taxi Posted May 15, 2018 Share Posted May 15, 2018 The summer months will be the true test. Typically things recover in the summer, from lulls in the winter. Also, although the new mortgage rules have been in place for a few months, approval lasts several months. So the approval under the old rules has run out. Link to comment Share on other sites More sharing options...
Rush17 Posted May 15, 2018 Share Posted May 15, 2018 I don't get how young adults are expected to be able to afford a home. People our parents age got into homes under 200k. Its insane a young family age 30 or under has to pay 700-800k for a home in Victoria. Vancouver is off the charts. Sucks I may have to move one day to afford a home. Link to comment Share on other sites More sharing options...
RonMexico Posted May 15, 2018 Share Posted May 15, 2018 5 minutes ago, Rush17 said: I don't get how young adults are expected to be able to afford a home. People our parents age got into homes under 200k. Its insane a young family age 30 or under has to pay 700-800k for a home in Victoria. Vancouver is off the charts. Sucks I may have to move one day to afford a home. The honest answer is find a job where you can afford to live. I lived on the North Coast and South Coast for most of my life and my job moved me to the Edmonton area. I was just like many people in the Lower Mainland in that owned a condo and wanted to move up to a house but that was unaffordable or I had to move to Chilliwack (which can be just as expensive now). I ended up in Alberta and got a big house with a big yard for less than the price of my old condo. Starting your life over sucks and I sometimes regret moving but I can afford to live here comfortably which is a huge burden off my back. 2 Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 15, 2018 Share Posted May 15, 2018 11 minutes ago, RonMexico said: The honest answer is find a job where you can afford to live. I lived on the North Coast and South Coast for most of my life and my job moved me to the Edmonton area. I was just like many people in the Lower Mainland in that owned a condo and wanted to move up to a house but that was unaffordable or I had to move to Chilliwack (which can be just as expensive now). I ended up in Alberta and got a big house with a big yard for less than the price of my old condo. Starting your life over sucks and I sometimes regret moving but I can afford to live here comfortably which is a huge burden off my back. Tricky for some of us. Some of us are taking care of elderly parents and sometimes the work we have will not allow us to move provinces...... It is a heartbreaking decision young people are being forced to make.... Family vs Housing Sad that young people have to make this choice..... Sucks what has happened in the lower mainland / southern BC. 1 Link to comment Share on other sites More sharing options...
RonMexico Posted May 15, 2018 Share Posted May 15, 2018 2 minutes ago, kingofsurrey said: Tricky for some of us. Some of us are taking care of elderly parents and sometimes the work we have will not allow us to move provinces...... It is a heartbreaking decision young people are being forced to make.... Family vs Housing Sad that young people have to make this choice..... Sucks what has happened in the lower mainland / southern BC. It's not easy for sure. I dragged my wife away from her whole family (she grew up in Burnaby) and network of friends that she had grown up with her whole life. Plus she was pregnant and her father was dealing with a relapse of cancer. The decision to leave was not an easy one but in the end, you have to decide what is best for you and your family. 1 Link to comment Share on other sites More sharing options...
Darkstar Posted May 15, 2018 Share Posted May 15, 2018 24 minutes ago, kingofsurrey said: Tricky for some of us. Some of us are taking care of elderly parents and sometimes the work we have will not allow us to move provinces...... It is a heartbreaking decision young people are being forced to make.... Family vs Housing Sad that young people have to make this choice..... Sucks what has happened in the lower mainland / southern BC. The thing is, the real estate market not only screws over the family environment, but also the recreation and enjoyment in individuals as well. Most Vancouverites live boring lives, especially since they are so focused on working to stay above water. As the adage goes, "all work and no play makes Jack a dull boy". Most people I know who are looking for a home, or who have bought a home, are entirely focused on paying their mortgages, gas, etc, and you honestly can't blame them. They don't have time for anything else but work. My focus has been on looking at purchasing property abroad, and moving out before I screw myself over in this situation. I doubt the bubble will ever burst, and Vancouver will be an empty parking lot of a city in the next 20-30 years. 1 Link to comment Share on other sites More sharing options...
taxi Posted May 15, 2018 Share Posted May 15, 2018 It does look like there might be some kind of change on the horizon: https://www.rew.ca/properties/R2244761/3351-quebec-place-vancouver-bc This property was listed for 1.2 million (it's just lot value) a few months ago. Now its at $999k and hopefully not moving at that price either. Could be a sign that the speculation/tear down buying is done. Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 16, 2018 Share Posted May 16, 2018 5 hours ago, taxi said: It does look like there might be some kind of change on the horizon: https://www.rew.ca/properties/R2244761/3351-quebec-place-vancouver-bc This property was listed for 1.2 million (it's just lot value) a few months ago. Now its at $999k and hopefully not moving at that price either. Could be a sign that the speculation/tear down buying is done. Link to comment Share on other sites More sharing options...
kingofsurrey Posted May 16, 2018 Share Posted May 16, 2018 1.2 for a lot is just messed up...... Link to comment Share on other sites More sharing options...
taxi Posted May 16, 2018 Share Posted May 16, 2018 13 hours ago, kingofsurrey said: 1.2 for a lot is just messed up...... I agree. The cost of building a new home is $300 or so? I'm assuming they'll be added costs for tearing down and removing the old house. The lot price has already dipped to $999k...it it goes down to about $800k, I'd start to see that as almost reasonable. $1.1 million for a brand new house in Vancovuer, seems justifiable. It'll be interesting to see how far prices slide this summer. I doubt we'll ever see nice houses in Vancouver for 800k or less, but hopefully things slide from the current 1.5mil or so there at no for entry level detached. Link to comment Share on other sites More sharing options...
Down by the River Posted June 2, 2018 Share Posted June 2, 2018 So my first ever mortgage payment was yesterday... I was told the value of the monthly mortgage payments, but an extra $400 was withdrawn from my account. Is this normal for a first-time payment (e.g., accounting fee, etc.)? Does the mortgage provider pay my strata fee and this is what accounts for the extra money withdrawn? Obviously I'll call my lender on Monday, but would be nice to have a bit of peace of mind until then as this was not something I budgeted for. Link to comment Share on other sites More sharing options...
Warhippy Posted June 2, 2018 Share Posted June 2, 2018 17 minutes ago, Down by the River said: So my first ever mortgage payment was yesterday... I was told the value of the monthly mortgage payments, but an extra $400 was withdrawn from my account. Is this normal for a first-time payment (e.g., accounting fee, etc.)? Does the mortgage provider pay my strata fee and this is what accounts for the extra money withdrawn? Obviously I'll call my lender on Monday, but would be nice to have a bit of peace of mind until then as this was not something I budgeted for. Are you paying strata yourself? If not then its usually written in to your payment but you should have been explained that in very plain english Link to comment Share on other sites More sharing options...
Down by the River Posted June 2, 2018 Share Posted June 2, 2018 27 minutes ago, Warhippy said: Are you paying strata yourself? If not then its usually written in to your payment but you should have been explained that in very plain english I was confident that we were, as I sent a void cheque to strata. There is nothing in our signed mortgage documents about the strata fee. I have a feeling it is possibly related to the property tax that was paid for the first part of 2018 by the original seller and now they are trying to collect this tax from us as well. Link to comment Share on other sites More sharing options...
riffraff Posted June 2, 2018 Share Posted June 2, 2018 On 2018-05-15 at 1:39 PM, Rush17 said: I don't get how young adults are expected to be able to afford a home. People our parents age got into homes under 200k. Its insane a young family age 30 or under has to pay 700-800k for a home in Victoria. Vancouver is off the charts. Sucks I may have to move one day to afford a home. What makes it worse is the new houses in that price range are junk. Link to comment Share on other sites More sharing options...
Warhippy Posted June 2, 2018 Share Posted June 2, 2018 6 hours ago, Down by the River said: I was confident that we were, as I sent a void cheque to strata. There is nothing in our signed mortgage documents about the strata fee. I have a feeling it is possibly related to the property tax that was paid for the first part of 2018 by the original seller and now they are trying to collect this tax from us as well. My wife owned a townhouse before we met, her strata fees were included in the mortgage and she got a notice of payment every month from the strata corp I'd seriously check it out 1 Link to comment Share on other sites More sharing options...
Chicken. Posted June 3, 2018 Share Posted June 3, 2018 13 hours ago, Down by the River said: I was confident that we were, as I sent a void cheque to strata. There is nothing in our signed mortgage documents about the strata fee. I have a feeling it is possibly related to the property tax that was paid for the first part of 2018 by the original seller and now they are trying to collect this tax from us as well. You dont really pay the bank for property tax though, i think i paid the initial property tax portion to my lawyer during the closing process. Your strata fees should be deducted eventually too (or not) so then you will know for sure. Strata fees can be such a pain be sure to attend the AGM to make sure youre getting your $ worth anyways the market seems be holding steady for condo prices in the lowermainland which is nice for those who already own. Found this article interesting wonder if the cities will listen.. https://globalnews.ca/news/4243910/ubc-housing-report-red-tape-speculators/ 1 Link to comment Share on other sites More sharing options...
Duodenum Posted June 4, 2018 Share Posted June 4, 2018 (edited) On 6/2/2018 at 8:30 AM, Down by the River said: So my first ever mortgage payment was yesterday... I was told the value of the monthly mortgage payments, but an extra $400 was withdrawn from my account. Is this normal for a first-time payment (e.g., accounting fee, etc.)? Does the mortgage provider pay my strata fee and this is what accounts for the extra money withdrawn? Obviously I'll call my lender on Monday, but would be nice to have a bit of peace of mind until then as this was not something I budgeted for. Did you take into account the interest? They don't usually show how much interest you're paying when they give you your estimated monthly payment, just the rate. Edited June 4, 2018 by Duodenum Link to comment Share on other sites More sharing options...
Down by the River Posted June 4, 2018 Share Posted June 4, 2018 30 minutes ago, Duodenum said: Did you take into account the interest? They don't usually show how much interest you're paying when they give you your estimated monthly payment, just the rate. I accounted for interest, but what I didn't account for was mortgage insurance premiums (not the CMHC kind). The thing is, I didn't ask to be insured, the amount of the insurance was never quoted to me, and there was nothing in the documents I signed indicating that mortgage insurance was something that I had to opt out of. By most accounts, mortgage insurance is not recommended (https://globalnews.ca/news/3488311/mortgage-life-insurance-canada/) and makes a lot less sense for my wife and I given we are young, in good health, and in jobs that we can grow into. My plan is to cancel the insurance payments and ask for the original charge to be reimbursed given that this is not something I opted into. Link to comment Share on other sites More sharing options...
Bizarre Posted June 4, 2018 Share Posted June 4, 2018 37 minutes ago, Down by the River said: I accounted for interest, but what I didn't account for was mortgage insurance premiums (not the CMHC kind). The thing is, I didn't ask to be insured, the amount of the insurance was never quoted to me, and there was nothing in the documents I signed indicating that mortgage insurance was something that I had to opt out of. By most accounts, mortgage insurance is not recommended (https://globalnews.ca/news/3488311/mortgage-life-insurance-canada/) and makes a lot less sense for my wife and I given we are young, in good health, and in jobs that we can grow into. My plan is to cancel the insurance payments and ask for the original charge to be reimbursed given that this is not something I opted into. You went back and went through all the paperwork? I'd be shocked they'd charge you for something that isn't in the mortgage agreement. Good luck with your conversation with them. Link to comment Share on other sites More sharing options...
luckylager Posted June 4, 2018 Share Posted June 4, 2018 2 hours ago, Down by the River said: I accounted for interest, but what I didn't account for was mortgage insurance premiums (not the CMHC kind). The thing is, I didn't ask to be insured, the amount of the insurance was never quoted to me, and there was nothing in the documents I signed indicating that mortgage insurance was something that I had to opt out of. By most accounts, mortgage insurance is not recommended (https://globalnews.ca/news/3488311/mortgage-life-insurance-canada/) and makes a lot less sense for my wife and I given we are young, in good health, and in jobs that we can grow into. My plan is to cancel the insurance payments and ask for the original charge to be reimbursed given that this is not something I opted into. Your bank might be detucting your property tax monthly and holding it in a separate account, I know my bank is doing this on my mortgage. Also your mortgage insurance payment. Those two "services" would be about $400 mo. You will probably want to get mortgage insurance once you have kids. The wife and I couldn't think of a reason to get it prior to being parents 1 Link to comment Share on other sites More sharing options...
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