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Since you chose Coquitlam, are you using a mortgage helper or not even bothering? In order for us to get financed, we had to show the suite was rentable. |
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We still went with the mortgage helper suite here in Coquitlam. It just makes sooooo much financial sense if one doesn't mind someone else living downstairs. |
PSA: New Mortage Rules Spoiler! |
^^ I just skimmed that, so the poor is gonna struggle cuz TDS is gonna be only 35%. This defeats all the cmhc borrowing down payment thing they just kicked in last year |
Sorry, i don't agree on the "poor is gonna struggle", it's just the gov't / banking industry has to tighten up their rules and regulations to ensure people are not living / borrowing outside their means. I think we have closed a blind eye on a lot of things and sometimes it's good to put it back into check. |
the poor is not gonna struggle but the gap between the rich and the poor will continue to widen since the "poor" can not build equity people might be holding a lot of debt due to bad financial decisions but there are others out there who also need a roof over their heads and they want to buy but they dont have the down payment or income to support their current requirements and the tightening of the rules just dont help them out..so they'll continue to rent and help contribute to their landlords capital before some people "stretched" themselves just to buy a house and they dont regret it...but nowadays with the rules first time home buyers cant even do that for better or for worse |
Most importantly, people don't prepare for the future. 1) job lost. The moment you lost your job (which I am), how long can you sustain on without income? 2) Divorce. Holy crap, don't even get me started on my buddy Rob who is still trying to find ways to buy out the house. On going separation calculation for 2 years. 3) Death in family. Extremely sensitive topic and when you get rain, it pours. Suddenly unexpected bills... 4) Having a kid. The moment you have a kid, child care + lost of income (earning only 50%) of your mat leave... it's something you can calculate and have to adapt. I constantly educate young professionals to always be prepare for these 4 things BEFORE you buy a place. If you're can only save 10% of your paycheck... you're going to have a heck of a tough time paying 10% down and stretching yourself... OH... and Vancouver Sun this morning... talking about insurance rates on apartments... so yeha.... ever budgeted for that? Or your building's contingency fund is in the red and a big reno is coming..... |
The counter point to the above ^^ is -- how can anyone ever be adequately prepared for more than 1 of the aforementioned events? If people only buy a property when they are ready for more than 1 of those 4 things, nobody except for the filthy rich would be buying properties, but everyone would still need a place to live. |
^Come on guys, young generations these days, they YOLO it right LOL. I mean look at the cars these young kids drive and the amount of traveling they do, no money no problem (let me call mom/dad). |
The YOLO crowd reminds me of Aesop's Ant and the Grasshopper... except in Canada, when shit hits the fan, government takes from the Ant and gives Grasshopper $2k/month. |
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This is what I teach kids at church. 1) save at least 10% for emergency fund. 2) save another 5% for yearly savings All in all, if you can't freaking save 10% of your after tax income per year.. you seriously need a lesson on budgetting. "Why do you need 18GB / month on your freaking cell phone?" "cause i stream shit at work / pod cast etc and I hit 13Gb on average." "it's covid, you're working from home.. there's wifi" "if i go down on my plan, I might never get this deal back"...... "How much money do you spend on lunch & coffee JUST at work" "maybe average 4 coffee / week + lunch 4-5 times a week" "$12 dollar lunch (good luck but sure) on average + $4 coffee; That's $3,804 a year..... While you're having lunch each day, I pack my lunch & drink office drip but I get to head over to an exotic country a year.(Egypt + Bali + Italy)" |
Who do you guys use for home insurance? |
for condo or SFH? I use Sonnet for my condo insurance. It's cheaper than BCAA and all done online. |
For detach, Is square one legit? They're bit cheaper than bcaa |
Been using BCAA for 4 years Personally the savings are minimal for switching and I trust BCAA and their underwriters more than smaller, cheaper, companies |
Noted, thanks! |
I've been with a broker for as long as I could remember. I've been with Intact Insurance for a while now. This year was a toss up with another insurance company, but my broker leaned toward going with Intact, so I did. Insuring a house is a pretty important/complicated thing. I don't want to mess with it. My wife found a trustworthy lady who does the research and simplifies the process. Giving us the pros and cons, etc. I know they get kickbacks and stuff, but they also get great rates. |
im with square one, was originally with bcaa but my condo deductible shot way up and bcca couldn't do it. |
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A friend who was underwritten by Canadian North Shield has an absolutely horrible experience when dealing CNS for a claim. The claim dragged on for years, and every exchange with the adjuster was stressful. The policy at my old place was underwritten by Economical Insurance, and when I had a flood, the claim process was actually very reasonable. Perhaps I got lucky with a good adjuster, or maybe our case was pretty clear cut since something either had water damage or it didn't. They were more expensive, but at least the somewhat higher premium translated into something useful when we needed to use it. Best to talk to your home insurance broker to ask about the service quality and ease of claims from the policy underwriter. Annual premiums doesn't tell the whole story. |
I use Intercon and the underwriter is Aviva. Never had to make a claim but I found their service is pretty good. When my strata deductible went from $50k-$150k they maxed out Aviva's coverage at $100k and found a 3rd party (Chutters) to cover the remainder $50k. However they did give me the option to shop around and even named other underwriters that will cover up to $200k deductible. Quote:
From what I'm told BFL is the largest high rise condo provider in Metro Vancouver and they're the ones that started these huge increases |
I'm using Aviva through a broker for my auto and home insurance. Hard to say how well Aviva is, but my broker is always on top of things and frequently reaches out to me with information from Aviva. |
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lunch is a no brainer though, if you make enough food for 3-4 lunches at a time, then the savings do add up. usually i'll prep for at least 3 lunches on sunday, and then do a small prep mid week with a different recipe. costs me no more than $5 per lunch, often less. much healthier too. |
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I'm using Intact for home and auto (I'm in Toronto currently.) Shopped around and looked at other insurance providers but none would cover my condo's minimum requirement, and even if they did, there was a huge jump in cost. Intact provided the best rate and coverage for me, despite me shopping aggressively over the past four years. The auto insurance on the Porsche was hard to beat, and it outweighed the savings and usage rights over other providers. There were cheaper insurance companies, but I had never heard of who was underwriting them, so that was a determining factor for me. No issues with the condo (so far, and knock on wood) but had a pizza delivery guy back into the Corolla while it was parked. Claims process was super easy and amazing from start to finish. No stress whatsoever. |
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