Assuming you're on a 5 year variable, even if you lock in a 4 or 5 year fixed right now you're gonna be paying 3.3 to 3.5%+ which means your payments are higher the instant you lock.

Interesting, my brother in law put an offer on a house and they accepted it with the subject of sale of his home. I didn't even think that was possible right now.

Same here, property is up for renewal in a month, going variable for the first time

The last two times I went fixed because of "uncertainty" in the market assuming rates were going to rise.
Well that never happened, I think it's all a sham. Articles posted by banks, to scare people into going fixed so they get more profit.

When you see an article stating "Rates are going to double, lock in now!" is the equivalent of "RE market about to crash, don't buy!"
We all know how the latter played out since 1990

market definitely turned around in the last 1-2 weeks. Not sure if temporary or will be a repeat of 3 years ago

Seeing similar in surrey/langley, property's doing the usual re-list at new higher asking price, only to take it off and relist at a mid-point.

2021 was a rude awakening for me. Never thought id get priced out of certain types of houses entirely. Now keenly saving to get in at some point...

The bidding game is what we can't afford to play lol. People bidding like $300k+ over asking minimum I've been seeing on homes I bookmarked.

Just locked in 5 year variable at 1.4%. $3000 cash back.

Finally got into a detached.

still perusing the mls albeit not as often now and just seeing a lot of older homes in the burbs pop up. Still very expensive but seems to be sitting. Meanwhile a house on E45th Ave (approx 2800sqft) in van sold for 3.4+ so definitely still ridiculous numbers in the market.

^^^ yes it did. Although 1 beds have not lost any momentum. Other than that townhouses seems to have hit a wall. 3 weeks ago our Richmond townhome listing was busy and sold days after. We listed our South Surrey a week later and it's been tumbleweeds. But it's still depends on the area

What types of houses were you looking at that you got priced out of?

Largely investment styles homes (think Coach homes in Clayton/Langley) with the support of the Bank of Parents.

Even with that help now, seems like a far shot. Really hoping we cool off like we did in 2016-2018.

Calgary looking promising for some properties as well. But alas, buying there would preclude me from buying here. Think its best to secure something locally first.

It’s also spring break right now and restrictions easing. Market bound to be slow.

However, I went to a Metrotown high rise open house yesterday and it was packed.

Had to google coach homes, didn't know people sold laneway + land in Surrey/Langley. That's cool.

https://twitter.com/citynewsvan/stat...906770433?s=21

Video: https://t.co/LnyYV0X1Mj

Strikes me as a bit crazy - why not just spring for a duplex if you're going to co-own a home that you're renovating? The costs won't be that different and you'll have separate title for it. The banks don't really have a model for financing a build for folks like this as they simply don't have enough cash on hand to fund it (I think) but maybe this is where gov't intervenes and underwrites it during the construction period.

^ not really, there are lots of other pluses in living in community. I think our North American Western view of individualism colours and taints our view of housing.

Co-living is normal in many other cultures. Maybe not in a SFH but in dwellings specifically designed for it, but still fairly normal.

Covid I think drove ppl apart, but with Omicron being less deadly and have mostly swept through most of the world, and hopefully no new variant comes out we should be walking out of the covid cloud by the end of the year and with it comes some new co-living initiatives. Lots of the nordic countries have setups that shared communal areas and with how expensive things are I think could be a worthwhile idea to try for ppl who are willing to. Studies have shown kids grow up better in a communal setting as well and the saying "it takes a whole village" I believe comes from having a village to help raise kids while the working adults were making a living.

You're probably right but I couldn't go back to living with anyone besides my wife and son again. Sorry parents you want to downsize? Get an apartment.

Yea.. I think I prefer kicking my feet up and doing whatever the fuck I want in my own home without dad/uncle/grandpa sitting around lol

Yeah I've seen in Finland they have a shared workshop within a townhouse like complex with communal tools for bikes/woodwork/lawn mowing.
Super cool, but I think there's just too much mobility here that some people won't be taking care of the stuff and next second they're out of there already.

We had a workshop in my old condo building. I fucking loved it, was like 25X40 with a 25x30 empty paint room next to it. You had to put down a $50 deposit for a key and only like 6 other people had a key in the entire 25 storey high rise.

I did all my wainscotting, baseboards, crown, painted my cabinet doors down there etc. it was amazing. However ecen with having to bring your own tools people always left bullshit cut off materials there, didn’t clean up their mess. Etc.

I think given the demographics of most multi-family projects these days, no developer would ever even consider somthing like this now. They barely even put car wash spots in because people abuse that..

People can't even rerack their dumbells and barbell plates in the gym, god forbid they get a room to make a mess in and clean up after themselves.

My building has no carwash spots but there's water outlets scattered throughout the parkade with 1 next time my spot. I just pull my car out and wash on the spot there. LOL. But I'm nice and still rinse down the area after I'm done

There's a carwash bay at my place, I have never seen a spray nozzle last longer than 1 month... either it breaks from people slamming it around or they leave the water pressure on and the hoses bursts at the attachment point.

Can't win.

And we've only experienced a 25bp, wait till end of the year.

I told my parents if they wanted they could sell their house and we could redevelop our place into a duplex and we can live side by side. I would love to do that.

I think I said this before, but I told my wife the only way I'd consider living with the mother in law is if we lived on acreage and I had a decent sized shop with a hoist.

Assuming you’re married, what does your wife think of that? :troll: