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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 08-26-2016, 12:20 PM   #7976
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I put 40% down on my condo 4 years ago, and I didn't live at home or receive help from my parents. Moved out 6 years before buying.

4 to 5 of my friends also put between 30-35% down, about half lived at home beforehand.
4 years ago, when prices weren't totally cray cray. Either way good job on saving up.
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Old 08-26-2016, 12:22 PM   #7977
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I bet your 40% down payment 4 years ago though would be a 20-25% down payment on that same condo today.
I've said it before and I will again, we can't discount the trouble that people have inherited simply because they have reached home purchasing age at the worst time in history to purchase.
Based on recent sales it would be about 30% today.
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Old 08-26-2016, 12:25 PM   #7978
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4 years ago, when prices weren't totally cray cray. Either way good job on saving up.
The biggest thing for me was lifestyle inflation. I had a very strict budget and every time I got a bonus or raise, I put it away immediately into the house fund.

Made a few smart (lucky?) investments and lived with a roommate to keep costs down.
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Old 08-26-2016, 12:27 PM   #7979
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4 years ago, interest rates were above 3%. Today, they are less than 2.3% for the same type of mortgage. You can't ignore the impact of prolonged low interest rates. Not only that, but equities until recently were in the tank.
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Old 08-26-2016, 12:30 PM   #7980
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4 years ago, interest rates were above 3%. Today, they are less than 2.3% for the same type of mortgage. You can't ignore the impact of prolonged low interest rates. Not only that, but equities until recently were in the tank.
When I got my mortgage 4 years ago, I only did very short mortgage terms. My interest rates have been: 2.86%, 2.75% and currently at 2.89%.
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Old 08-26-2016, 12:37 PM   #7981
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Made a few smart (lucky?) investments and lived with a roommate to keep costs down.
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Chinese people tend to have help, or they grind it out at home for several years living rent-free. I know it sounds ridiculous to a non-Chinese person, but this is how it works.
Probably not really relevant to the topic on hand, but the above 2 approaches reminded me of how easy / difficult it is to bring a girl home...

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Old 08-26-2016, 12:37 PM   #7982
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When I got my mortgage 4 years ago, I only did very short mortgage terms. My interest rates have been: 2.86%, 2.75% and currently at 2.89%.
Yep, mine was a 3 year at 2.79%. But if I recall, 5 year terms were in the 3% range. And typically most first time buyers take 5 year fixed mortgages.
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Old 08-26-2016, 12:43 PM   #7983
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Probably not really relevant to the topic on hand, but the above 2 approaches reminded me of how easy / difficult it is to bring a girl home...


I don't even know what this means lol
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Old 08-26-2016, 12:51 PM   #7984
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I would also find it interesting to see statistics on the percentage of what people put down.... not sure if the banks can release statistics like that.
CHMC might have that stat since they are the ones backing the insurance.
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Old 08-26-2016, 01:01 PM   #7985
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Haha RS is the last place I'd go to get stats about the general public, everyone on here is ballin' on their own dime or someone else's
I'd bet that the most of RS is in the top 20% of incomes in Metro Vancouver, if not higher.

Westopher is right that most of us are lucky that we can entertain the thought of saving tens of thousands of dollars for a downpayment. The majority of 20-35 year olds are living paycheck to paycheck or have very limited savings.
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Old 08-26-2016, 01:14 PM   #7986
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That's me! Lol
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Old 08-26-2016, 01:15 PM   #7987
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I'd bet that the most of RS is in the top 20% of incomes in Metro Vancouver, if not higher.

Westopher is right that most of us are lucky that we can entertain the thought of saving tens of thousands of dollars for a downpayment. The majority of 20-35 year olds are living paycheck to paycheck or have very limited savings.
Most of us here only makes $14 dallar
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Old 08-26-2016, 01:27 PM   #7988
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Lol you also have an awesome new car and like 90 motorbikes.
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Westopher is correct.
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Old 08-26-2016, 01:28 PM   #7989
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Parental help would be a loan at an interest rate = inflation and signing the mandatory letter saying its a gift so you can qualify for a mortgage and then repaying them in a few years.

Parental charity is asking for them to give you half of your down payment.

Maybe it's my ethnicity but the former would be a tough request and the latter would be a complete waste of time - not going to happen. And I wouldn't ask, they worked hard for what they have, they should spend it.

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Old 08-26-2016, 01:31 PM   #7990
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Parental help would be a loan at an interest rate = inflation and signing the mandatory letter saying its a gift so you can qualify for a mortgage and then repaying them in a few years.

Parental charity is asking for them to give you half of your down payment.

Maybe it's my ethnicity but the former would be a tough request and the latter would be a complete waste of time - not going to happen. And I wouldn't ask, they worked hard for what they have, they should spend it.

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You guys do bring up a good point. Just how well do we represent the general population of GVRD? For a bunch of us to be able to have a discussion like this in the middle of the day does speak a lot about our living conditions (unless of course, if you are unemployed). Top 20% would probably be pretty accurate.
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Old 08-26-2016, 01:42 PM   #7991
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I've been putting $500/paycheque into my TFSA since last April (after I payed off my student loan and bought a new used car) and it's painful that it'll take another several years to save up 20% ...
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Old 08-26-2016, 01:43 PM   #7992
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It's one thing to ask your parents for money, putting them in a situation they otherwise wouldn't put themselves in. It's totally another thing if they are in a position where they choose to give money because they are in a good financial place and it makes them happy to help their child out.
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Old 08-26-2016, 01:48 PM   #7993
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Interest rates have actually gone up, not down in the last 5 years.
When I got my mortgage 5 years ago, it was at 2.1%. It dropped after a year to 1.8% (I'm on variable), and I just renewed at 2.2%.

With interest rates being so low, I don't understand why you would put down any more than 20% to avoid the CHMC tax. That extra money is locked into your house - you could use it on equities that would generate far more return than what you are borrowing at.
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Old 08-26-2016, 01:56 PM   #7994
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And I wouldn't ask, they worked hard for what they have, they should spend it.
I agree that parents worked hard to make what they have a reality.
But of course, one option is to take out a HELOC against the parent's place and using that as a DP and making sure one has the means to cover the mortgage and the HELOC.

Of course, it all comes down to living within one's means.

To be honest, there are plenty of other options too. I'm no financial planner so take this with a grain of salt.

One option is to take out life insurance against your parents. You pay the fees and when it comes time, I hate to say it, you benefit. I know it is morbid to think that, but it is a reality that a financial planner will offer.
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Old 08-26-2016, 02:00 PM   #7995
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Possibly for reasons of cash flow. Raising kids and paying for day care can put a damper into things.

The spread between variable and fixed has gotten smaller. Fixed rates are the lowest they have ever been.
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Old 08-26-2016, 03:08 PM   #7996
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If your 70 how many retirees do you think want to deal with being renovicted and have to move 3+ more times before they croak?
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Maybe I'm just underestimating the amount of old people who cashed out. If I was retired and just sold my 3 million dollar house, I'd probably be more inclined to rent something nice and keep my money in the bank than spend 1.3 on a townhouse that may or may not keep its value over 10 years.
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Old 08-26-2016, 03:36 PM   #7997
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On the topic of fixed rate mortgages... Anyone ever try to get out of theirs? My lord, I think it would be cheaper to buy another home. Lol
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Old 08-26-2016, 03:51 PM   #7998
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On the topic of fixed rate mortgages... Anyone ever try to get out of theirs? My lord, I think it would be cheaper to buy another home. Lol
Our first mortgage was at 5.XX%.
I think we had just over 1 year left on it and it was before 2008 and you could get really cheap mortgages.
The cost to break our contract was more than what we would have saved so we kept our mortgage.

After that, we went with a variable rate and have been since.
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Old 08-26-2016, 03:53 PM   #7999
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If anyone needs a reason to kill themselves today.....read this LOL
How a Vancouver lawyer spends her $110,000 income - Vancouver Magazine
Now here, is the definition of living off of your parents like a leech, as opposed to a parent helping their children. Imagine advertising that shit?!
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Old 08-26-2016, 04:06 PM   #8000
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If anyone needs a reason to kill themselves today.....read this LOL
How a Vancouver lawyer spends her $110,000 income - Vancouver Magazine
Now here, is the definition of living off of your parents like a leech, as opposed to a parent helping their children. Imagine advertising that shit?!

I went to HS with her, if you think her blurb sounded insane you should actually interact with her in person. With that said, a lot of people i know are currently leeching off their parents. It makes their parents happier if they kids had more disposable income and not stress about life and if the parents can afford to do so who cares. Yes, i'm a leecher too...
definitely not to that extent.
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