Cause at the time of our renewal a fixed mortgage was about 4.2% and obviously if I knew BOC was gonna go HAM shortly after I would have jumped at that. We're not screwed by any means it just sucks that our extra cash is getting sucked up by absolutely nothing.

I'm in exactly the same boat... payments have gone up from $1160 a month to $14xx

I have a buddy on the other system who's gone from 25 years to 71 years now lolllll

For me though, I am seriously considering just paying it off, I only have $110k left and I don't think my current investments for that money are going to pay more than the mortgage interest...

For folks on variable it looks like you could lock in around 5.2% over 3 years right now (uninsured mortgages, even lower for other cases) - most will allow renewals 6 months early so you're only locking in for 30 months at that rate. On a 5 year you can get to around 4.8% - I'm not sure I'd lock in for that long though. I bet those beat whatever you're paying on variable right now.

https://rates.ca/mortgage-rates

Yeah I'm sure, trigger is 6.3, I renewed last summer to variable. I think it was around 3.4% when I signed.
I'm at 6.2, lady over the phone told me the hike is tomorrow.



I was at 19 years originally, "currently" at 53 years lol

Going in next week to see how soon I'm gonna need to sell the Corvette LOL

When renewal comes how early do you guys try to renew by? Could you renew 6 month earlier but have it take effect after your full 2-5 year term is up to make sure you get the remaining last 3-6 months of low interest?

Was going to buy a place in the boonies but then realized I should probably refi away from Scotia next year before I do that otherwise I'll get destroyed by the 6% rates they have.

Ok the news they said yesterday that like 30% of Canadian mortgages have now pushed their amortization to 50+ years

Awesome. So your mortgage now is longer than even allowed under Canadian law?..

I mean, we should be glad that flexibility is built in... a lot of people can't afford to up their payments / month to keep pace and I suppose the expectation is that it will eventually subside a bit and when people renew they can figure it out at that point.

I'm just going to play dumb, and say I never knew I had to update the declaration if I ever get busted LOL. Fucking bullshit application is in small fonts, people gonna miss it :troll:.

Everything is illegal based on the various resources I've connected with so far on this topic. Only in trouble when someone snitches you out; otherwise, just get away with it as long as you can.

Whenever you play by the rules/law in Bc, you get fucked while everyone else doing the illegal shit is thriving.

50 years hey? Actually seems like a good plan, don't have to worry about paying off the mortgage if you're dead.

FYI you can use Visa points for mortgage payment vouchers. I did the math, and it's actually one of the best bang-for-buck value things you can do with your points.

If I didn't have a kid coming I would make sure I left this world with the largest amount of debt possible

The kid really fucked my retirement plan of suicide, but it the curveball was worth it.

Lol

I know some people who, honestly, I don’t know why you wouldn’t take out as many/as big loans as possible and just go live your best life in Mexico/Thailand for a few years and then just kill yourself

Some of these people have 15-25 years of complete misery left in their lives. Don’t know how you get by day to day

I mean you can rack up as much as you can and just go missing :ifyouknow: but I think Thailand and Mexico both have extradition agreement with Canada

That's ironic. Scotia offered me 5.29%, 5 year fixed, 30 year amort on $680K. I feel like refi to new lender is high key a pain but EQ Bank ain't doing much to keep my business. Their most attractive offer is 5.99%, 3 year fixed, 24 year amort with a $3.4K renewal few (wtf).

I was looking at KEB (Korea) with a broker, 4.8%, 3 year fixed, 25 year amort on $710K. But we ended up not qualifying due to the (all) bank's ass backwards way of combating efficient tax planning within a corporation. In this instance, they don't accept dividend income from retained earnings as part of qualifying income. Which imo is bs, cause as a business owner why would I take on more tax liability when I don't have to.

Isn't there some scam going on in USA where people open up 10 credit cards, live it up, file bankruptcy, then repeat the process every 5-10 years?

Didn't their former president do that for most of his life?

We can't tax the corporations more and we can't raise personal taxes too much either. The government is stuck between a rock and a hard place.

Even if governments become developers of public housing, you can't get away from hard costs such as materials and labour. I'm not sure if the majority of homeowning taxpayers are willing to subsidize the shelter costs of a growing minority of the population.

In the next 10 years, likely many of the lower end service and white collar jobs will be taken over by AI, negating the need for more TFW in the long-term. We're just in a transitory period.

When the rates inevitably drop (even if not to record low levels) the amortizations will drop so it's not really a big deal except for the people renewing.

When those renews happen though, and people have to put a lump sum down that they probably don't have, we've got 2008 US on our hands. The effects aren't being felt to their full extent yet, but it could get very ugly when they are.

Some math to illustrate using $100k mortgage at 30 years:

2% = $370/mo
5% = $535/mo (+$165/mo, 45% increase)

To keep their payments the same when they renew after 5 years and stay on track (25 years) they have to come up with ~$24,000 at renewal. On a $500k mortgage you'd need to come up with about $120k or see your payments go from $1850 to $2675/mo. Oof.

That's sorta the worst case scenario but not hard to see some people (10-20%?) being unable to come up with the money when renewals come up or they have to make drastic lifestyle changes.

My friend in Victoria was just telling me she thinks they're now in over their heads, property taxes went up 27%, home insurance is up, mortgage is at 4.6% etc. They're very middle class for Victoria but are getting to their limit now and I can imagine a lot of folks like her are running out room to make it work.

Reminds me of this Beaverton article: https://www.thebeaverton.com/2022/07...ore-expensive/

Sad to think it's even more true now over a year after that came out.

Well hopefully in a few more years at renewal, prices will go back up by another $200-$300k as the rates fall, then we can all let the new immigrants hold the bag, while we sell and retire in second world countries. ??? Profit :considered::accepted:

An American told me once you aren't American until you file bankruptcy at least once

But have you :suspicious: