The renewal cliff is turning from an XL cliff to a large cliff. Still a cliff. People facing a renewal are already strapped because everything else has gotten so expensive. I don't expect people will be forced to sell, but I do expect that people who are trying to sell will slowly give in to lower pricing, because life moves on, and no one is getting any younger. In 2025 there will not be enough liquidity in the market for investors to pile back in, and as long as our highly speculative market has few investors buying, pricing will go down.
@@DummMoney-rr1fi So do you think rates coming down will bring back the speculators? Current cheapest variable rate for rental investment is 5.8%. You are predicting 1.5% down in the next 12 months, that will bring that variable rate for investors down to 4.3% in 12 months. Do you honestly believe that 4.3% brings back the hoard that were buying everything up during the pandemic? At the same time we are in a recession.
@@Jo-mf2vu definitely won't bring back the hoard, but it will bring back the owner-occupier buyers in droves. It will take a couple of years for the hoards of investors to come back. But if rates are 4.3% or lower the next cycle from approximately 2027-2035 will be one not to be missed. For that reason alone, I'd say every Canadian who will live to 2040 and beyond should be buying as much Canadian Real Estate as possible from now on.
My renewal is coming up, I have variable with fix payment. So most of my payments went to interest, my remaining balance is little less than what I originally borrowed. My question is on my renewal date, can I borrow again the little amount that I paid off? ( add to what I owe now ) it’s around $50,000 So basically I want to borrow again same amount I did on day one. Or if I want to do that, it’s not renewal anymore and I need to qualify again and provide all supporting documents…….?
My mortgage from 2 years ago has higher rate than the current ones!
So great news!
The renewal cliff is turning from an XL cliff to a large cliff. Still a cliff. People facing a renewal are already strapped because everything else has gotten so expensive. I don't expect people will be forced to sell, but I do expect that people who are trying to sell will slowly give in to lower pricing, because life moves on, and no one is getting any younger. In 2025 there will not be enough liquidity in the market for investors to pile back in, and as long as our highly speculative market has few investors buying, pricing will go down.
That is why the rate cuts will come fast and furious starting in September.
@@DummMoney-rr1fi So do you think rates coming down will bring back the speculators? Current cheapest variable rate for rental investment is 5.8%. You are predicting 1.5% down in the next 12 months, that will bring that variable rate for investors down to 4.3% in 12 months. Do you honestly believe that 4.3% brings back the hoard that were buying everything up during the pandemic? At the same time we are in a recession.
@@Jo-mf2vu definitely won't bring back the hoard, but it will bring back the owner-occupier buyers in droves. It will take a couple of years for the hoards of investors to come back. But if rates are 4.3% or lower the next cycle from approximately 2027-2035 will be one not to be missed. For that reason alone, I'd say every Canadian who will live to 2040 and beyond should be buying as much Canadian Real Estate as possible from now on.
Rates will come down by 1.5% more in the next 12 months. BC and the Canadian economy are worse than is evident ATM.
Totally agree with you
Very informative
Appreciate the comment!
My renewal is coming up, I have variable with fix payment. So most of my payments went to interest, my remaining balance is little less than what I originally borrowed.
My question is on my renewal date, can I borrow again the little amount that I paid off? ( add to what I owe now ) it’s around $50,000
So basically I want to borrow again same amount I did on day one.
Or if I want to do that, it’s not renewal anymore and I need to qualify again and provide all supporting documents…….?
Yes new mortgage. I never renew. I get a new mortgage upon renewal.
GREEDINESS wont change .. prices still high.. look closely with your magnifying glasses! Waste of time