Apparently CIBC doesn't have a trigger rate? That's what I was told anyways.

It’s not exactly a waste. If you pay cmhc you will be paying it in future dollars which will be worth less due to inflation. The 15% down payment saved can then be used to invest rather than as equity which earns you nothing.

Remember that there are no trigger rates if the monthly payment of your variable mortgage changes with the interest rate.

If your monthly payment is fixed in a variable mortgage, the amortization is extended to make up for the increased interest rate, but it can only be extended so much (e.g. you can't have 50 year amortization), which is where the trigger rate comes in.

It triggers to increase your monthly payment to pull back the amortization to a reasonable length (I.e. 25 or 30 year max). Or often let's you do a lump sum to reduce the monthly payments as amortization gets reduced.

Sdubfid knows what's up

15% on 300k is 45k, this can be used to leverage into another 300k property, or two 150k properties bringing in 1500$/mo (gross), each.


Or just put the 45k into stonks and call it a day.

I wouldn't put my trust in any third party to meet any sort of deadline without a contractual obligation, especially when the failure to do so has a direct impact on another contractual obligation which I'm beholden to.

Yes the bank should have provided her quicker service, but I would never count on their word alone. I mean there was also a very real possibility that the bank could have changed their mind and said "nah, we're not going to provide financing at all" then what?

At least if she had the subject in place, she'd be protected. She could have approached the sellers and asked for more time to clear the subject, or worse case cancelled the deal, but at least she wouldn't be financially on the hook and in a bad spot. She has to bear a little bit of personal responsibility for that.

Yeah, that's fair to say that by making an offer with no subjects, there's always a risk something bad happens.

Sounds about right... and probably hits close to home for some lurking here.

Oh, I was speaking to this particular case, because she now needs to come up with more cash because of the bank not lending her enough money.

I was thinking she can just put less down, pay the CMHC and then she wouldn't be scrambling for that extra $15k she needs to put into the deal.

If you're suggesting leveraging on a cmhc mortgaged property lenders generally won't. But can possibly cmhc another property if income can service 2 mortgages

Nah, I'm saying buy an owner occupied at 5%
Then go buy another investment property with your leftover 15% that you didn't put down.

Once your property has enough equity, then you just use HELOC and fully abuse the system, made by the rich for the rich

"Income" can service an "unlimited" amount of mortgages, as long as the bank sees a 1 year stable rent servicing that mortgage

At what point in this scheme do we buy a Saturn Sky?

You do know that the bank doesn't let you use 100% of the rent as income to borrow. There's still housing cost, expenses, taxes, insurance plus you gotta afford your first cmhc house + additional rent expense of you rent both out.

My statement was generic, in regards to adding onto Sdubfid had to say

This could turn into a multi paragraph essay if you really want to go into detail

But the short is, if the renter is covering 90% of your total expenses for the property, you can literally keep buying more and more properties. Speaking from personal experience

This is also why I'm pro real estate vs stonks :fullofwin:

That depends if you want to slumlord more properties with the extra 20k, or buy a Saturn sky KEKW

https://globalnews.ca/news/9051860/v...rs-break-down/

My friend lives in this building. She wanted to go to the news but someone else beat her to it. That's how shitty the situation is.

I've had to deal with Richmond Elevator in the past where I worked as a supervisor. They were pretty shit but that could have been due to the building and it's brand new state

EleGiggle

Elevators are a racket and it's going to be a big issue going forward for owners of high rises.

Definitely huge legal challenges on the horizon with respect to the Strata Property Act and human rights legislation around the right to access your dwelling, particularly for mobility challenged people.

Richmond elevator is shit everywhere. They did our elevators in my old condo and we had constant elevator issues after the first few years.

Don't they have service contracts for elevators?

Also: How much could a commercial-grade fan cost to buy?

Yes, that's the problem. Seems like numerous new builds use them, and it's a painful endeavor to switch to another company due to those contracts.

Yup, there are very few elevator contractors out there they can charge whatever they want and if you don't like the service well too bad because your options are so limited.

Time for RS to start a good guys elevator contracting company

beatdown crew becomes up-down crew

I've heard the elevator business is such a racket. Akin to long shoring as far as hiring and how hard it is to enter the job field. The few elevator companies that do exist keep their business purposely very tight knit.

Funny, my buddy just quit Richmond Elevators.

Anecdotal but whenever I step into an elevator that says "Richmond Elevators", I know I'm going to be in for the slowest ride of my life. What is up with that...

Because any management company or developer who uses them spends the bare minimal. I believe they were cheaper by quite a bit on some bids and why my former employer was a big fan of them for new towers. Richmond was pretty quick for emergency callouts compared to a few other companies

Richmond Elevators sucks.
Our Building has 4 and one goes down every month. I've been stuck in the elevators 3 times, where I've had to call the Fire Dept to get me out, because when you hit the elevator call service, its just a technician so they may not respond. My first time getting caught around 11PM, I had to use the service phone button 3 times (3 calls) and no one answered. Then I luckily was facing toward an area to get a little call signal on my cell and was able to get the Fire Dept to get me out.

We've had so many issues its been rediculous.

Elevator pass readers were messed for almost a year. There was a time when all resident passes wouldnt scan at the elevator. It occured so many times, that multiple times people were locked out of their floors for hours, especially during afterhours. So the strata secretly disabled all passes so anyone could access any floor at any time, no pass required. Most people still "attempted" to use their pass because the reader still made a beep noise, but it didnt do anything. I could literlly hit all the buttons to every floor in one go. The repair ended up costing something like $500k because we needed a new mainboard. Building was built in 2016. During this time we were using Richmond Elevators(The service company) for diagnosis and they couldnt figure out the problem, we now use City Elevators and I've noticed a better service from them.

Countless times where the intercom system doesnt buzz people up the elevator, so we have to go down to get them/receive parcels.

The first year of COVID was the worst, when you were only allowed 2 people per elevator. So some days when one would be down you could be waiting for 30mins to get in one. Some days I would see a line of 10 people in the lobby waiting for the elevator. So I would skip the line by walking to the lowest parkade floor and take the elevator from there. The look of defeat when people saw that the elevator was once again full so they had to wait.

The only thing that I can appreciate is that with 48 Floors, our elevators do move quite quickly. Usually about 1 floor per second.