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Anyone know the pricing of the Kings condo in Toronto. That building looks bougie. |
Man. So happy we locked into 2.64% in 2017. Yah we might have bought at the top of the market, but with the way interest rates have gone up, we likely saved thousands of dollars in interest. |
2.46 :awwyeah: Although we did it in 2016 on a 5 year fixed so hopefully we’ve either paid off a decent chunk when we have to renew, or the rates have come down by then |
2.39 baby! Also in 2016. I don't see it going that low in 2021, barring a major recession. :pokerface: |
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We just bought a house in Coquitlam. Value in 2017 = $1,325,000 (identical house next door sold August 2017 - we actually went to the open but couldn't afford it) but mortgage rate would have been around 2.75%. Value in 2018 = $1,225,000 (we close in 2 weeks) but our rate is 3.39%. For rough numbers, over a 5 year mortgage I am going to pay about $18,000 in additional interest going from 2.75% but save $100,000 in principal. It is a common misconception, but dead wrong, that a substantial interest rate increase makes a dent compared to a reduction in price. For clarity though, this was a total fluke for us - we just couldn't afford $1,325,000 and could barely squeak in at $1,225,000... -Mark |
I was almost 6% with my first place, these rates don't scare me brah. lol |
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These interest rates dont scare me (yet) haha. I feel bad for the people trying to get in though...seems like first time owners keep getting screwed. |
A bit off-topic but I love when a 21 year old lady comes to my office needing help closing her purchase of a $4.5m Coal Harbour apartment. She will be the only one on title but the parents are guaranteeing the mortgage. |
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My mom is a mortgage broker for coast capital and they started rejecting these a long time ago. Places like HSBC though will take anyone’s money. |
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But then you also have to think, back then minimum wage was like 3 bucks or whatever. Anyway, I just locked in for 3 more years 2 weeks ago at 3.33. As someone said above; I'm hoping in the next 3 years I can substantially pay the thing down. But hey, FX still needs a lot of work too, so you know fuck saving. amirite? |
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6% crew checking in IMO if you can't stress test at 5%, you shouldn't be buying at that level ( I know I know, you can't get shit for like 350k any more) |
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People list real estate as an income source with zero proof as to where the income was generated, thay is why some institutions refuse to back these loans. All of this is a direct result to the current situation we are in, that’s why it shouldn’t happen |
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Presales updates: SURREY - where it's at these days! ONE Central The $199K units... yeah... Contract starting tomorrow - 13th, 30, 33rd floor allocation and some random ones for our group. 344FT for $299K range - basically similar to Avani Center few months back. AVANI Center Launch is this weekend - Hilton downstairs, upscale condo upstairs. Shared amenities, near Surrey King George. Virani the builder, not the brokerage one (confusing). Holland Townline's a great local builder - should be a good one 1-3BR - expect $950/ft minimum. Early 2019 BRENTWOOD Gilmore Place 2 VIP previews starting. Best corner Gilmore/Lougheed starting. AKIMBO IMANI (who did Windsor) and smaller lowrise Main/King Ed is doing a highrise at Brentwood. Park George Concord's latest addition to King George - 1BR all gone basically. Select tower 2 units available to early guys - let men now if interested. $450K range for 1BR basically w parking. ABBOTSFORD Spruce Starting to see presales out here - JESUS... $250K one beds. Vancouver Oakridge Previews starting - $2000/ft to start. Basically for real BALLERS as 1BR are in the $1.2M+ range. 5+ towers all around the new redesigned Oakridge area. Coquitlam Sophora Park Beautiful new design and balcony - Polygon builder. 2BR and up so realy hitting the family types but nice start price $599K for 800ft +. Near Skytrain & Coquitlam Center. I'd get this one. Preview this weekend & sales to insiders as well. |
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Just signed for 5yr variable at 3%. starting to feel like I should've locked in a fixed rate months ago. |
Rate hike is inevitable with the current markets. Only question is how fast can the Canadian government afford to do it. Lastest notes from Central bank show just how out of touch Canadian bankers are with the rest of the world. David Rosenberg puts it best... https://business.financialpost.com/i...anada-believes Quote:
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