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01-25-2023, 11:34 AM
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#24626 | | I have named my kids VIC and VLS
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Based my decision on the bank of Canada literally coming out and saying no rate hikes in the foreseeable future.
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01-25-2023, 11:48 AM
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#24627 | | in the butt
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Anyone else triggered by hondaracers profile pic? Or is it just me.....
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01-25-2023, 11:59 AM
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#24628 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by Gerbs  80% of friends from a non finance background took variable too. Their ecision was 1.29% variable or 1.49 - 1.59% fixed.
I can't fathom the idea of why anyone would go variable for 30 basis points of savings lol.
Ended costing them $30 - 45K over 5 years, while not life changing for those buying I guess but still enough to pay for a used Model 3! | I did it, not for the savings but for the flexibility of selling. I’ve paid my fair share of fixed rate fee’s. likely wasn’t the best choice this time around, but life is long. Lol.
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01-25-2023, 12:05 PM
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#24629 | | Rs has made me the woman i am today!
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Yeah we went variable this time around as well and naturally everything went to shit shortly after lol. Definitely taking it on the chin at the moment but hopefully rates don't stay high the whole 5 years
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01-25-2023, 12:47 PM
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#24630 | | Rs has made me the man i am today!
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Originally Posted by Gerbs 80% of friends from a non finance background took variable too. Their ecision was 1.29% variable or 1.49 - 1.59% fixed.
I can't fathom the idea of why anyone would go variable for 30 basis points of savings lol.
Ended costing them $30 - 45K over 5 years, while not life changing for those buying I guess but still enough to pay for a used Model 3! | I was stupid. I don't recall what my fixed option was at the time but I'm sure it was pretty low but I've always been on variable and didn't give it a second thought at the time.
That said, I didn't expect interest rates to go up THIS much - my rate is now over 3x my original - even in a low interest environment I expected it to stay pretty low for a while.
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01-25-2023, 12:52 PM
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#24631 | | I have named my kids VIC and VLS
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Originally Posted by donk. Anyone else triggered by hondaracers profile pic? Or is it just me..... | She’ll do that to ya
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01-25-2023, 12:55 PM
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#24632 | | Willing to sell body for a few minutes on RS
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Its just fancy gambling. You can't beat yourself up too bad.
In hindsight I wish I went variable for my second term when I had to renew in 2018. Rates were just starting to rise a bit (I think they went up 2 steps), and I was thinking that was the start of more increase to the more historical ~4-5% range. No one could have forecast a global pandemic bottoming rates out again.
But hindsight is always 20/20, am I'm very much not a gambler.
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01-25-2023, 12:56 PM
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#24633 | | OMGWTFBBQ is a common word I say everyday
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Inflation is transitory they said, maybe high rates are transitory too.
But yea I won't blame the boc, as it's not their job. Their only job is to manage inflation, by messing with the rates. You should blame the gov, who blew money on cerb, arrive can, Ukraine party, don't worry bro we still got millions to give to the Americans to buy weapons for Ukraine. That will fix inflation   maybe if we sanction Russia harder or start sanctioning China inflation will come back down.
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01-25-2023, 12:56 PM
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#24634 | | Willing to sell body for a few minutes on RS
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I've been on the losing end of it every single time until now, I've been locked in fixed the last 21 years including 5.7% on my first mortgage. I've always taken the security of the fixed, obviously not the best financial decision most of the time hah.
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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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01-25-2023, 01:06 PM
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#24635 | | Willing to sell body for a few minutes on RS
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Originally Posted by JDMDreams , maybe high rates are transitory too. | If you look at it historically over the last half century, we're not really at "high rate" territory...: 
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01-25-2023, 01:08 PM
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#24636 | | Willing to sell body for a few minutes on RS
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Originally Posted by donk. Anyone else triggered by hondaracers profile pic? Or is it just me..... | I kinda wanna shove a zucchini in JTs mouth too.
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01-25-2023, 01:13 PM
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#24637 | | Willing to sell body for a few minutes on RS
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Is that some sort of metaphor?
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2014 F150 5.0L XTR 4x4
A vehicle for all occasions
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01-25-2023, 01:31 PM
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#24638 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by Great68 Its just fancy gambling. You can't beat yourself up too bad.
In hindsight I wish I went variable for my second term when I had to renew in 2018. Rates were just starting to rise a bit (I think they went up 2 steps), and I was thinking that was the start of more increase to the more historical ~4-5% range. No one could have forecast a global pandemic bottoming rates out again.
But hindsight is always 20/20, am I'm very much not a gambler. | Yup just coz it didn't turn out in this instance, the choice at the time was still the correct one given the information available at the time.
It's like the scene in Swingers when he doubled down on 11. You ALWAYS double down on 11. Sure he lost that hand but doesn't mean he shouldn't have doubled down.
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Originally Posted by skyxx Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good! | 2010 Toyota Rav4 Limited V6 - Wifey's Daily Driver
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01-25-2023, 01:41 PM
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#24639 | | in the butt
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Originally Posted by Great68 Is that some sort of metaphor? | Look at my signature and it will all add up
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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01-25-2023, 02:08 PM
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#24640 | | RS.net, where our google ads make absolutely no sense!
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Originally Posted by Gerbs 80% of friends from a non finance background took variable too. Their ecision was 1.29% variable or 1.49 - 1.59% fixed. | When I took my mortgage (Feb 2021) the spread was 0.99% variable or 1.49% fixed.
I regretted taking fixed for a while as between Dec 2020 (offer accepted) and late 2021 home prices went completely insane, if I was variable it would have been real tempting to flip it rather than invest effort in renovations. The penalty would've been $40-50K.
Obviously happy with fixed now, but yeah it's basically a cointoss - I am lucky. Couldn't have predicted this and I could just as easily have been unhappy. A lot of advice at the time was to go variable and with 50 points spread and lower penalty (and a hot hot real estate market) I could see that making sense then too.
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01-25-2023, 06:58 PM
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#24641 | | Willing to sell a family member for a few minutes on RS
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Originally Posted by JDMDreams Inflation is transitory they said, maybe high rates are transitory too.
But yea I won't blame the boc, as it's not their job. Their only job is to manage inflation, by messing with the rates. You should blame the gov, who blew money on cerb, arrive can, Ukraine party, don't worry bro we still got millions to give to the Americans to buy weapons for Ukraine. That will fix inflation maybe if we sanction Russia harder or start sanctioning China inflation will come back down. | You literally have no idea what's happening on the planet if you think inflation is a product of the Canadian governments spending.
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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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01-25-2023, 07:38 PM
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#24642 | | OMGWTFBBQ is a common word I say everyday
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So what has the Canadian government done to fix inflation besides raising rates?
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01-25-2023, 07:46 PM
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#24643 | | RS has made me the bitter person i am today!
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Canadian govt doesn't raise rates.
But the feds have done nothing. Realistically there's not much they can do other than say raise taxes. To fight inflation they have to contract the money supply. The Canadian govt doesn't control the supply chain, nor do they have much control over oil prices. You can argue that they should allowed the pipeline to go through but really that may only lower west coast oil prices a tiny bit.
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01-25-2023, 08:53 PM
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#24644 | | Willing to sell a family member for a few minutes on RS
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Originally Posted by JDMDreams So what has the Canadian government done to fix inflation besides raising rates? | Thanks for clarifying.
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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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01-26-2023, 08:21 AM
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#24645 | | SFICC-03*
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Originally Posted by JDMDreams So what has the Canadian government done to fix inflation besides raising rates? | the bank of canada is in control of the rates not the federal government. trudeau has nothing to do with interest rate decisions.
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01-26-2023, 11:07 AM
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#24646 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by Spoon Nobody imagined that rates would rise that fast, so I feel for those who went variable. IMO, the BoC deserves some backlash in how it misguided the markets regarding long term low interest rates, so I'm surprised they're not trying to do a little more to relieve the pain for property owners.
. | But at 1.29% vs $1.59%, that's 1 hike of a difference before you break even 
Historically it moves pretty quick too, over 1 - 1.5 years. But I guess majority of us hasn't lived through any recessions with a mortgage yet.
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01-26-2023, 11:14 AM
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#24647 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by carsncars When I took my mortgage (Feb 2021) the spread was 0.99% variable or 1.49% fixed.
I regretted taking fixed for a while as between Dec 2020 (offer accepted) and late 2021 home prices went completely insane, if I was variable it would have been real tempting to flip it rather than invest effort in renovations. The penalty would've been $40-50K. | https://www.ratehub.ca/penalty-calculator
^
Are you able to recreate the $40-50K penalty scenario? I calculated mine in mind before signing in Dec 2020 as well. My penalty is like $1.8K for $380K mortgage remaining.  x 4 for a house and that's still sub $7.5K? Quote:
Originally Posted by JDMDreams So what has the Canadian government done to fix inflation besides raising rates? | What would you do to fix inflation?
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01-26-2023, 11:32 AM
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#24648 | | OMGWTFBBQ is a common word I say everyday
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When I did my mortgage it was 1.15% var vs 2.05% fixed.  I went variable because it looked like the rate hikes would be slower.
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Originally Posted by PeanutButter Damn, not only is yours veiny AF, yours is thick AF too. Yours is twice as thick as mine.. That looks like a 2" or maybe even 3"? | | |
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01-26-2023, 11:40 AM
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#24649 | | RS.net, helping ugly ppl have sex since 2001
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What are your thoughts of picking up a $500-550K 1 bedroom condo in an older building (say around 2010)? Maintenance hopefully less than $300/mth, rent ~$2000/mth. So cashflow ~$20K per year on a $500K investment .. works out to be about 4% which I can get on a GIC nowadays but with this, there is any increase in property value. Worth the headache of being a landlord?
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01-26-2023, 11:54 AM
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#24650 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by whitev70r What are your thoughts of picking up a $500-550K 1 bedroom condo in an older building (say around 2010)? Maintenance hopefully less than $300/mth, rent ~$2000/mth. So cashflow ~$20K per year on a $500K investment .. works out to be about 4% which I can get on a GIC nowadays but with this, there is any increase in property value. Worth the headache of being a landlord? | How long would you plan on keeping it for? Personally, I don't anticipate big increases in the market over the next 2 years or so.
At this age it could be coming up to some special levies for maintenance like elevators in a few years. Make sure strata is functional and well-run.
Personally I would not want to bother being a landlord banking on 4% return.
Perhaps consider what the cost of property management would be and add that to your calculations, so that worst case you get a property management company to deal with it. Best case, that's the value of your time spent as landlord.
__________________ Quote:
Originally Posted by skyxx Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good! | 2010 Toyota Rav4 Limited V6 - Wifey's Daily Driver
2009 BMW 128i - Daily Driver
2007 Toyota Rav4 Sport V6 - Sold
1999 Mazda Miata - Sold
2003 Mazda Protege5 - Sold
1987 BMW 325is - Sold
1990 Mazda Miata - Sold 100% Buy and Sell Feedback | |
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