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Can someone tell me what is happening with the real estate market here?


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2 hours ago, Kragar said:

Don't you have access to long term mortgages yet?  I know when I lived up North there was a 5 yr limit (I think, I wasnt in the market then).  So sad if you can't.

 

20, 25, even 30 yr mortgages down here (maybe longer?).  Get a good rate and lock it in, and no more surprises.  Seems stupid if you can't get them in Canada yet, as it makes things more stable for the consumer.

 

If you have to worry about a rate change, on top of the rest of life's uncertainty, that's rough.

A few lenders are starting to offer longer terms (10yr+) but the rates are stupid high and not really worth it. Hopefully we will start seeing more and more lenders join in to force rates down, but 5yr terms are pretty much the norm still up here.

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On 3/17/2021 at 8:54 AM, KoreanHockeyFan said:

Just rent and eat the sunk cost :lol:

 

I'm kidding. 

 

 

 

 

 

Kind of.

No, buy something where your wasted money is equal or less than renting. Just start and you won't go wrong.

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im renegotiating and locking in my rates every year on my house.  if I pay $47,000 a year more than my yearly payments I can renegotiate my rates and term.

 

So im locked in at rates from october until 2025, but if I pay more i can relock for 5 years...i'll be watching that carefully and trying to figure out what my best option is

 

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5 hours ago, Ronaldoescobar said:

A few lenders are starting to offer longer terms (10yr+) but the rates are stupid high and not really worth it. Hopefully we will start seeing more and more lenders join in to force rates down, but 5yr terms are pretty much the norm still up here.

So stupid. You'd think a credit union, for instance, could start the trend and do something good for consumers. Helps to make home buying even more accessible.

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6 hours ago, Kragar said:

So stupid. You'd think a credit union, for instance, could start the trend and do something good for consumers. Helps to make home buying even more accessible.

You can lock into a rate for 5 years under 2% currently, or 10 year at 2.99 or 25 year at 8%.  Theres other numbers inbtween that vary to a degree. 

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13 hours ago, Jester13 said:

No, buy something where your wasted money is equal or less than renting. Just start and you won't go wrong.

Well, I'm saving money to eventually buy a place, but that's going to take a while.

 

In the meantime, renting is necessary to keep a roof over my head, so I'm not sure if your "no" is as realistic as you think. 

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5 hours ago, Russ said:

You can lock into a rate for 5 years under 2% currently, or 10 year at 2.99 or 25 year at 8%.  Theres other numbers inbtween that vary to a degree. 

Holy crap.  I just checked a site, and the benchmark for a 30yr fixed here is under 3.5.  That 8% is robbery.

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8 hours ago, Kragar said:

Holy crap.  I just checked a site, and the benchmark for a 30yr fixed here is under 3.5.  That 8% is robbery.

If we could lock in our 25 years at 3ish % I think most people would take that over a 2% over 5 year, atleast you would solidly know exactly what your paying for your entire mortgage.

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16 minutes ago, Russ said:

If we could lock in our 25 years at 3ish % I think most people would take that over a 2% over 5 year, atleast you would solidly know exactly what your paying for your entire mortgage.

Exactly.

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  • 2 weeks later...
On 3/20/2021 at 7:24 AM, AriGold said:

Just inspected a 2.9M listing in HighPoint South Langley. 7 offers, winning bid was 3.425M

 

That's a different level for properties this expensive.

3.5M in Langley!?!?

This home must have been huuuuuuuge

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On 3/20/2021 at 7:09 PM, Russ said:

If we could lock in our 25 years at 3ish % I think most people would take that over a 2% over 5 year, atleast you would solidly know exactly what your paying for your entire mortgage.

at 3 % I could bite, Im locked in for the next year (last of my 5 year fixed) at 2.29 which decent, the extra 70$ for piece of mind the rest of the way isnt terrible

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4 hours ago, kurtis said:

Block 100% none Canadians and Permanent Residence from buying in Canada. 

Feds LOVE their foreingn money.  And Quebec loves to give people a shortcut.

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4 hours ago, JoeyJoeJoeJr. Shabadoo said:

Dammit!

 

Add in this quarter and you can probably bump that start to 2010 and we will still be same percentage.

 

Imagine if wages had inflated like this....

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