Sri Lanka, turkey, Argentina, Russia, Brazil are all in a shit storm currently, with Argentina and turkey hitting Venezuela levels.

Those countries are in serious shit, hopefully people free loading on CERB cheques two years ago does not fuck us

I know a guy from here who lives in Argentina with his wife and kids middle of nowhere he loves it but it’s fucked up there like no banks have US dollars and he’s well off making oil money back in the day… he was telling us every 3 month or so he drives to Chile to a bank and takes out a few thousand US cash and then goes back home and that’s their money for 3-4 months but he can’t even keep it in the house cuz they’d get robbed so he has to bury it around the yard lolol

:ohgodwhy: 2y fixed is 4.89% 5y is 5.24% good luck y'all renters, and the wait for the market to drop types. :lawl:

This is just normal though... like I was a little kid when rates were 20%, my parents survived by borrowing money from my grandma... but 3-6% is the normal range for interest rates.

I've been laughing all these years at 0-2%, it's been ridiculously low forever.

I vividly remember updating my little bank account book and being blown away because my bank was paying me like 5-6% interest on my chequing account back in the day for my allowance money... like wow the bank is giving me FREE MONEY for keeping my money?!?! hahaha

I believe the next rate hike which is rumoured to be .75 could possibly set off the beginning of fire sales as over leveraged RE investors try to dump. The issue of course is they'll be no buyers so that means RE prices will fall further.

I wouldn't be shocked if RE prices end up at pre-2016 prices once the rate increase cycle is over. And people who are hoping for "rich" investors to sweep up "cheap" local RE might have to wait a little long. Days of cheap money are coming to an end.

Very good opportunities for cash buyers, just low ball in this environment. If you get it cool, if not cash can sit on laddered 2.5%-4% Redeemable GIC's during these times.

I honestly don't think anyone locally can afford the 6%+ rates this is just mortgages, add strata, PPtax, wanting kids, cars and it gets rocky.

• $3,358/month payments on a 500K mortgage at 6.5% (U.S target prime rate for 2022)
  
• $2,679/month for $400K
  
• $2,009/month for $300K, this one is not bad.
  

Man, I'm curious how big all y'all mortgages are at. It stresses me out that my $350 - 400K mortgage in 2.5 years will likely be at 6.5%, this would put me around $3,000/month for mortgage + strata on a old 1 BR.

:pokerface: but then what will happen? you sell and become homeless and rent? Rent will become $3000 a month due to higher costs and more demand. :awwyeah:

I think this might be an opportunity to make generational wealth, max out your helocs now so you have cash ready to go if there's any fire sells. Double down on bitcoin. :pokerface:

a 4000 sq ft lot could be had for $850-950k in 2015 and cheapest one sold in 2022 has been for $1.5m. Will be interesting to see how things play out

wonder how the car market and especially the exotic car market will get affected by this

Pray for tofu

The car market especially the exotic car market is next to implode.

I would keep an eye on lenders who could be on the hook when owners walk away from cars that could be under water because they paid way over list.

Well it's not really cash, you're stilling borrowing against an asset that could depreciate and there's also a cost to borrow. The other issue is banks are already clamping down on HELOC's.

The question is where will our RE market be in say 2-3 years once rates hit 3.5-4%? Will we have another bull market because of immigrants? Rich immigrants? Investors? You need a driving force to push prices higher in any market including the RE market so it'll be interesting to see how things play out over the next few years.

My feeling is we could be heading towards a balanced RE market where we some gradually gains and much more inventory. Nothing wrong with a healthy market which has plenty of inventory but has opportunities for investors who are in it for the long term instead of looking for short term gains. Creates a level playing field.

HELOC isn't cash?!?!?!?!

:derp:


Ps, RBC still giving out HELOCs like hotcakes

There’s a fuck tonne of people coming here from HK and India… especially India… immigrant demand for housing is definitely going to be massive but is it enough to bolster the market?? Not so sure.

I've never paid $2,000 - 3,000 a month for Rent.

I went from
- Sharing 1 BR Basement for $500, $1,000 total rent
- 2 BR 2 BA Condo, new tower at Brentwood 36th floor NW facing, massive balcony, furnished, my own washroom for $1,000 + Utilities + Parking
- 2 BR 2 BA Condo $1,400 for Master Bedroom, in suite washroom, new towers as well

I think if I had to go rent, I'd try to keep it under $1,500 for a shared situation. I wouldn't mind living in a house with a bunch of peeps to try it out either, seems fun. Or maybe rent a 3 BR and rent arbitrage it so that my room is sub $1,500 in downtown Vancouver.

I put $30,240 into housing last year. Looking at the high house payments, I might just yolo, go home, sack cash for 8 years and retire early. :lawl:

https://twitter.com/philbak1/status/...Fpgosg2AohQKoQ

Haha.

Yes but you are coming from a home owner with a parents home to fall back into. What about all the people renting currently *cough white people* that doesn't have a free home to go back into. What cash have they stacked all these years after paying rent. :badpokerface:

??? Why is that a “white people” issue?

Nothing he says is ever a fully formed thought.

Cuz I've never heard of a white person ever buy a presale and gift it to their kids, :lawl: usually it's always Asians. Also the number of first time buyers coming from living at home Vs renting.

You’ve never heard of a spoiled white person? No wonder you want the lockdowns to last forever. It’s clearly not a lifestyle change.

I’ve never rented a home in my whole life, guess I can’t be white anymore

Mine's 1.34% 5 years fixed. Good till March 2026. Paying $1872 a month. Looked at what 4.99% would be and it would be an extra $901 a month LOL

Did you get it on a leap year?