changing banks means you also have to pay lawyer fees, no? i think even with that you'll still end up saving big...my lesson, is always do your homework of shopping around for the best rates that you can get...i renewed close to the beginning of the year at 2.99 and my old bank want 3.29 by giving me the renewal two weeks before it was due...pretty sneaky...good thing i went with a "sister company" owned by the same bigger conglomerate so i didn't have to pay that extra lawyer fee

I checked in renewing early and jumping banks. BMO had a 2.9 rate that was pretty appealing. My penalty was about $7k. Didn't think it was worth it, but maybe I'll need to work it out over 5 years...

Although....want to know the BIGGEST problem I have? I have a 40 year mortgage :\

This essentially fucks me for negotiating. I am a little at a loss of what I can do...

I empathize with quasi's story, but these days, the big banks really only care about big-money clients. I'm sure they're more than willing to cut the loss of a client such as quasi for a few beans because at the end of the day, if they can save a few beans here, they can put those resources towards keeping their big clients satisfied. And who can argue with their strategy? Shares for the big banks have been trading at all-time highs.

Unless you've got several hundred thousand in liquid, you're basically nothing to banks these days. Even a mortgage of a few hundred grand is small potatoes, especially at today's rates. Mortgages are like commodities, as opposed to a means to securing a long-term relationship, because most people switch mortgages like they change their underwear.

^ true, if the bank offered everyone "rock bottom rates" or the best deals, their profit decreases. basic economics, maximize profit at MR = MC. if you bring the prices down, your profit actually decreases, sure you may have more customers, but your not as profitable.

Say the bank gives you the lowest rate possible, what happens in 5 years when you renew and someone else offers you lower and they cant match, they end up in the same situation and you bail on them.

Theres soo much fish in the sea that it's not worth their time to give you the best rate unless you are like what Tapioca says, big time clients.

If a few get the best rates, that's fine, but when word gets out that everyone can get it, the banks hate that. Their managers will be going to the mortgage officer saying 'why are you giving away the farm?"

For comparison: Pre approved mortgage with TD bank one week ago, 3.04 5yr fixed 120 day closing, 30 year amort.
Not intending to buy immediately but interested to see how rates and prices play out at the tail end of this window...
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Scotiabank, never had a problem up to that point.

No, didn't have to pay anything except the penalty on my mortgage, the bank you switch to will cover everything. Any fees that come up transferring anything just submit the statement and they take care of all of it.

I don't disagree, this is what happened to me they didn't really care. To be honest switching banks is not what I wanted to do, I just wanted to be treated fairly. Another thing that pissed me off was someone I work with had just got her first mortgage at the same bank and she got the same rate I was fighting for, the same rate I got at the other guy. Knowing full well they offer that rate but wouldn't give it to me pissed me off. If I didn't have half my mortgage locked I have no doubt in my mind they would have offered me the better rate without even blinking, it's not like I was bringing in some add from a newspaper and asking them to match some no name lending company, this was the same rate that every major bank in Canada was offering.

I won't have to switch again, my brother in law manages the branch I switched to so I know I'm always going to get the best rate available, at least from the major banks with zero negotiation.

Wow... :lol

My first mortgage was $210k with Scotiabank. I managed to pay all of it off in a few years. Went back to them to get another mortgage on another house, and they treated me like a first-time customer.

So now my $600k mortgage is with RBC. :)

I think older condo units are taking are starting to drop fast, theres soo much new construction that people would rather buy new than to buy an older unit. There's a few that im following and right now I see 6-7 units being offered for sale, where as only 2-3 were active at the start of the year. Units are starting to reduced their prices in order to compete with their neighbours as well as the new developments.

I was just talking to a friend about rising interest rates, and how it will affect the market.

On one hand, it might force some people who are looking to purchase to buy now because they want a lower rate and this may lead to an increase in sales in the near term. But if you didnt had to buy now, it would be better to wait it out.

Increased rates = borrow less money = can only afford less expensive property , therefore prices would decrease. so if you can wait, it would be best to wait and pay less on the property and a higher interest rate, rather than have a low interest rate and higher purchase price.

Honestly most modern condos are like cars, the optimal time is you buy slightly new and unload it around the decade mark for profit. Unless the management is satisfactory to you, there aren't that many units or the location are really desirable to you.

Been following this thread for a while and just wanted to comment on the state of real estate over here in Victoria. I live in Langford in a newer development. Langford is about 25-30min drive into Victoria and is booming with construction. Plenty of business due to rock bottom property taxes.

I'm in a development where housing starts still continue at a rapid pace and amazingly they are still selling. There were 5 homes for sale on my street for the last 6 months (first phase with builds in2010). In the last month, 3 have sold and 2 have been taken off the market.

Unrelated to this thread but the Colwood crawl on Hwy 1 in Victoria during rush hour is turning into a parking lot with so many people moving to the west shore. Just one 2 lane hwy in and out so it is no suprise. It won't be long before it will be the same amount of time for me to bike to work (45 mins).

I have a couple of close friends and many acquaintances moving to victoria, and think it will become a great destination for younger families. The real estate is dirt cheap(comparatively), and as far as geography and temperate climate in a decent sized place its really the only place that can be similar to Vancouver without leaving Canada. That said, its not for me. If I want to save money I'll move to the burbs. BC ferries for any travel is a dealbreaker for me.

Definitely cheaper and you're right the life balance, climate and geography are simliar. The 3 bed, 3 bath approx 2000 sq ft 2 level home with garage across the street sold for $382k. Ours was 455k a year go. 5 bed, 3 bath, 2 level, 2050 sq ft, single car garage, 2010 build, 2 bed 1 bath legal suite.

We rarely take a car on the ferry anymore because the cost is crazy now. We usually walk on if we go.

:lol

Langford is pretty redneck still though. When I walk around, I get the occasional stares like what's this asian guy doing here?

Don't get me wrong, it's getting a lot better and I'm going to suspect that Langford is going to be an awesome area soon. I'm a big fan of Colwood though. Would love to get a property on there that's close to the water (or atleast a view of the water) if not only to spend the summers there. Can't wait for them to finally develop the giant sand/dirt pits there into something great.

lol yah my fiance and I count the jacked up trucks with black wheels. They are everywhere in Langford.

Ah yes that will be Royal Bay in Colwood (gravel pits). Great view of fireworks in the inner harbour from there.

Great vid.. worth a watch:

Langford is Victoria's Surrey

Minus the gang crime

And all the brown people...

Langford is nothing like Surrey.

I would say esquimalt is more like surrey, except, replace brown people with natives.

Excellent article on the current state:

For Vancouver, housing and income don?t add up - The Globe and Mail

and that linked in this:

UBC home sells again, at almost $1-million under asking - The Globe and Mail

which shows us this:

it gained 8 million in value in 8 years. Seems reasonable. :rukidding: :rolleyes:

If I had a house out there, I'd cash and jet.

There is still money to be made on this:

Deep discount for former rental unit in Yaletown - The Globe and Mail

A smaller unit sells for $80k more because it was reno'd. Still looking for someone to bank roll the purchase, let me reno and flip if anyone with a shit ton of spare cash is bored :)

Oh, I'm sorry Yaletown...you actually need to paint before you sell the place now. Sucks. Dammit, you need to spend $3000 to make $100k. Bummer.

Was at gf's place last weekend (North Detla she lives in a Townhome community call Sunstone). There was a open house so we decided to check it out. 1430 SQ foot 3 bedroom 2 bathroom Townhome on sale for 429k 3 years old. According to my gf the seller lost at least 20 to 25k (not including commission etc etc.....).

:lol

This is a much closer comparison.

When people from Victoria ask where you're from and you say Esquimalt, you'll get the same kind of weird looks/thoughts from Vancouverites when you tell them you're from Surrey.

It has almost the same social stigma. I'm not saying any of it is true, rather, just how people perceive it.

I was just talking in terms of finding jacked up pickup trucks, rednecks and cars parked on lawns.

This song sums it up:
Ryan Awran (The Q) - Born a Langford Man