aGENT Posted May 21, 2020 Share Posted May 21, 2020 4 minutes ago, Warhippy said: Meanwhile we're still waiting lol You staying with parents? Link to comment Share on other sites More sharing options...
Warhippy Posted May 21, 2020 Share Posted May 21, 2020 1 hour ago, aGENT said: You staying with parents? nah we're orphans Link to comment Share on other sites More sharing options...
Boudrias Posted May 21, 2020 Share Posted May 21, 2020 1 hour ago, Warhippy said: Meanwhile we're still waiting lol My bet is that the LPC will make principal residences subject to the capital gains tax within 2 years. Link to comment Share on other sites More sharing options...
aGENT Posted May 21, 2020 Share Posted May 21, 2020 3 hours ago, Warhippy said: nah we're orphans While we've been VERY fortunate to have their help, we're more than ready to have our own space back And I don't see prices dropping enough until fall and beyond to make it worth waiting longer. Particularly as I think we already got a pretty fair/good price on this place. Link to comment Share on other sites More sharing options...
Chicken. Posted May 22, 2020 Share Posted May 22, 2020 4 hours ago, Boudrias said: My bet is that the LPC will make principal residences subject to the capital gains tax within 2 years. Boomers would be choked... and so would I lol Link to comment Share on other sites More sharing options...
Jester13 Posted June 5, 2020 Share Posted June 5, 2020 https://canoe.com/business/money-news/canadas-mortgage-insurer-tightens-rules-as-it-forecasts-home-price-drop-of-up-to-18 So I can't imagine the CMHCs new rule tightening is going to help sellers much. Link to comment Share on other sites More sharing options...
Claude Feig Posted June 16, 2020 Share Posted June 16, 2020 (edited) Now would be the time to get a fixed rate mortgage, yes? What are rates typically at, anyone know? Right now I’m seeing 2.49% fixed. Looking to buy a house in the very near future so trying to get an understanding of some things. Edited June 16, 2020 by Claude Feig Link to comment Share on other sites More sharing options...
taxi Posted June 16, 2020 Share Posted June 16, 2020 13 hours ago, Claude Feig said: Now would be the time to get a fixed rate mortgage, yes? What are rates typically at, anyone know? Right now I’m seeing 2.49% fixed. Looking to buy a house in the very near future so trying to get an understanding of some things. You negotiate below 2.49 fixed. IMO it is a very good time to lock in. Yes, thing may go down more, but there is something to be said for certainty of payments. Speak to an expert about this, but the argument for variable is that you generally come out ahead, unless rates are expected to go up substantially. Personally, with rates this low, I would prefer the certainty of fixed, particularly if I can get 2.25 or below. That's however an individual choice you have to make. Speak with the experts, which is not me. Link to comment Share on other sites More sharing options...
taxi Posted June 16, 2020 Share Posted June 16, 2020 On 5/21/2020 at 6:19 PM, Chicken. said: Boomers would be choked... and so would I lol I'm sure they would put in some kind of roll-over provision that would make gains non-taxable if put towards a new personal residence. For example, if a young family upgrades to a more expensive, place, there would be no Capital Gains until they eventually downgrade. So it would only affect people selling to downgrade or permanently sell. Link to comment Share on other sites More sharing options...
aGENT Posted June 16, 2020 Share Posted June 16, 2020 14 hours ago, Claude Feig said: Now would be the time to get a fixed rate mortgage, yes? What are rates typically at, anyone know? Right now I’m seeing 2.49% fixed. Looking to buy a house in the very near future so trying to get an understanding of some things. Shop around. Negotiate with your bank (they will give you less than posted rates if you negotiate). https://www.ratehub.ca/best-british-columbia-mortgage-rates/5-year/fixed Looks like HSBC is the lowest at 1.99% (likely with conditions). Most of the major banks are at/around 2.49 (though, like I said, negotiate). Link to comment Share on other sites More sharing options...
Chicken. Posted June 16, 2020 Share Posted June 16, 2020 16 minutes ago, aGENT said: Shop around. Negotiate with your bank (they will give you less than posted rates if you negotiate). https://www.ratehub.ca/best-british-columbia-mortgage-rates/5-year/fixed Looks like HSBC is the lowest at 1.99% (likely with conditions). Most of the major banks are at/around 2.49 (though, like I said, negotiate). Better yet get a mortgage broker. Of course doing your own research is important too I'll never forget when I went to the bank to finish the paperwork I probably signed my name more times there then ever before. eventually I just stopped reading lol I got 2.49 fixed back in 2016 when I got my apartment. includes the ability to make down payments towards the principal which I like and am planning to do as my 5 year term is almost up. Link to comment Share on other sites More sharing options...
aGENT Posted June 16, 2020 Share Posted June 16, 2020 4 minutes ago, Chicken. said: Better yet get a mortgage broker. Of course doing your own research is important too I'll never forget when I went to the bank to finish the paperwork I probably signed my name more times there then ever before. eventually I just stopped reading lol I got 2.49 fixed back in 2016 when I got my apartment. includes the ability to make down payments towards the principal which I like and am planning to do as my 5 year term is almost up. Yeah, they can certainly do some of the leg work for you. A lot of this depends of course on your own willingness/ability to research, your relationship with your bank, your credit rating etc. Link to comment Share on other sites More sharing options...
trek Posted June 16, 2020 Share Posted June 16, 2020 Just a datapoint I got a 2.29% on my $600K HELOC last week from TD. Fixed you probably could get a couple points lower. Link to comment Share on other sites More sharing options...
luckyjack Posted October 23, 2020 Share Posted October 23, 2020 The Coronavirus is likely to have a high impact on the real estate market in 2020 and 2021. Will Canadian Home Prices Crash? Any thoughts? Link to comment Share on other sites More sharing options...
bishopshodan Posted October 23, 2020 Share Posted October 23, 2020 9 minutes ago, luckyjack said: The Coronavirus is likely to have a high impact on the real estate market in 2020 and 2021. Will Canadian Home Prices Crash? Any thoughts? I don't think there will be a crash but Covid is still kinda a big unknown. I can see urban prices going down and rural prices rising as people move from the cities due to the pandemic. Link to comment Share on other sites More sharing options...
luckyjack Posted October 23, 2020 Share Posted October 23, 2020 (edited) hope so, I'm thinking of buying nice suit in the heat of Mississauga (8 mins to UT Mississaug), here is location https://squareonedistrictcondos.info/location/. I have found independent Realtors with UB Realty Inc., Brokerage who specialize in pre-construction sales. They offer great price right now. I'm sure it could be a good investment for the future. Edited October 23, 2020 by luckyjack 1 Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted October 23, 2020 Share Posted October 23, 2020 $600k is the average price for a home. This country is &^@#ed. Link to comment Share on other sites More sharing options...
Warhippy Posted October 23, 2020 Share Posted October 23, 2020 2 minutes ago, Tortorella's Rant said: $600k is the average price for a home. This country is &^@#ed. Actually. Starting price for new condos just off Gyro beach is $950,000. It's absolutely disgusting. Kelowna's median monthly income before taxes is only $2675.00 at last check in 2019. https://gyrobeach.ca/wp-content/uploads/2020/09/GYRO-PRICELIST-09-2020a.pdf I live in Penticton, I am barely 45 minutes south of Kelowna. Our median monthly average income here is actually only about $2300 a month. An actual new family home, that doesn't need a ton of work starts at about $550,000 Out of both areas you can easily find homes that are far cheaper. I actually just bought a home in penticton for $422,500. I am going to e lifting it up, putting in a full basement, new foundation; moving plumbing/hvac and essentially doubling the square footage by roughing in the fixtures for a future suite (bathroom/kitchen) and upgrading the back 1/3rd of the house. My renovation estimate on the high end is about $120,000. So for less than the price of a new home in Penticton of about 1500 square feet, I will be getting exactly the home I want with room to grow. I'm lucky in the sense that we worked our butts off to be here. But if you look at what I posted and think of the price of new construction you know full well how unaffordable the area will be in 10 years. A $950,000 starting price for a townhouse near a beach now will mean a $625,000 townhouse in 5 years 10 blocks from it 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted October 23, 2020 Share Posted October 23, 2020 10 minutes ago, Warhippy said: I actually just bought a home in penticton Congrats man. That's great to hear. Good luck on your reno plans, remember wood is expensive right now but hope that changes soon. Link to comment Share on other sites More sharing options...
Warhippy Posted October 23, 2020 Share Posted October 23, 2020 10 minutes ago, bishopshodan said: Congrats man. That's great to hear. Good luck on your reno plans, remember wood is expensive right now but hope that changes soon. Thanks mate. Honestly stars aligned like nothing else. I know the owner as we're old friends. Didn't realize he'd put the place up at all. Messaged him and he said it's listed for X give me a fair offer. So I did, went back and forth and signed the vacate notice for his tenants the other day. Gave them 60 days+ to make sure they weren't rushed out for the holidays and a couple of rental listings from people we know for them so they weren't screwed over for a place during the winter. Home inspection report on the high end will be about $17,000 to clear. Most of that is regarding foundation and grading of the property. Old crawl space, no drainage; rats in it. HVAC system needs to be moved. 2 sewer lines and only 1 goes to the street other too???? Lifting the house and putting in a proper foundation will cost about $40,000; $45,000 if we make it a walk out access. Another $15,000 to reset the garage after and move the HVAC and hot water tank to the basement mechanical room after it's done. So all in about $60,000 on the foundation. Need to remodel the back 1/3 of the house, kitchen bath and 2 odd rooms. Take out a door, move a window. So yes lots of work and I know cost overruns...but it will be ours. and nobody else's. The only comparable we've found for this size of 1480 in a house is about $520,000. Once we've lifted it and put in the basement it will have effectively doubled the space and the only comparable in and around the 2600+ sq ft range with a new bathroom, new kitchen and garage/backyard are closer to $700,000 We're stoked man. Luckily we're not doing much with or about wood and I know the local contractors and supply stores so getting it all at cost or reduced won't be an issue 2 1 Link to comment Share on other sites More sharing options...
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