Thanks guys. I brought up variable, but it didn't really seem to be considered. Penalty for fixed mortgage at First National is only 3 months interest - which is why he is recommending it.

I don't think it is bad, but my gut is telling me that I may be getting rushed for a commission rather than what is in my best interest long term.

I will definitely look around some more and even contact TD myself to see what they are willing to do for me if I stick with them.

I just early renewed. Was on fixed last five years. Now on variable. Even if we go thru 5-6 increases. It won't be higher than what fixed rate they were offering.

In June 2005, BOC rate was 2.5%. By August 2006, it was 4.25%.

Just saying...

Cause that's open fixed which is usually 3 months interest penalty. Closed fix would be the killer IRD OR 3 months penalty whichever is greater

And yeah if he's really pushy on it, that lender is probably giving him the biggest commission out of all the other ones.

I'm always curious what commission these brokers get/charge lenders. I've been told before that it gets tacked onto the borrowers mortgage but I don't know how true that is. Something for me to ask around and find out I guess

If you have a good household income (200K+) and have around 30+% equity, there's no reason why you shouldn't get a HELOC if you're renewing. It opens up some doors and gives you flexibility if you find that perfect property you need to jump on.

Yea there's no way our economy will support that, all the truckers protesting will lose their trucks :pokerface::lawl:

Considering they just held rates despite rumours of raises, yeah I highly doubt it.

^^ Canada lost 200,000 jobs in January as Omicron hit hard

https://www.cbc.ca/news/business/can...uary-1.6339345

It's not just about losing jobs, it's about job disruptions too as Canada pretty much gave up the fight, pretty much every week a new co worker is getting sick away from work due to Coronas. Everywhere is getting hit with reduced capacity due to sick people. I don't see how this will go away or get any better by lifting restrictions. The gov stance is now good luck you're on your own let's see if you die as they don't even test people with symptoms anymore. Ignoring it will not solve the issue. :fulloffuck:

Well they did what they could, tried to get very one vaccinated… what do you want them to do sir? Enforced lockdowns? Marshall Law?

It’s over… the governments only concern at this point is hospital case management and that’s the only reason to mitigate anymore. Just has to run it’s course at this juncture.

If he had his way everyone would just work from home and embrace their new lives in the metaverse.

is whistler a good investment? my parents want a vacay home but also don't want to hold a non performing asset. the builds around the village are so old, high strata / taxes

I have a TD Mortgage Specialist contact if that's of any help to you

I posted a few pages back that I helped my sister buy a Whistler condo. Lots of fractional ownership 1/3, 1/4 etc. Previous seller owned for 1 year made $80k. Of course any RE may or may not be a risk depending what kind of domino effect will happen once rates kick in (yes vacay fractional can be mortgaged through certain 2nd tier lenders) otherwise it's straight up cash. There's also full ownership condos north of $900k which at that point how much are your parents willing to take on risk? ( assuming they're not rich?)

I don't think at these prices in the last 2 years have condos or town houses make sense in terms of returns. Just heard someone bought a one bed at Southgate city for $700, you will never get enough rent out of that to even cover the mortgage.

Depends if we get 2030 Winter Olympics.

Everyone's situation is different, but we were also looking at Whistler as an investment because we love going up to Whistler with the family just because it's a nice easy getaway and we enjoy the environment and outdoor activities throughout the year. Which is why we were considering a place up there.

We do not have enough net worth to buy a place and not rent it out, so if we were to buy a place in Whistler, we would have to have some sort of rental income. This left us with two options:
a) buy a one bedroom and airbnb
b) buy a phase two hotel property (most likely the pan pacific Whistler), where you get four weeks of rentals in the summer and four weeks of rentals in the Winter

I run an airbnb locally in Vancouver and I did not want to deal with a place in Whistler as I've had emergencies in our Vancouver Airbnb that I had to deal with personally, you could hire a short term rental management company but the fee's were almost 40%, so I didn't think that was viable or worth the hassle.

For the Phase two hotel property if we bought the one bedroom suite at the Pan Pacific and paid all cash up front (~$500k), after looking at the revenues of the room, we would make a modest 3-4% ROI . If you have to get a mortgage for the phase two hotel property you would be negative cashflow. Also, to even get a mortgage for one of these rentals, the bank wants 50% down payment because of the type of property it is.

If you're counting on appreciation, then as an investment it could possibly make sense.

For us, the risk-reward didn't make sense based on our situation.

Instead, we just rent the hotel we want for the weekend or week and have no stress and I just put more money into our investment account, after everything I feel like that's the better investment for us.

500k cash for 4% roi
:seriously:

Yeeesh

I think raising rates are linked to inflation, rather than global pandemic and jobs. They will protect the dollar at all costs. Unless I am wrong, but that's how I thought monetary policy worked.

Wow, just googled $688K + GST to start for 1BR? Is that in Edmunds?

Lol man, you won't believe how many people I know who don't invest in the stock market as it's 'too risky'

I know quite a few people (in my parents generation) who would be over the moon for 4% yearly ROI.

Perspective is an interesting thing.

New apartments are being built in Kelowna if you guys are interested. My friends and I go down there often and it seems like it's a growing city, considering how peaceful and quiet down there.

Kelowna pricing is getting insane too. $500K+ 1BR's.



Anyone here ever sublet their place to someone for 1 to 2 months? I'm planning on road tripping down to America for 5 - 6 weeks. Subletting would help subsidize housing down south.

Sounds not worth the risk/damage for the money you'd get... I'd consider doing something like that if it was half a year... but a month? No thanks haha

Well historically, you’re probably getting a 500% ROI on purchase price in Whistler when you sell. I fucking hope that opportunity for price growth is over but I’ll never in my life be right when I say “I think it’s peaked” to myself over a scotch while browsing realtor.ca angrily.

If one needs to have rental money to cover a vacation home mortgage , expense etc then you're probably not really in a position to own one.

:lol