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10-25-2018, 10:08 AM
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#13426 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
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Anyone know the pricing of the Kings condo in Toronto. That building looks bougie.
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2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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10-25-2018, 11:14 AM
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#13427 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
Posts: 2,128
Thanked 830 Times in 408 Posts
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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.
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10-25-2018, 11:27 AM
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#13428 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 36,487
Thanked 14,365 Times in 5,658 Posts
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2.46 
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
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Dank memes cant melt steel beams
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10-25-2018, 12:50 PM
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#13429 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 15,847
Thanked 3,390 Times in 1,233 Posts
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2.39 baby! Also in 2016. I don't see it going that low in 2021, barring a major recession.  | |
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10-25-2018, 12:51 PM
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#13430 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,563
Thanked 3,960 Times in 1,208 Posts
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Originally Posted by Liquid_o2  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. | 
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
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I'm old now - boring street cars and sweet race cars. | |
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10-25-2018, 12:56 PM
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#13431 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,534
Thanked 3,731 Times in 1,322 Posts
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I was almost 6% with my first place, these rates don't scare me brah. lol
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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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10-25-2018, 01:00 PM
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#13432 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
Posts: 2,128
Thanked 830 Times in 408 Posts
| Quote:
Originally Posted by lowside67
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 | Depends what you are buying. Single family homes have come down considerably over the past year in the suburbs as demand has shrunk. The condo I purchased in Vancouver hasn't, and actually has slightly gone up over the past 12 months. It might come down, but we have already paid off close to 30% of the principal. Every situation is unique depending on product, location, etc.
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10-25-2018, 02:24 PM
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#13433 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
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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.
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10-25-2018, 04:38 PM
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#13434 | | #savethemanuals
Join Date: May 2008 Location: Richmond
Posts: 3,980
Thanked 2,551 Times in 950 Posts
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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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10-25-2018, 06:19 PM
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#13435 | | look at these diamonds, they shining
Join Date: Apr 2008 Location: Vancouver
Posts: 2,800
Thanked 1,813 Times in 553 Posts
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Originally Posted by lowside67 Not only did it go up today, but the expectation per BMO's economists is now:
23% chance of another hike Dec 5/18 to 2.00%
80% chance of another hike Jan 9/19 to 2.00%+
86% chance of another hike Mar 6/19 to 2.00%+
Locked in our 5 year fixed a few weeks ago at 3.39%, feeling comfortable with that choice now.
-Mark | Best of BMO?  | |
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10-25-2018, 06:29 PM
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#13436 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
Posts: 4,191
Thanked 4,069 Times in 1,253 Posts
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Originally Posted by Energy 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. | did you bang her?
__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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10-25-2018, 06:51 PM
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#13437 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 36,487
Thanked 14,365 Times in 5,658 Posts
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Originally Posted by Energy 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. | Shit like this should be rejected by all banks on principle.
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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Dank memes cant melt steel beams
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10-25-2018, 08:16 PM
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#13438 | | RS has made me the bitter person i am today!
Join Date: Feb 2013 Location: Vancouver
Posts: 4,859
Thanked 7,759 Times in 2,313 Posts
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Originally Posted by quasi I was almost 6% with my first place, these rates don't scare me brah. lol | Lots of older people (I mean like real old people, not RS old people), will remember the days back in the 80's when the interest rate was 10+%, but also houses were like 120k back then in vancouver, so even on an 80k mortgage your only paying like $1500/m.
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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10-25-2018, 09:03 PM
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#13439 | | I don't get it
Join Date: Mar 2003 Location: vancouver
Posts: 416
Thanked 22 Times in 5 Posts
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Originally Posted by lowside67
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 | Don't forget the stress test that came into effect in 2018. Mortgage qualifying rate of 2.75% versus 5.34%. If people waited, some might not even qualify to purchase the home this year (I guess that's the whole point of stress test). Definitely every situation is different.
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10-25-2018, 09:11 PM
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#13440 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
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Originally Posted by Hondaracer Shit like this should be rejected by all banks on principle.
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. | Why should bank stop? What if the parents already have a property and to avoid paying the investment tax they use their daughter's name on the 2nd property? What if the parents wants their kids to have a place over their roof so their kids can "afford a place" while making $14 dallar an hour. Should the bank stop coz you feel this is not right? Does it really matter to you if parents want to help their kids out?
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10-25-2018, 09:21 PM
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#13441 | | Need my Daily Fix of RS
Join Date: Mar 2006 Location: YVR
Posts: 266
Thanked 132 Times in 56 Posts
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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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10-25-2018, 10:00 PM
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#13442 | | Hypa owned my ass at least once
Join Date: Aug 2007 Location: Paradise, BC
Posts: 6,585
Thanked 6,309 Times in 2,515 Posts
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Originally Posted by Energy 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. | Kinda surprised that they still needed a mortgage... | |
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10-26-2018, 07:21 AM
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#13443 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 36,487
Thanked 14,365 Times in 5,658 Posts
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Originally Posted by Mr.HappySilp Why should bank stop? What if the parents already have a property and to avoid paying the investment tax they use their daughter's name on the 2nd property? What if the parents wants their kids to have a place over their roof so their kids can "afford a place" while making $14 dallar an hour. Should the bank stop coz you feel this is not right? Does it really matter to you if parents want to help their kids out? | Because there is no tracing most of this money.
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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Dank memes cant melt steel beams
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10-26-2018, 09:21 AM
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#13444 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2001 Location: Burn-A-Bee
Posts: 3,930
Thanked 385 Times in 170 Posts
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Originally Posted by Energy 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. | Do cases like these get reported up to FINTRAC and/or CRA? If not, they should be.
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience My Feedback
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Last edited by Hakkaboy; 10-26-2018 at 09:46 AM.
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10-26-2018, 03:44 PM
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#13445 | | RS controls my life!
Join Date: Apr 2004 Location: Vancouver
Posts: 721
Thanked 235 Times in 92 Posts
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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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10-26-2018, 03:50 PM
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#13446 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
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Originally Posted by Hondaracer Because there is no tracing most of this money.
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 | That's sound like the feb govt step in and find out where the money is coming from not something a bank should "stop". Banks are here to make money withing the policy set by each banks and within the law of Canada. Or the feb can introduce new law/policy instead.
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10-26-2018, 05:10 PM
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#13447 | | I contribute to threads in the offtopic forum
Join Date: Nov 2008 Location: Vancouver
Posts: 2,952
Thanked 3,857 Times in 891 Posts
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Originally Posted by Mr.HappySilp That's sound like the feb govt step in and find out where the money is coming from not something a bank should "stop". Banks are here to make money withing the policy set by each banks and within the law of Canada. Or the feb can introduce new law/policy instead. | Did you type this with one hand on your phone while driving?
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10-26-2018, 07:37 PM
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#13448 | | I contribute to threads in the offtopic forum
Join Date: Nov 2004 Location: East Vancouver
Posts: 2,605
Thanked 966 Times in 248 Posts
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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.
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10-27-2018, 12:13 PM
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#13449 | | RS controls my life!
Join Date: Apr 2004 Location: Vancouver
Posts: 721
Thanked 235 Times in 92 Posts
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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:
The first line said it all: “The global economic outlook remains solid.” Obviously, the BoC didn’t see the extremely soft PMI readings out of the Euro area Wednesday or the recent weak macro readings out of China.
How does “solid” comport with the fact that the Organization for Economic Co-operation and Development’s leading indicator has declined now for nine straight months, and is at its lowest level since the Brexit scare in July 2016?
How can anyone in their right mind declare that the outlook is anything close to constructive when the Chinese stock market is down nearly 30 per cent from its highs, the ex-U.S. global MSCI is off nearly 20 per cent from its 2018 peak, the entire world equity index is down 11 per cent and the TSX is down seven per cent?
We have corrections or bear markets in 38 of the 47 of the members of the MSCI global stock market composite and the BoC said “global financial conditions remain accommodative.” Is that true in Italy, too?
What is truly laughable is that right at the same time the bank released its statement, adding in that “the U.S. economy is especially robust,” U.S. September home sales data were released and showed a whopping 5.5-per-cent plunge to its lowest level (553,000 units at an annual rate) since December 2016.
| If BOC listens to the advice financial market is telling it - we may see a slower hike back to 6% prime the next 3 years. If it's faster...then the real estate + banking sector will be in a world of hurt taking everyone else along with it.
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10-27-2018, 03:57 PM
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#13450 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
Posts: 3,643
Thanked 597 Times in 340 Posts
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Originally Posted by Peturbo Just signed for 5yr variable at 3%. starting to feel like I should've locked in a fixed rate months ago. | Do you have a rate discretion or trigger rate?
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