.3% for the same type of mortgage. You can't ignore the impact of prolonged low interest rates. Not only that, but equities until recently were in the tank.
Tapioca is offline   Reply With Quote
Old 08-26-2016, 12:30 PM   #7980
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 70
Thanked 40 Times in 13 Posts
Failed 0 Times in 0 Posts
.

Last edited by IGTBAR; 04-08-2018 at 08:56 AM.
IGTBAR is offline   Reply With Quote
Old 08-26-2016, 12:37 PM   #7981
Orgasm Donor & Alatar owned my ass twice!
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,917
Thanked 6,650 Times in 2,679 Posts
Failed 253 Times in 139 Posts
Quote:
Originally Posted by IGTBAR View Post
Made a few smart (lucky?) investments and lived with a roommate to keep costs down.
Quote:
Originally Posted by Tapioca View Post
Chinese people tend to have help, or they grind it out at home for several years living rent-free. I know it sounds ridiculous to a non-Chinese person, but this is how it works.
Probably not really relevant to the topic on hand, but the above 2 approaches reminded me of how easy / difficult it is to bring a girl home...

Traum is offline   Reply With Quote
Old 08-26-2016, 12:37 PM   #7982
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,021
Thanked 2,531 Times in 1,151 Posts
Failed 81 Times in 54 Posts
Quote:
Originally Posted by IGTBAR View Post
When I got my mortgage 4 years ago, I only did very short mortgage terms. My interest rates have been: 2.86%, 2.75% and currently at 2.89%.
Yep, mine was a 3 year at 2.79%. But if I recall, 5 year terms were in the 3% range. And typically most first time buyers take 5 year fixed mortgages.
Tapioca is offline   Reply With Quote
Old 08-26-2016, 12:43 PM   #7983
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 70
Thanked 40 Times in 13 Posts
Failed 0 Times in 0 Posts
Quote:
Originally Posted by Traum View Post
Probably not really relevant to the topic on hand, but the above 2 approaches reminded me of how easy / difficult it is to bring a girl home...


I don't even know what this means lol
IGTBAR is offline   Reply With Quote
Old 08-26-2016, 12:51 PM   #7984
Pull Out Towing. Women rescued for free.
 
SumAznGuy's Avatar
 
Join Date: Mar 2002
Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
Failed 128 Times in 71 Posts
Quote:
Originally Posted by Liquid_o2 View Post
I would also find it interesting to see statistics on the percentage of what people put down.... not sure if the banks can release statistics like that.
CHMC might have that stat since they are the ones backing the insurance.
__________________
Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off.
Originally posted by The7even SumAznGuy > Billboa
Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413 View Post
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.

(11-0-0) Buy/Sell rating
Christine
Shitvic
Pull Out Towing
SumAznGuy is offline   Reply With Quote
Old 08-26-2016, 01:01 PM   #7985
My homepage has been set to RS
 
Join Date: Mar 2004
Location: East Van
Posts: 2,160
Thanked 854 Times in 422 Posts
Failed 22 Times in 18 Posts
Quote:
Originally Posted by MarkyMark View Post
Haha RS is the last place I'd go to get stats about the general public, everyone on here is ballin' on their own dime or someone else's
I'd bet that the most of RS is in the top 20% of incomes in Metro Vancouver, if not higher.

Westopher is right that most of us are lucky that we can entertain the thought of saving tens of thousands of dollars for a downpayment. The majority of 20-35 year olds are living paycheck to paycheck or have very limited savings.
Liquid_o2 is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 01:14 PM   #7986
RS.net, helping ugly ppl have sex since 2001
 
Join Date: Feb 2011
Location: Richmond
Posts: 8,445
Thanked 14,880 Times in 3,886 Posts
Failed 471 Times in 216 Posts
That's me! Lol
__________________
https://i.imgur.com/4PRtABe.gif
320icar is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 01:15 PM   #7987
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
 
Mr.HappySilp's Avatar
 
Join Date: Mar 2004
Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
Failed 929 Times in 340 Posts
Quote:
Originally Posted by Liquid_o2 View Post
I'd bet that the most of RS is in the top 20% of incomes in Metro Vancouver, if not higher.

Westopher is right that most of us are lucky that we can entertain the thought of saving tens of thousands of dollars for a downpayment. The majority of 20-35 year olds are living paycheck to paycheck or have very limited savings.
Most of us here only makes $14 dallar
Mr.HappySilp is offline   Reply With Quote
Old 08-26-2016, 01:27 PM   #7988
Willing to sell a family member for a few minutes on RS
 
westopher's Avatar
 
Join Date: Apr 2011
Location: North vancouver
Posts: 12,549
Thanked 32,163 Times in 7,478 Posts
Failed 211 Times in 159 Posts
Quote:
Originally Posted by 320icar View Post
That's me! Lol
Lol you also have an awesome new car and like 90 motorbikes.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
Quote:
Originally Posted by fsy82 View Post
seems like you got a dick up your ass well..get that checked
Quote:
Originally Posted by punkwax View Post
Well.. I’d hate to be the first to say it, but Westopher is correct.
westopher is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 01:28 PM   #7989
Old School RS
 
lowside67's Avatar
 
Join Date: May 2004
Location: Port Moody
Posts: 4,596
Thanked 4,042 Times in 1,232 Posts
Failed 129 Times in 79 Posts
Parental help would be a loan at an interest rate = inflation and signing the mandatory letter saying its a gift so you can qualify for a mortgage and then repaying them in a few years.

Parental charity is asking for them to give you half of your down payment.

Maybe it's my ethnicity but the former would be a tough request and the latter would be a complete waste of time - not going to happen. And I wouldn't ask, they worked hard for what they have, they should spend it.

Mark
__________________
I'm old now - boring street cars and sweet race cars.
lowside67 is offline   Reply With Quote
Old 08-26-2016, 01:31 PM   #7990
Rs has made me the woman i am today!
 
EvoFire's Avatar
 
Join Date: Mar 2006
Location: Vancouver
Posts: 4,133
Thanked 2,976 Times in 1,368 Posts
Failed 58 Times in 33 Posts
Quote:
Originally Posted by lowside67 View Post
Parental help would be a loan at an interest rate = inflation and signing the mandatory letter saying its a gift so you can qualify for a mortgage and then repaying them in a few years.

Parental charity is asking for them to give you half of your down payment.

Maybe it's my ethnicity but the former would be a tough request and the latter would be a complete waste of time - not going to happen. And I wouldn't ask, they worked hard for what they have, they should spend it.

Mark
What would you call those parents who pitch in without the kids asking?



You guys do bring up a good point. Just how well do we represent the general population of GVRD? For a bunch of us to be able to have a discussion like this in the middle of the day does speak a lot about our living conditions (unless of course, if you are unemployed). Top 20% would probably be pretty accurate.
EvoFire is offline   Reply With Quote
Old 08-26-2016, 01:42 PM   #7991
Willing to sell body for a few minutes on RS
 
Jmac's Avatar
 
Join Date: Aug 2004
Location: Duncan, BC
Posts: 10,127
Thanked 5,568 Times in 2,107 Posts
Failed 231 Times in 90 Posts
I've been putting $500/paycheque into my TFSA since last April (after I payed off my student loan and bought a new used car) and it's painful that it'll take another several years to save up 20% ...
Jmac is offline   Reply With Quote
Old 08-26-2016, 01:43 PM   #7992
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,086
Thanked 3,375 Times in 1,279 Posts
Failed 92 Times in 70 Posts
It's one thing to ask your parents for money, putting them in a situation they otherwise wouldn't put themselves in. It's totally another thing if they are in a position where they choose to give money because they are in a good financial place and it makes them happy to help their child out.
MarkyMark is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 01:48 PM   #7993
RS.net, where our google ads make absolutely no sense!
 
heleu's Avatar
 
Join Date: Sep 2008
Location: Rmd
Posts: 924
Thanked 435 Times in 194 Posts
Failed 16 Times in 13 Posts
Interest rates have actually gone up, not down in the last 5 years.
When I got my mortgage 5 years ago, it was at 2.1%. It dropped after a year to 1.8% (I'm on variable), and I just renewed at 2.2%.

With interest rates being so low, I don't understand why you would put down any more than 20% to avoid the CHMC tax. That extra money is locked into your house - you could use it on equities that would generate far more return than what you are borrowing at.
heleu is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 01:56 PM   #7994
Pull Out Towing. Women rescued for free.
 
SumAznGuy's Avatar
 
Join Date: Mar 2002
Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
Failed 128 Times in 71 Posts
Quote:
Originally Posted by lowside67 View Post
And I wouldn't ask, they worked hard for what they have, they should spend it.
I agree that parents worked hard to make what they have a reality.
But of course, one option is to take out a HELOC against the parent's place and using that as a DP and making sure one has the means to cover the mortgage and the HELOC.

Of course, it all comes down to living within one's means.

To be honest, there are plenty of other options too. I'm no financial planner so take this with a grain of salt.

One option is to take out life insurance against your parents. You pay the fees and when it comes time, I hate to say it, you benefit. I know it is morbid to think that, but it is a reality that a financial planner will offer.
__________________
Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off.
Originally posted by The7even SumAznGuy > Billboa
Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413 View Post
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.

(11-0-0) Buy/Sell rating
Christine
Shitvic
Pull Out Towing
SumAznGuy is offline   Reply With Quote
Old 08-26-2016, 02:00 PM   #7995
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,021
Thanked 2,531 Times in 1,151 Posts
Failed 81 Times in 54 Posts
Possibly for reasons of cash flow. Raising kids and paying for day care can put a damper into things.

The spread between variable and fixed has gotten smaller. Fixed rates are the lowest they have ever been.
Tapioca is offline   Reply With Quote
Old 08-26-2016, 03:08 PM   #7996
I don't get it
 
Join Date: Feb 2016
Posts: 400
Thanked 180 Times in 70 Posts
Failed 285 Times in 77 Posts
If your 70 how many retirees do you think want to deal with being renovicted and have to move 3+ more times before they croak?
Quote:
Originally Posted by MarkyMark View Post
Maybe I'm just underestimating the amount of old people who cashed out. If I was retired and just sold my 3 million dollar house, I'd probably be more inclined to rent something nice and keep my money in the bank than spend 1.3 on a townhouse that may or may not keep its value over 10 years.
Digitalis is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 03:36 PM   #7997
RS.net, helping ugly ppl have sex since 2001
 
hud 91gt's Avatar
 
Join Date: Feb 2002
Location: Vancouver
Posts: 8,339
Thanked 3,985 Times in 1,537 Posts
Failed 35 Times in 27 Posts
On the topic of fixed rate mortgages... Anyone ever try to get out of theirs? My lord, I think it would be cheaper to buy another home. Lol
__________________
Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
hud 91gt is offline   Reply With Quote
This post thanked by:
Old 08-26-2016, 03:51 PM   #7998
Pull Out Towing. Women rescued for free.
 
SumAznGuy's Avatar
 
Join Date: Mar 2002
Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
Failed 128 Times in 71 Posts
Quote:
Originally Posted by hud 91gt View Post
On the topic of fixed rate mortgages... Anyone ever try to get out of theirs? My lord, I think it would be cheaper to buy another home. Lol
Our first mortgage was at 5.XX%.
I think we had just over 1 year left on it and it was before 2008 and you could get really cheap mortgages.
The cost to break our contract was more than what we would have saved so we kept our mortgage.

After that, we went with a variable rate and have been since.
__________________
Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off.
Originally posted by The7even SumAznGuy > Billboa
Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413 View Post
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.

(11-0-0) Buy/Sell rating
Christine
Shitvic
Pull Out Towing
SumAznGuy is offline   Reply With Quote
Old 08-26-2016, 03:53 PM   #7999
Willing to sell a family member for a few minutes on RS
 
westopher's Avatar
 
Join Date: Apr 2011
Location: North vancouver
Posts: 12,549
Thanked 32,163 Times in 7,478 Posts
Failed 211 Times in 159 Posts
If anyone needs a reason to kill themselves today.....read this LOL
How a Vancouver lawyer spends her $110,000 income - Vancouver Magazine
Now here, is the definition of living off of your parents like a leech, as opposed to a parent helping their children. Imagine advertising that shit?!
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
Quote:
Originally Posted by fsy82 View Post
seems like you got a dick up your ass well..get that checked
Quote:
Originally Posted by punkwax View Post
Well.. I’d hate to be the first to say it, but Westopher is correct.
westopher is offline   Reply With Quote
Old 08-26-2016, 04:06 PM   #8000
RS controls my life!
 
IfUCare's Avatar
 
Join Date: Jun 2004
Location: GVA
Posts: 705
Thanked 1,562 Times in 204 Posts
Failed 129 Times in 20 Posts
Quote:
Originally Posted by westopher View Post
If anyone needs a reason to kill themselves today.....read this LOL
How a Vancouver lawyer spends her $110,000 income - Vancouver Magazine
Now here, is the definition of living off of your parents like a leech, as opposed to a parent helping their children. Imagine advertising that shit?!

I went to HS with her, if you think her blurb sounded insane you should actually interact with her in person. With that said, a lot of people i know are currently leeching off their parents. It makes their parents happier if they kids had more disposable income and not stress about life and if the parents can afford to do so who cares. Yes, i'm a leecher too...
definitely not to that extent.
IfUCare is offline   Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 01:24 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net