@@ydoIstillcare263 Yes, I'm on a variable ADJUSTED with Scotia (not a variable FIXED). As a result, with every mortgage rate rise, my payments are cranking up. I'm now paying $500/mth more than I was 3-4 months ago, before the rise. And this will continue with more rate hikes in the fall. At least I'm knocking out the amortization, as opposed to it being added on the back end, like what is happening with folks on variable FIXED. Yes, their payments are the same, but their amortizations are being extended on the back end.
Well said Owen very few people in the position they have to panic sell because of the hikes. Jurrock was saying over the weekend that 63% of homeowners have no mortgage. Not sure it’s that high but I imagine a large portion free and clear?
You're correct that most peoples variable rate mortgages won't go up but there is a trigger point where the bank will come knocking saying you owe more monthly.
Yes true but I think the increase would be small even after the trigger rate is hit (unless rates increase enough that they exceed the trigger rate by a lot, which seems unlikely)
Owen! You need a new shirt man your biceps are just about ripping through the sleeves lol. You should do one on your workout regiment at some point BTW i looked into some stats; apparently when you back out the 30% that own clear title; fixed rate holders; the 70% of variable rate holders that are on STATIC pmts; only 11.5% are going to see any increase to their pmts! Yet its supposedly going to crash the market? Cmon, give me a break. This is a buying opportunity
Jay, I'm surprised that so many people are on variable fixed (static) payments... what's your view on this? My rates have been cranking up but I have a good job and follow a budget so I'm comfortably able to afford the payments and it's a good feeling to know that I'm knocking off my amortization, regardless of the interest rate levels... Would the opposite not be very frustrating?
Hi Owen, I'm finding your channel very resourceful, very valuable information. I wonder if you can have a video about how to manage rental properties inside a real estate corporation!
Hi Owen. I found your channel a month ago and this video, as the others I have watched have excellent content. Really appreciate your knowledge and honesty! Thank you.
With some variable rate mortgages, the payment amounts do change depending on the interest rate.
@@ydoIstillcare263 CIBC reached out to me as well but you could decline to pay more. At least I did.
@@ydoIstillcare263 Yes, I'm on a variable ADJUSTED with Scotia (not a variable FIXED). As a result, with every mortgage rate rise, my payments are cranking up. I'm now paying $500/mth more than I was 3-4 months ago, before the rise. And this will continue with more rate hikes in the fall. At least I'm knocking out the amortization, as opposed to it being added on the back end, like what is happening with folks on variable FIXED. Yes, their payments are the same, but their amortizations are being extended on the back end.
I believe ~80% of variable mortgages have fixed payments (the other ~20% have floating payments)
The good ole' cocoon of fear.. it's all about the clicks for the media. Intelligent investors should just ignore and carry on with the plan.
Looks like those biceps are also growing with the rates. 😅😅
Well said Owen very few people in the position they have to panic sell because of the hikes. Jurrock was saying over the weekend that 63% of homeowners have no mortgage. Not sure it’s that high but I imagine a large portion free and clear?
Thanks for the informative video!! Much appreciated!!
You're correct that most peoples variable rate mortgages won't go up but there is a trigger point where the bank will come knocking saying you owe more monthly.
Yes true but I think the increase would be small even after the trigger rate is hit (unless rates increase enough that they exceed the trigger rate by a lot, which seems unlikely)
Owen! You need a new shirt man your biceps are just about ripping through the sleeves lol. You should do one on your workout regiment at some point
BTW i looked into some stats; apparently when you back out the 30% that own clear title; fixed rate holders; the 70% of variable rate holders that are on STATIC pmts; only 11.5% are going to see any increase to their pmts! Yet its supposedly going to crash the market? Cmon, give me a break. This is a buying opportunity
I was thinking the same thing. 😂
Jay, I'm surprised that so many people are on variable fixed (static) payments... what's your view on this? My rates have been cranking up but I have a good job and follow a budget so I'm comfortably able to afford the payments and it's a good feeling to know that I'm knocking off my amortization, regardless of the interest rate levels... Would the opposite not be very frustrating?
Yah, Owen needs to move up from size S to side M shirts 😂
Owen, thank you for the indochino recommendation. Love the quality vs prices. Any recommendation for belts n shoes
Most home owners don’t live pay cheque to pay cheque and consequently won’t be panicking to sell regardless what Douglas Todd says .
If you wanna BE the man, you've got to BEAT... THE MAN...
Hi Owen, I'm finding your channel very resourceful, very valuable information. I wonder if you can have a video about how to manage rental properties inside a real estate corporation!
Hi Owen. I found your channel a month ago and this video, as the others I have watched have excellent content. Really appreciate your knowledge and honesty! Thank you.