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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.

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Old 11-21-2020, 07:03 PM   #16801
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I had to evict a nightmare tenant. It was a pain in the ass. Ever since then, I hired a company to manage the place so I wouldn't have to get calls at 2am from strata asking me to deal with the tenant. It's been good for the past few years now
What kind of stuff was the tenant doing?
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Old 11-21-2020, 07:04 PM   #16802
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If you overpaid for a property from the get go however it'll take a lot longer to break even or turn a profit. I've seen some recent sales taking $50-100k losses compared to when they bought in 2016/2017 not accounting for commissions.
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Old 11-22-2020, 12:29 AM   #16803
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2 bedroom are still mid 700K.. What an average family can afford to rent is roughly $2200.....

How can landlord breakeven with mortgage, strata, insurance, property tax...? especially these concrete strata is like $400 a month..?
I ask this question to my realtor buddy a lot.. he just says "there are a lot of rich people in Van, what makes you think he needs to break even".
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Old 11-22-2020, 02:09 PM   #16804
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What's everyone's mortgage rates? If anyone's willing to share, lowest rate.
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Old 11-22-2020, 02:18 PM   #16805
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Been hearing sub 2% from most places. 1.9x, 1.89 etc
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Old 11-22-2020, 02:19 PM   #16806
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What's everyone's mortgage rates? If anyone's willing to share, lowest rate.
1.68% 5 year fixed through our mortgage broker.
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Old 11-22-2020, 02:23 PM   #16807
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Damn eh.. might have to fast track my renewal..
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Old 11-22-2020, 03:04 PM   #16808
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1.71% 5 year variable with TD. Just renewed last month. Broker could only get me 1.8% so just renewed with my existing bank.
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Old 11-22-2020, 03:17 PM   #16809
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Old 11-22-2020, 03:24 PM   #16810
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1.7% with TD 5 year variable. I think it's going to drop again and wanted it follow the rate.
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Old 11-22-2020, 03:53 PM   #16811
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Decent, looking at 1.71 with coast.

Now fixed or variable?
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Old 11-22-2020, 06:09 PM   #16812
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What's everyone's mortgage rates? If anyone's willing to share, lowest rate.
Just renewed mine with HSBC 5-year variable @ 1.79%
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Old 11-22-2020, 06:41 PM   #16813
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We recently locked down and placed the initial down payment for a pre-sale townhouse that will be completed by late 2022 (probably early 2023 with delays).

Is there any way to lock in a mortgage now so that we can take advantage of the <1.9% rates? Or do we have to wait until 120 days before completion date?
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Old 11-22-2020, 07:15 PM   #16814
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I was trying to figure out if it made sense to refinance at today's lower rates. We are currently locked in at 2.64 with 24 months to go. Doesn't seem to make sense once you add in the penalty.
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Old 11-22-2020, 07:24 PM   #16815
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I ask this question to my realtor buddy a lot.. he just says "there are a lot of rich people in Van, what makes you think he needs to break even".
You'd be sorely mistaken if you think the riches can just kiss their money goodbye as it were nothing.

Up until now, they didn't care about the rent/cost because the return between the purchase vs selling a few years down would more often than not cover any of those expenses.

Even for Chinese buyers who just wanted a way to get money out of China and store it somewhat have a limit on how much they are willing to lose to get that money out. Because there are other alternatives without having to lose that much.

IMO, in the short term, the condo market is done. Many overpriced projects near completion are selling at loss or near it, sometimes beyond what they paid in deposit because those buyers can't afford to close.
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Old 11-22-2020, 07:31 PM   #16816
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What's everyone's mortgage rates? If anyone's willing to share, lowest rate.
1.55% variable...3 years left on this mortgage. Always choose variable.

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You'd be sorely mistaken if you think the riches can just kiss their money goodbye as it were nothing.

Up until now, they didn't care about the rent/cost because the return between the purchase vs selling a few years down would more often than not cover any of those expenses.

Even for Chinese buyers who just wanted a way to get money out of China and store it somewhat have a limit on how much they are willing to lose to get that money out. Because there are other alternatives without having to lose that much.

IMO, in the short term, the condo market is done. Many overpriced projects near completion are selling at loss or near it, sometimes beyond what they paid in deposit because those buyers can't afford to close.
Ok genie. Heard that before!
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Old 11-22-2020, 07:59 PM   #16817
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1.68% variable for 5 years at BMO during their black Friday last week.
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Old 11-22-2020, 09:09 PM   #16818
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2.54 (5year fix) 3 years ago prop1 rbc
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Old 11-22-2020, 09:33 PM   #16819
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We recently locked down and placed the initial down payment for a pre-sale townhouse that will be completed by late 2022 (probably early 2023 with delays).

Is there any way to lock in a mortgage now so that we can take advantage of the <1.9% rates? Or do we have to wait until 120 days before completion date?
You are probably still good into 2022, BoC released that they don't plan on raising rates until 2023. Obviously that's not set in stone but it doesn't look like covid's effects would be gone until at least end of 2021, and it'll take some time to recover from there.
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Old 11-24-2020, 07:31 AM   #16820
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Up until now, they didn't care about the rent/cost because the return between the purchase vs selling a few years down would more often than not cover any of those expenses.

Even for Chinese buyers who just wanted a way to get money out of China and store it somewhat have a limit on how much they are willing to lose to get that money out. Because there are other alternatives without having to lose that much.
Hm...the other perspective is more along the lines of collecting cars; you have about 1 vintage, 1 collectors, 2 supercars, 1 SUV, 3 daily drivers beaters... does it matter if any one of these cars just went down in value (book or not) and / or interest rates went down... not really.

yes, those who are using it as leverage.. diff story.
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Old 11-24-2020, 10:25 AM   #16821
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1.68% 5 year fixed through our mortgage broker.
wow, where did you buy? Details!
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Old 11-24-2020, 12:36 PM   #16822
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What's everyone's mortgage rates? If anyone's willing to share, lowest rate.
We just switched my clients from RBC to BMO at 1.69% on a 5-year plus $3,000 cash incentive.

-Mark
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Old 11-24-2020, 12:37 PM   #16823
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wow, where did you buy? Details!
My guess? Nowhere, ch28 still trying to time the market

prove me wrong ol' boy, prove me wrong
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Old 11-24-2020, 05:35 PM   #16824
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What's everyone's mortgage rates? If anyone's willing to share, lowest rate.
1.49% 5 year fixed, non insured through a monoline (private) lender. Had to put 25% down on our $600,000 townhouse to get it though. I would never go with a big bank, they charge way too much if you have to break your mortgage for any reason and screw you when it comes times for renewals also majority of them have bonafide sales clauses in the policies as well. I give props to people that go with the big banks because you're throwing away money IMO when you can get a much lower rate through a private lender with way more options (prepayments, renewals, breaking the mortage, refinancing etc..)

I'm seeing 1.39% 5 year fixed being offered through the same lender now

https://forums.redflagdeals.com/offi...thread-351105/

The brokers here on redflagdeals get you the lowest rates possible. They post replies and updates daily and are very easy to reach via PM.

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Old 11-24-2020, 09:35 PM   #16825
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a lot of banks are offering cash incentives to offset the penalties though

I only have 2 years left before renewal, is it worth it to re-finance ?
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