Has anyone with a variable-rate mortgage switched to a fixed-rate in anticipation of the impending multiple interest rate hikes?

No, fixed rates are an easy 1+% on top of the variable rates right now

Yeah we learned that, but sometimes that's not really a choice available to us.

Even with multiple rate hikes variable will still come out on top and at worst equal. I don't think the economy can handle over 2% hike

My renewal is coming up and I am thinking of switching from fixed to a variable. Even with the rate hikes, I think it would be worth it.

My mortgage broker is really on top of things and represents a shit load of clients and she summarized my thoughts pretty well here:

Interesting stories from Evo and Sonic.
Wife and I didn't even think about selling or moving but discussions led to looking around and in 2 months from the initial discusssion, we bought a detached house and sold our TH.
The house we bought was just over $200K over assessed value.
The price of the house more than tripled in the last 6 years as the owners was looking to downsize/cash out to retire.
As for our TH, we sold for just over $150K above assessed value and another unit with the same floor plan sold a month after us for $10K more.
We could have sold our unit for $10K more but the closing date and subject to financing turned us off from that offer.

House isn't perfect being a 17 year old house.

But to Honda's comment, we can't find anyone that is willing to give us the time of day to discuss the reno's we want/need.

The guy we used to reno's my in-laws bathroom 5 years ago is so busy that he isn't willing to take on any new minor projects.
We inquired with many others and either never got any replies or the same as the first contractor. Too busy and would only look at it if it was a big project, and still months down the road.

I may have to bite the bullet and do the reno's myself.

There's a labour shortage with trades, plumbing is especially bad.

I went with a different contractor for our upstairs living area vs downstairs basement as we weren't terribly happy with the guy that did upstairs, and he didn't have time anyways until after new years to start work on the basement.

Yeah, that’s definitely a lesson to be learned right now. It’s virtually impossible to get anyone even friends etc. because everyone is slammed

My brother in law and his dad have a small Reno company and they can’t even give quotes to people because they are backlogged like 6 months with work

My recommendation would be to weigh your options in terms of what you think you can do yourself, and what you can live with being torn apart etc. demo work and basic stuff can be done fairly easily if you’ve got some skill but you’re going to be sitting in a construction state for a bit until you can wrangle a contractor

Fuck like feel like I should get back into construction and contracting…even if it was by myself seems like you can charge whatever you want right now.

These days, the person that shows up for the estimate gets the job.

We project-managed our recent renovation ourselves and did certain things, like demolition, tiling, or minor drywall work, ourselves too.

For me, most of the stuff I want done are minor.
Fresh coat of paint cause the house is currently earth themed.
Stained wooden cabinates, stained hardwood floors. brown/earth shades on the walls.

I want to go with something more neutral than earthy shades but once I start, then nothing will match so it will be a huge rabbit hole.

The only dire stuff is replacing some rotten wood. Door trims that have warped from the sun or infested with ants.
The garage has a bunch of puck holes from the previous owner's kids playing hockey in the garage.
Fixing some of the wiring cause I can see they did some wiring for the tv and added in a few extra outlets.

As for what you said Honda, I have seen complete newbs posting on FB that they will paint but their prices are the same as professionals.
It's quite scary.

I did it the first time I had a mortgage and it was a dumb idea. I did it because I had a variable where the payments increased when rates increased (versus increased amortization) and I was a first time homeowner who stretched to get my condo.

Today I always get a mortgage with fixed payments and variable rates and I win all the time with that. I make more money now so I can lump sum regularly so even if rates go up my amortization keeps coming down over the long term.

If the spread is really low (a few tenths) then it's different but with the spread the way it is it makes no sense even with incoming rate increases.

Our first mortgage was fixed when rates were pretty low, but fixed rates today are higher than our first mortgage and so for the new home we went with variable with floating monthly payments.

Our plan is to take proceeds/savings from our condo sale and put it into investments, and then if rates go up, do lump sum payments from investment accounts to bring down the monthly payments back to a consistent level.

I too did this on my first place as well. Till this day I still don't know why I did it. I think I had a 3.29 variable and I fixed it at 4.15. My biweekly payment went up almost $200. I don't even think the rates ever made it to 4.05 This was back in 2008ish. I've stayed on variable ever since and it's never done me wrong *Knock on wood*

The house I grew up in East Van, we did a massive reno. It was a bungalow and the roof was rotting, we ended up tearing the roof off, added a 2nd floor and gut job the main floor. My sisters best friends dad was the contractor and all 3 of us kids helped. I was in grade 6 and I started learning how to drywall, fill, hammer, paint walls and trim etc. Took almost a whole year.
As much as I appreciated how much I learned it was a fucking horror show living in the house. Tarps everywhere, construction garbage, piles of 2x4, 2x6,2x8. I can't count how many random nails I stepped on cause I was a stupid kid thinking I can play in the back yard. Every weekend 8am on the dot hammering and sawing started.

Just took possession of the pre-sale (been 4 years) at River District Currents Water Edge development. Overall I'm pleased for the most part of my place except the fucking parking spot assigned. They issued a "small spot", I don't know how they can just assume people have a small car. I was in a few times past few days (didn't see my neighbors using their spots, until today, the two neighbors came into the building and parked too. 3 cars in a row and I have a pole spot.

Couldn't even get out from the driver side, that's how tight it was. I drive a Lancer Hatch (pole spot), middle is a 5-series BMW, and wall spot is a Type R FK8. All 3x spots are labelled as "small" car spots.

Kinda annoyed with the parking arrangement and I asked my realtor, and she told me we can't requests spot. I'm hoping strata can move me into a bigger spot (sent them an email to ask). Normally "small" car spots in a non-residential setting is typically decent size, but with developments, they squeeze the fuck to get the most space. Saw one spot literally a fucking yellow caution pole in the spot (like the how fuck......)

You're not alone, my first mortgage was 5.7% on a 5 year term. I was young and just wanted steady payments, didn't even understand how high that rste was.

Same issue with our place. It's my only complaint really, other than a few nimby shithead neighbours, but I can't blame the developer for that. I'm just glad my parking neighbours are very courteous and know how much I care about my car.

My realtor said the spots assigned are usually in correlation to your unit size. So if you have a big 2-3 bedroom unit, you should be getting a bigger spot. Still annoying if you have a small unit and end up driving a Van/SUV/Truck, then your pretty fucked in a "small" spot..

My buddy place, SUV side by side in small spots, all in a row (I don't know how they even get out their cars)

:werd:

Different River District development, took possession last year.

Got a small parking spot adjacent to a wall, with two half-pillars coming out of it, including one that's angled at the corner of the spot.

Strata manager said all spots are assigned and no swapping is allowed.

The City of Vancouver actually has a PDF of the parking stall bylaw with guidelines on minimum stall dimensions. They can be contacted to do an audit of a stall and order the strata to rectify the issue if it's in violation of the bylaw. That was the case in a friend's building downtown; the developer had made a modification to the parking area and now the strata + developer need to restore the size.

https://bylaws.vancouver.ca/Bulletin...t-bulletin.pdf

Bummer on the spot. I also had a small car spot at my condo and for most years it was ok but just before I moved out the owner of the spot next to me got himself a FJ Cruiser and it was impossible for him to not cross over into my spot. He was generally good enough to park on the street but sometimes he could find anything and parked next to me.

I hate the zoning rules in Vancouver for parking spots - small car spots are too small for anything but the smallest of cars. Even Civics and Corollas can have trouble with them.

Congrats on the place though.

I may have to measure to see if the developer abided to the regulations. As far as I can tell, seems like some people are abusing the visitor parking (either they have more than one car or their spots likely shitty). Seen some cars in visitors all day and night lol. Told the fiancee to just park in the visitor if she can't get into our parking spot lol. She sucks at parking, figured would be the safest option at this point.

Is the spot close to the lobby? Maybe you can find someone with a small car who parks far from the elevator and swap spots (not officially).

Yeah, I don't know if the dimensions include or exclude the parking lines, but there's no way my spot is within the regulations based on my measurements. With my passenger mirror an inch away from the pillar, there's only about six inches from my driver side door to the line (for a medium-size sedan). I'm considering contacting the city for an audit or at least for more information.

Good luck! My prev condo also had small car spots (with an ev charger too, they were the only ones that came with it lol) and all spots were randomly assigned. They literally look like they are only built for smart cars or fiats, but they were legal and by the code.

First off congrats on your new home. My last place was across the street from you at New Water and ended up moving down to Town Center now. You're realtor may not know what to do as I had the same issue when I first moved into New Water. Your realtor would have to go to the developer, in this case, is Polygon and I'm not sure what the form is called but you can fill one out and with enough convincing and like a $200 fee (I think) can switch granted there are spots not assigned to completed units yet. I literally had the worst "small car" spot as I couldn't even fit my old Del Sol in and it was also right in front of the 2nd residential gate. My realtor ended up going to Polygon and got me switched. I say developer because believe it or not most developments the car spot actually belongs to the developer. The parking stall is only assigned by right of usage to the unit.
So your Strata council or the property management can't do shit about your spot as they technically don't have the power to do so. Now whether Polygon caught on and won't allow it or your realtor doesn't know how to ask.....well that's another question. I'd say doesn't hurt to ask and hope it works out for you. You can also look for a parking spot to rent and then rent yours later on to help offset the cost cause believe me when your building is fully occupied and all the street parking is taken(which is like 90% all the time) people will start to scramble looking for additional spots.

https://bylaws.vancouver.ca/Bulletin/P001.PDF

Parking requirements for Vancouver

There's some variance for stuff next to walls and posts etc as well but the sizing is ridiculous for small cars - it translates to 90" by 181" which basically means only Honda Fits and Miatas fit in there.