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04-11-2022, 06:40 PM
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#21426 | | Rs has made me the woman i am today!
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Originally Posted by Tapioca  So, the federal budget is including a new below the radar program: the first time homebuyer's savings account. https://budget.gc.ca/2022/report-rap...f-en.html#a2_1
- 40K limit, contributions of up to 8K per year
- Contributions are tax deductible and withdrawals are tax-free
- If contributions are not withdrawn in 15 years, they can be converted to an RRSP or would be taxable
Thoughts? | Is one able to transfer from their RRSP account into this particular account?
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04-11-2022, 09:02 PM
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#21427 | | I STILL don't get it
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Individuals would also be allowed to transfer funds from an RRSP to an FHSA on a tax-free basis, subject to the $40,000 lifetime and $8,000 annual contribution limits. These transfers would not restore an individual’s RRSP contribution room.
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04-11-2022, 10:39 PM
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#21428 | | My homepage has been set to RS
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Originally Posted by ssjGoku69 Individuals would also be allowed to transfer funds from an RRSP to an FHSA on a tax-free basis, subject to the $40,000 lifetime and $8,000 annual contribution limits. These transfers would not restore an individual’s RRSP contribution room. | How would this differ from being able to just withdraw directly from the RSP as a first time homebuyers? I guess this would be "on top of" that limit?
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04-11-2022, 11:55 PM
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#21429 | | I contribute to threads in the offtopic forum
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^ you know you need to put that RRSP back right?
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04-11-2022, 11:58 PM
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#21430 | | RS has made me the bitter person i am today!
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^^ sadly $35000 hbp + $40000 what ever this shit is called isn't even 20% down to get you a $500k studio with no parking. I guess you can walk, or bike, such health so green   | 
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04-12-2022, 12:28 AM
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#21431 | | Performance Moderator
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Originally Posted by JDMDreams ^^ sadly $35000 hbp + $40000 what ever this shit is called isn't even 20% down to get you a $500k studio with no parking. I guess you can walk, or bike, such health so green | Fun fact: Vancouver =/= all of Canada
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04-12-2022, 09:11 AM
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#21432 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by JDMDreams ^^ sadly $35000 hbp + $40000 what ever this shit is called isn't even 20% down to get you a $500k studio with no parking. I guess you can walk, or bike, such health so green | 20% down for a first home is poor advice that has hurt many bearish millennials for the last several years.
There's nothing in this program that says that two people can't pool their 40K and buy a home jointly. 800K (80K@10% down) can still get a lot of house in most parts of the country.
Last edited by Tapioca; 04-12-2022 at 09:51 AM.
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04-12-2022, 09:32 AM
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#21433 | | Willing to sell body for a few minutes on RS
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Originally Posted by Tapioca 20% down for a first home is poor advice that has hurt many bearish millennials for the last several years.
There's nothing in this program that says that two people can't pool their 40K and buy a home jointly. 800K (10% down)can still get a lot of house in most parts of the country. | $8M house? Nice! 
Yes, I know it’s a typo…
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04-12-2022, 09:56 AM
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#21434 | | I answer every Emotion with an emoticon
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^ Judging from context of post ... I think he means a $800K house with 10% down of $80K ... no typo.
$800K can indeed get you a lot of house in other parts of the country.
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04-12-2022, 10:25 AM
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#21435 | | RS has made me the bitter person i am today!
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I think with remote jobs, it'd be feasible nowadays to earn a high income in other parts of the country that isn't a big city too.
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04-12-2022, 11:06 AM
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#21436 | | Willing to sell body for a few minutes on RS
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Originally Posted by Gerbs I think with remote jobs, it'd be feasible nowadays to earn a high income in other parts of the country that isn't a big city too. | 100%, I keep going back to potentially Calgary for us after the kid graduates because of what we can get there vs here. I could actually afford to buy a house to live in and a rental property (Apartment/townhouse) mortgage free compared to living here and having a mortgage on our house. That would really speed up the retirement plan for us.
I keep wrestling with the idea, I have family in Calgary but do I want to deal with those winters? Work wise it's not an issue we have an office there and I'm working from home anyway so technically I could still work out of this office, my wife would have to find something else but she's got a lot of good experience and probably wouldn't be a problem. I hate snow with a passion, I still have a few more years to figure it out.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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04-12-2022, 12:12 PM
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#21437 | | Rs has made me the woman i am today!
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| https://www.therecord.com/ts/busines...inflation.html
Smaller paper and more of an opinion/observation piece. I am not sure of the paper/author's leanings in terms of left vs right, but I don't feel like it's biased.
Lots of people are advocating or predicting a 0.5% rate increase tmr but this piece points to nothing until June possibly. I agree that some of the inflationary pressures are temporary or external and not really something a rate hike would fix.
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04-12-2022, 12:16 PM
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#21438 | | Need to Seek Professional Help
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Originally Posted by Tapioca 20% down for a first home is poor advice that has hurt many bearish millennials for the last several years.
There's nothing in this program that says that two people can't pool their 40K and buy a home jointly. 800K (80K@10% down) can still get a lot of house in most parts of the country. | There’s also the distinction between a house vs a home that has hurt many over the years too. I find the ones that are the most vocal/hurt are those that haven’t been able to separate those two concepts from each other.
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04-12-2022, 12:27 PM
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#21439 | | Willing to sell body for a few minutes on RS
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Originally Posted by Tapioca 20% down for a first home is poor advice that has hurt many bearish millennials for the last several years. | Agree. Oh man, I personally know people who fucked themselves over and ended up paying 200k more in house price all because they wanted to wait until they had enough money to avoid $10k in CHMC insurance fees...
Fuck, hindsight's 20/20 but I wish I had the fortitude to go in during the 0-down 40 year days of 2009...
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04-12-2022, 01:23 PM
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#21440 | | in the butt
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The classic I'm going to wait to buy
When I joined my company 9 years ago, my journeyman was holding off on buying a property for that reason, everyone told him to buy asap, he lost out on 2 years of gains
Then, I also has the same mentality about 7 years ago, people told me to buy asap, I waited 2 years to buy because I kept reading garbage articles of "cRAsh c0Ming" and was under the 20% down mentality
Now theres a bunch of guys under me, everyone keeps saying buy yesterday, some of them have been waiting for a "correction" for 1-3 years
So far that has cost them at minimum 100k
But, there's no such thing as "could have, should have"
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04-12-2022, 02:14 PM
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#21441 | | RS has made me the bitter person i am today!
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How bad are those winters? I stay home most times anyways, I argued with the 7% PST savings alone, we could fly out of Calgary during the winter to someone tropical every year
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04-12-2022, 02:16 PM
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#21442 | | RS has made me the bitter person i am today!
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Originally Posted by donk. Now theres a bunch of guys under me, everyone keeps saying buy yesterday, some of them have been waiting for a "correction" for 1-3 years
So far that has cost them at minimum 100k
But, there's no such thing as "could have, should have" | To be fair, the people that are waiting for a "correction" are probably equally as spooked to buy at the max of their qualification. To my knowledge, the guys who are buying a $500K condo on a $80K salary are pretty close to pay cheque to pay cheque, so they will never be able to upgrade.
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04-12-2022, 02:51 PM
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#21443 | | RS has made me the bitter person i am today!
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Don't forget the Cmhc only allows you to have a 25y amortization Vs 30y option if you have 20% down. So at the end of the day Cmhc will buy you less house cuz you only have 25y amortization plus you have to pay the premium. So it's less money that you can borrow if your income is the same.
And yes most people on Cmhc is obviously maxing out their borrowing already and trying to scrape by to get a place.
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04-12-2022, 02:54 PM
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#21444 | | RS has made me the bitter person i am today!
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And you can't even buy a $500k condo on $80k salary lol, you can only borrow about $360k if you're on Cmhc. This isn't factoring in any rate hikes that will push up the stress test rate.
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04-12-2022, 02:57 PM
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#21445 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by Gerbs To be fair, the people that are waiting for a "correction" are probably equally as spooked to buy at the max of their qualification. To my knowledge, the guys who are buying a $500K condo on a $80K salary are pretty close to pay cheque to pay cheque, so they will never be able to upgrade. | A lot can change over a few years in your late 20s/early 30s. Sure, many people can make bad decisions and lose everything, but the vast majority end up partnering up and making more money to acquire larger housing.
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04-12-2022, 03:04 PM
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#21446 | | To me, there is the Internet and there is RS
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There are a couple of real estate groups on facebook I am a part of. Some people have been talking about a market crash for 9 years plus. They have been waiting all that time for a crash so they can buy something.
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04-12-2022, 03:14 PM
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#21447 | | Pull Out Towing. Women rescued for free.
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Originally Posted by Manic! There are a couple of real estate groups on facebook I am a part of. Some people have been talking about a market crash for 9 years plus. They have been waiting all that time for a crash so they can buy something. | No man, go back to page one of this thread.
People been predicting a market crash for a long time.
*Edit this thread started in 2012 but there was another one that had the same predictions back in 2008.
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04-12-2022, 03:46 PM
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#21448 | | Rs has made me the woman i am today!
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The market crash predictions have been happening since the late 2000's. The consensus back then was it'll come down after the olympics happen. What the olympics have anything to do with real estate was way beyond my tiny brain.
Anyone that bought back then would have made 4x the amount, no crash is going to lose 75% of RE value. If it does I think there's gonna be other bigger things to worry about. And for most people who are waiting to buy, even a 20% drop in RE signifies that there's probably other more important things that will be on the radar other than buying a home, and the rate hikes that come with such a drop would mean you aren't saving much monthly either.
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04-12-2022, 05:13 PM
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#21449 | | I have named my kids VIC and VLS
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The olympics were the same as Expo, it just put our city under a microscope on the global stage, and it looked pretty amazing during that time l
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04-12-2022, 08:30 PM
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#21450 | | RS has made me the bitter person i am today!
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Originally Posted by EvoFire Anyone that bought back then would have made 4x the amount, no crash is going to lose 75% of RE value. | If RE drops 75%, I think a majority of us can cash buy a house, I think a majority of people can do that even if it dropped 40% 
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