Variable rate mortgages also don't penalize you as much to break them compared to fixed rate mortgages. The interest rate differential calculation can be very significant t if you're forced to break a mortgage early in your fixed term.

I would think a rate hike should come soon from BOC due to the absurd inflation, but it certainly hinges on the rest of the worlds response to covid as well, which is getting nowhere fast. I think a year from now I’d think a little harder about it, but multiple rate hikes are going to be small and spaced out. I signed on for a variable at 1.27 about 3 months ago without hesitation.

Great point. it's just 3 months interest (at these rates that's dirt cheap) if you break a variable so if you have any plans at all of selling/moving during your mortgage then variable is 100% the way to go.

Take more money on at 1.2 for a P car? :awwyeah:

Fucking obviously. The only way to make real money these days certainly isn’t working for it. Own a home or have rich parents is the true path to success in Vancouver.

Honestly, if you can service the mortgage, it is definitely the thing to do because it is very unlikely that you'd be able to find a cheaper way to borrow.

Thats gonna be me next year on the renew, dream car by 30 here we go, yeeeet :fuckyea:

Gotta but some gt3 and flip them 5 years down the road.

https://www.zealty.ca/mls-R2595024/5...CE-Burnaby-BC/

Buy this and claim the cars are part of the deal for the house.

FYI (dunno if you care about it being on a public forum) Zealty reveals your email in the URL if you share links like that.

Ah yeah, thanks. Fixed.

who uses their real email for zealty? :fuckthatshit:

Sandwiched between a cementry and a church. Would you do that or live on a big street?

I mean at least you'll have quiet neighbours being next a cemetery.

At least you'll know the view will never be disturbed.

I personally don't mind living near places like cemeteries or churches but my wife sure does. I do mind when the area isn't walkable and that spot isn't walkable - I WFH now and the idea of being able to walk to a good coffee shop in the morning is very appealing (or some local lunch places). Right now I'm a 20 min walk from even a Starbucks.

But 5 car garage - a spot for each generation of Miata and a minivan yo!

Nothin like unfounded superstition to prevent you from changing addresses lol

Personally, I don't mind being next to a cemetery, but the reality is -- the property value increase potential as well as the marketability of the property when it eventually needs to be sold are much lower because lots of other people do not like living next to a cemetery. So these aspects of the property would make it undesirable for me to purchase it.

Being next to a church would be a bit of a pain because there'd be lots of people coming and going at different times. As primary residence, I'd want a place that is more quiet and sees less foot traffic. So again, that'll make being next to a church less desirable to me.

But hey, if the place has a 5 car garage... that would make it really, really tempting...

I think you need at least two homes to be successful. For most people, owning one home doesn't really do much for them.

It's not like they're taking equity out of their house and investing it. Most people just have a house and that's it. Then they'll pass it down to their kids when they pass.

Also, what would you say qualifies your parents being rich? What net worth are you considered rich? $5M?

I started looking for another condo 2 weeks ago. Some of the condo listings have been up for 6 months. People just fishing and dropping their prices, accepting offers well under asking.

The wife went to look at this one, took just over a month to sell. Had parking for at least 4 cars. https://www.rew.ca/properties/333249...e-vancouver-bc

HSBC Jade Status?

So 1 million?

I’d say if you can live the life of an upper middle class person for the rest of your life without making another dollar or working another day, your rich. Obviously subjective and not a definitive way of describing it. But not having to legitimately worry about having a job and still get to do what relatively successful people do sounds pretty nice.

Must be nice to look at a $2m plus townhouse as a second property:alone::QQ:

Speaking of investment properties, any body invest in commercial property? Obviously it's way more expensive and harder to get lending from what I've heard. But it seems like you don't have to deal with all the tenancy bs, missed rent? Then you get to lock the doors and release the hounds.