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08-26-2016, 12:20 PM
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#7976 | | Rs has made me the woman i am today!
Join Date: Apr 2007 Location: Langley
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Originally Posted by IGTBAR  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.
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08-26-2016, 12:22 PM
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#7977 | | I am Hook'd on RS
Join Date: Feb 2016
Posts: 70
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Originally Posted by westopher 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.
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08-26-2016, 12:25 PM
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#7978 | | I am Hook'd on RS
Join Date: Feb 2016
Posts: 70
Thanked 40 Times in 13 Posts
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Last edited by IGTBAR; 04-08-2018 at 08:56 AM.
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08-26-2016, 12:27 PM
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#7979 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,027
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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.
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08-26-2016, 12:30 PM
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#7980 | | I am Hook'd on RS
Join Date: Feb 2016
Posts: 70
Thanked 40 Times in 13 Posts
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Last edited by IGTBAR; 04-08-2018 at 08:56 AM.
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08-26-2016, 12:37 PM
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#7981 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Aug 2007 Location: Paradise, BC
Posts: 6,972
Thanked 6,704 Times in 2,707 Posts
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Originally Posted by IGTBAR Made a few smart (lucky?) investments and lived with a roommate to keep costs down. | Quote:
Originally Posted by Tapioca 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...  | |
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08-26-2016, 12:37 PM
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#7982 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,027
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Originally Posted by IGTBAR 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.
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08-26-2016, 12:43 PM
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#7983 | | I am Hook'd on RS
Join Date: Feb 2016
Posts: 70
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Originally Posted by Traum 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
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08-26-2016, 12:51 PM
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#7984 | | Pull Out Towing. Women rescued for free.
Join Date: Mar 2002 Location: Hongcouver
Posts: 8,449
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Originally Posted by Liquid_o2 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 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 | |
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08-26-2016, 01:01 PM
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#7985 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
Posts: 2,160
Thanked 854 Times in 422 Posts
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Originally Posted by MarkyMark 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.
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08-26-2016, 01:14 PM
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#7986 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2011 Location: Richmond
Posts: 8,454
Thanked 14,908 Times in 3,893 Posts
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That's me! Lol
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08-26-2016, 01:15 PM
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#7987 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
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Originally Posted by Liquid_o2 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  | |
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08-26-2016, 01:27 PM
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#7988 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,631
Thanked 32,351 Times in 7,533 Posts
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Originally Posted by 320icar That's me! Lol | Lol you also have an awesome new car and like 90 motorbikes.
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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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08-26-2016, 01:28 PM
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#7989 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,598
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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
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I'm old now - boring street cars and sweet race cars. | |
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08-26-2016, 01:31 PM
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#7990 | | Rs has made me the woman i am today!
Join Date: Mar 2006 Location: Vancouver
Posts: 4,199
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Originally Posted by lowside67 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.
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08-26-2016, 01:42 PM
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#7991 | | Willing to sell body for a few minutes on RS
Join Date: Aug 2004 Location: Duncan, BC
Posts: 10,127
Thanked 5,568 Times in 2,107 Posts
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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% ...
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08-26-2016, 01:43 PM
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#7992 | | Rs has made me the woman i am today!
Join Date: Apr 2007 Location: Langley
Posts: 4,103
Thanked 3,393 Times in 1,284 Posts
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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.
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08-26-2016, 01:48 PM
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#7993 | | RS.net, where our google ads make absolutely no sense!
Join Date: Sep 2008 Location: Rmd
Posts: 924
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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.
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08-26-2016, 01:56 PM
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#7994 | | Pull Out Towing. Women rescued for free.
Join Date: Mar 2002 Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
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| Quote:
Originally Posted by lowside67 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 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 | |
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08-26-2016, 02:00 PM
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#7995 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,027
Thanked 2,538 Times in 1,155 Posts
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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.
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08-26-2016, 03:08 PM
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#7996 | | I don't get it
Join Date: Feb 2016
Posts: 400
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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 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. | | |
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08-26-2016, 03:36 PM
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#7997 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
Posts: 8,346
Thanked 3,986 Times in 1,538 Posts
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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”
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08-26-2016, 03:51 PM
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#7998 | | Pull Out Towing. Women rescued for free.
Join Date: Mar 2002 Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
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Originally Posted by hud 91gt 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 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 | |
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08-26-2016, 03:53 PM
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#7999 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,631
Thanked 32,351 Times in 7,533 Posts
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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?!
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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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08-26-2016, 04:06 PM
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#8000 | | RS controls my life!
Join Date: Jun 2004 Location: GVA
Posts: 705
Thanked 1,562 Times in 204 Posts
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Originally Posted by westopher |
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.
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