Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
I use Margaret Johnson Arndt she’s highly qualified and experienced in the financial market. I recommend researching her credentials further because she has many years of experience and is a valuable resource for anyone looking to navigate the financial market
What i have notice is everyone is trying to locked in a fixed rate no one is saying what causes ths situation to get out of control really and truly the whole world is experiencing trouble there is war everywhere and you fellas expect the system to run smoothly you guys better gear up for the worst there will be war with Ukraine and Russia for a long time same goes to Israel and Hamas there will be an issue coming shortly with the dedollarization its time to be debt free get rid while it has a value or suffer in the long term.The time for investment with stocks is over you will wake up one morning and everything is wipe out the system is design in such a way there a thousands of canadians who are suffering as we speak with mortagages is a matter of time before everthing is reveal the US is being kicked out of evry country and continents.Take note
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Those same 34% laughed at us who didn’t want to pay $4000/month for a $900,000 mortgage for a house that’s worth $600,000. There needs to be a reset, our economy based on debt, speculation and fomo needs to be put to rest.
Lockdowns artificially shot that price up from 600k to 900k because of a huge sudden demand for more space. Plus people could suddenly work from home so could live anywhere.
What happened to the days when you get a 25 year mortgage at a percentage rate that you can set a budget on for the next 25 years? Now, you have 3 and 5 year mortgages based on 25-30 year amortization. Extending amortization is not a solution.
While in Ireland in the late 1990’s, I took note many young and vibrate Irish found themselves in the terrible situation of carrying a mortgage that was nearly the size of the value of their homes, akin to the present situation in most of Canada. Things in Ireland has not changed very much, except the top 10%. Schwab’s statement that, “by 3030, you will own no home, and be happy”, is a lie from the depths of hell - we will be miserable. As a 79 year old senior, I was just lucky to now being mortgage free. Stick in there young Canadians and start, “not trusting” our present “shitheads” who run this country.
5 year adjustable rate mortgage are only sustainable if debtors are committed to paying down principal as aggressively as possible. My Ottawa residing sister did that in order to be mortgage free by retirement time. One car, in home daycare provider, fierce yard sale and estate buyer, weekend trips vs week long vacations, every cent accounted for from every paycheck.
I say a 100% no to extending mortgage amortizations. This just kicks the can even further down the road, and the problem of housing affordability only gets worse
@@PatrickHood-ww3brthe problem is that low internet rates push unwise people to overpay far above normal levels. Now housing is not proportional to what people make. It’s impossible to buy a house now on a single income….10 years ago it was not impossible. Longer amortization periods perpetuate this disparity and lock you in to providing more income on interest for the banks. There has to be a point where people don’t make a purchase if they can’t afford it, but unfortunately, our modern society is all about excess and buying more than you actually have in your bank account. Soon we’ll all be just as dumb as the Americans.
Similarly higher interest rates and already fix amortization on which you agree to take loan are also part of the game , why you are now crying to get relief?
Locking in low rates are only good for 5 years, then you renew at the going rate! CMHC has done a great job of financially screwing ignorant home buyers! By extending the amortization of a mortgage will mean you are almost renting from the bank rather than paying off your mortgage!
34% of Canadians rolled the dice and didn’t do their own mortgage stress test. Lenders are always willing to lend you enough to drive you into bankruptcy, it’s up to you to have more conservative standards than what you qualify for.
i've been over leveraged for 15 years always variable .. up 1 million in equity. times are tougher big whoop if you dont have the balls stick to an ETF.
In stead of helping Canadians be able to afford to have children they made it literally impossible for most. Meanwhile they are bringing in foreigners with as many as 5 6 or 7 kids that alot are ending up in housing and on assistance. How does that make sense
@@missf4681exactly ! And meanwhile you and me have to work to pay taxes so the gov takes our money and gives it to them ! and alot of $ per kid !!! What kind a crap is this who the f are we working for !!!
I am sorry. Doing anything that doesn't result in the pain required to return housing prices to a reasonable level is just short sighted. Housing costs (rent) are included in CPI and have been risen astronomically by landlords to cover their horrible debt situations. Let it ride.. keep the rates high and finally the market will be flooded with homes that investors and overstretched homeowners can't keep. Pain is part of the cycle. It sucks for those who go through it, but nobody forced them to buy anything. Normalized rates will never support costs as they are, and in fact - having so much money being required to service debt - will only make the economy worse as people can't afford to do anything but eat and pay for their house. It is a recipe for a major problem.
curious would that 34% they prefer to rent instead of own? I believe this applies to people who bought in expensive areas outside their means. I bought a modest small home.. I don't regret it because renting for me would be more expensive even once my rate goes up I'm still better off owning... so who are these 34%?
I'm a simple person, if you can't afford to buy a place with cash after saving for 5 years - it's unaffordable for you and you shouldn't buy it and live in that area
Landlords today are pulling out of the rental markets. With high interest rates and higher property taxes housing is becoming a bad investment under Trudeau.
Haha. That's nothing. I regret mine for totally different reasons. Some of us are "house people" and many of us learned the hard way we are not. Neil DeGrasse Tyson talks about black holes. Just get a mortgage and meet the black hole that will swallow you savings!!!!
I had zero faith in the current government to keep deficits, inflation, and interest rates low. This is vindication. I will not take on debt like this until we have serious fiscal decision makers back in Ottawa.
The only solution for young Canadians is to hope for house prices to crash. That is what the governments should aim to do. If the governments care for the future of Canada, look after the youth!!
During the pandemic people hurried to buy a home know with high rates people are struggling with payments. Lot of people are leaving Canada to find more affordable place to live. Italy has affordable homes but there homes are falling apart it will cost u more mo why just to fix them up
Variable rates are killers. As soon as there were rumours about interest rates being hiked last spring. That’s when people should have locked in with 5 year mortgages.
Instead they do the opposite. Now that rates are higher they are locking them in. These rates aren't even actually that high. But when you borrow at 2%, it doesn't take much to go to 4% and screw you up! People and money. Some are just not very smart with finances.
@rebeccahillsares8253 Cheap is a strong word, I would rather say much less priced. For instance, 2 bedroom brand new condo, 750 Sq ft range in Abbotsford/Mission area is under or touching 500k. Whereas, the same condo would in Vancouver area 1 million. Outskirts in BC would be Abbotsford Mission and Chilliwack is currently much less priced comparing to Vancouver for either rent or own. I see 2 bed renting for 4k in Coquitlam but the same would be touching 2k in Abbotsford. Ontario has outskirts and they about the same price as outskirts in BC. Or people can consider Edmonton if they want detached homes. That's basically my take. Outskirts has more nature, lakes and overall more relaxed lifestyle, less to no traffic within city travel but going to core city would be 1hr ish drive. Mission also has the Westcoast express train. Some public transit is there in outskirt as well. Wish you luck in your search.
@rebeccahillsares8253 Another perk in outskirts are taxes are 30% ish lower comparing to core. Gas price is about 20 cents per liter less as well. The closer you are to core the more you will pay for anything.
Don’t amortize. This props up people in housing who don’t deserve them, and keeps people out of housing who can’t afford prices that are fantastically inflated. This market needs to crash.
Nobody complained when the interest rates went to zero...where else could it possibly go...into minus, so the bank is paying the mortgage holder every month? Was cr0zy to watch ...every time they lowered rates, real estate prices would go up 25%. Its very obvious gramma's 1965 bungalow is not worth 850k. etc. Its out of touch with reality.
The market has changed and sellers on the market are pricing their home way too high. Buyers are coming in with low ball offers and Sellers get upset with the offer. Some agents don't know how to work in this market.
How about measures to curb property speculation rather than bludgeoning ordinary homeowners with the blunt instrument of rate hikes when it known that most homebuyers will opt for a lower variable rate for affordability? Banks are in the business of profit, so extending amortization simply locks people into lifelong mortgages.
Most people never expected or understood how variable rate works. Now that inflation has hit and BOC is trying to adjust the interest rate, people are regretting their short term decisions. I’m glad I got a fixed rate two years ago when looking at hindsight.
@@josephsmith594 Ancient history? Sure. Printing trillions will simply go away. It did not take trillions of money printing to keep people from starving, at least not in many prosperous countries.
@@tailiu223 The government could have also scrapped the carbon tax if they were so concerned about affordability, which has driven up food costs. Yes, I know that corporate profits were record highs before anyone points that out. But that is what they do. They pass their increased costs on to the consumer, and then some to make even more profit. The Liberals just keep taking more, and expect people to cheer when they give a little back, rather than just taking less to begin with.
I left Canada for high paying high tech job offered in Taiwan. I never looked back. Canadians have a strong passport. It's much easier for Canadians to get a work permit than a lot of countries in the world. Just leave Canada for countries with affordable housing, accessible healthcare, future career promising job market and cheap cost of living. These countries include a lot of European ones such as France and Germany, or Asian countries like Singapore, Japan and Taiwan.
Lenders being predatory is the default and if someone doesnt know this, then that person is hella retarded. And it turns out tons of Canadians are. 😂😂😂😂
So we have full grown adults entering into the biggest financial commitment of their lives. They didnt understand the terms of the mortgage, and they didnt understand that mortgage rates go up ? . We have a growing sense in this country that if things go wrong well its the banks fault , the government , ect . There is zero individual responsibility for anybody . You live in a capitalist free market system . There are huge benefits and huge downsides . You are responsible for how you navigate it , and when it goes wrong stop looking for a bail out
I know a couple people (adults) who racked up a substantial amount of credit card debt (10k+) on trips, partying and flashy cars. When the hens came home to roost, they said it was not their fault because the banks "kept on giving the money" I have ZERO compassion for people who live beyond their means. And thats A LOT of people these days
It's not shocking at all. I grew up with Trudeau #1 and saw what happened 40 years ago. Now Trudeau #2 is in. I knew this was going to happen. The Trudeauism is so good at phucking it up for homeowners is astonishing.
you can thank the liberal government for this. during the pandemic they were staying , keep buying, money will be cheap for a very long time, with no change in site!
I do agree that the banks are into selling you a mortgage. But at the end of the day it’s up to the consumer to know his/her financial mortgage. I do like how the American have there bank set up where you can lock into a rate for 30 years. But I’m sure there is some draw backs with that to like selling your home. The problem is housing is looked as a commodity for people to make money and not a place to live.
A lot of people made bad decisions, putting money in an over inflated asset. Now reality is hitting them hard, should have never paid the ridiculous prices.
The price of the asset isn't the problem. The problem was that many took a variable rate mortgage when they had little to no capacity to pay if interest rates went upward on them. The problem is that these people decided to gamble with their financial future rather than lock in to a two decade long mortgage and stay away from the threat of rising interest rates. These people now want to blame anyone but themselves. Very convenient.
There cannot be a scenario where intrest rates should be 0 .25% . The rates were torpedoed because of the mortgaged backed securities stock market crash of 2008. Rates were brought to near zero as a policy called Quantitative Easing, as a way to stimulate flattened economic activity. Now, with the pandemic, have the inflationary pressures of an overcooked activity, especially in real estate where home values do not reflect the true value of the property being bought and sold. They should not be near zero & they should not be 20% intrest rates. Who is telling who the way things should be ? The money changers. AI hasn't the answer to give stupid humans to figure out the right data that stops robbing poeple who can least afford to lose a dime. The real estate investor class came back with a vengeance that is going to destroy everything again unless they are stopped. 0_o
In the USA you can get a fixed rate for 30 years, but in Canada the maximum term for a fixed rate is 10 years, most people usually get a fixed rate for 5 years on their mortgage...
@gymrat9072 last year I traded a 5 year fixed mortgage 2.78 percent with 3 years remaining to a blended 5 year fixed rate of 3.48. Only paying 130 dollars a month more but at least i have 4 more years of protection
![[Full] 4 ต่อ 4 Celebrity EP.920 | 3 พ.ย. 67 | one31](http://i.ytimg.com/vi/KwiW2M_kAg4/mqdefault.jpg)
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
I use Margaret Johnson Arndt she’s highly qualified and experienced in the financial market. I recommend researching her credentials further because she has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you. I will search on her site online and do my due diligence. If She seem proficient. I write her an email and scheduled a phone call.
What i have notice is everyone is trying to locked in a fixed rate no one is saying what causes ths situation to get out of control really and truly the whole world is experiencing trouble there is war everywhere and you fellas expect the system to run smoothly you guys better gear up for the worst there will be war with Ukraine and Russia for a long time same goes to Israel and Hamas there will be an issue coming shortly with the dedollarization its time to be debt free get rid while it has a value or suffer in the long term.The time for investment with stocks is over you will wake up one morning and everything is wipe out the system is design in such a way there a thousands of canadians who are suffering as we speak with mortagages is a matter of time before everthing is reveal the US is being kicked out of evry country and continents.Take note
This is a Canadian video, 30 year fixed rate mortgages are no such thing.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Those same 34% laughed at us who didn’t want to pay $4000/month for a $900,000 mortgage for a house that’s worth $600,000.
There needs to be a reset, our economy based on debt, speculation and fomo needs to be put to rest.
Lockdowns artificially shot that price up from 600k to 900k because of a huge sudden demand for more space. Plus people could suddenly work from home so could live anywhere.
What happened to the days when you get a 25 year mortgage at a percentage rate that you can set a budget on for the next 25 years? Now, you have 3 and 5 year mortgages based on 25-30 year amortization. Extending amortization is not a solution.
We bought in 2010 when Harper was PM. We had affordability. With Trudeau affordability is dead
More people regret stuck in Canada with FJT
My mortgage went up 600 a month we are skipping meals and not eating healthy. I pray Trudeau loses the next election its Canada's only hope
While in Ireland in the late 1990’s, I took note many young and vibrate Irish found themselves in the terrible situation of carrying a mortgage that was nearly the size of the value of their homes, akin to the present situation in most of Canada. Things in Ireland has not changed very much, except the top 10%. Schwab’s statement that, “by 3030, you will own no home, and be happy”, is a lie from the depths of hell - we will be miserable. As a 79 year old senior, I was just lucky to now being mortgage free. Stick in there young Canadians and start, “not trusting” our present “shitheads” who run this country.
Just pay cash in the first place.
BoC and the fed told everyone the rates would stay low. They told Canadians to buy. People believed them. Lesson learned.
I didn't regret it but got fixed.
Yup and Pierre warned everyone but the liberal sheep ignored him
Do not put your trust in no man. The only one changed not is our Almighty God.
Learn the banker away lie
5 year adjustable rate mortgage are only sustainable if debtors are committed to paying down principal as aggressively as possible. My Ottawa residing sister did that in order to be mortgage free by retirement time. One car, in home daycare provider, fierce yard sale and estate buyer, weekend trips vs week long vacations, every cent accounted for from every paycheck.
I say a 100% no to extending mortgage amortizations. This just kicks the can even further down the road, and the problem of housing affordability only gets worse
That sounds a tad harsh, but hey everyone has an opinion I guess.
so you want people to lose their houses so you can have one? its basically supply and demand why you cannot afford a house
@@PatrickHood-ww3brthe problem is that low internet rates push unwise people to overpay far above normal levels. Now housing is not proportional to what people make. It’s impossible to buy a house now on a single income….10 years ago it was not impossible. Longer amortization periods perpetuate this disparity and lock you in to providing more income on interest for the banks. There has to be a point where people don’t make a purchase if they can’t afford it, but unfortunately, our modern society is all about excess and buying more than you actually have in your bank account. Soon we’ll all be just as dumb as the Americans.
Similarly higher interest rates and already fix amortization on which you agree to take loan are also part of the game , why you are now crying to get relief?
@@PatrickHood-ww3brneither can the current homeowners obviously so what's your point
Be greedy when others are fearful, and fearful when others are greedy.
ok boomer
@@BrokeCanadian username checks out.
Panic buying during the pandemic and low interest rates. The BoC should have raised the rates before this happened.
exactly
Sure
They should have raised the rates in 2008
Agreed but there was no need to raise it back then because the government hadn’t started to print billions
They couldn't. Do you know what rising CAD rates do to our primary source of trade? We do not live in a silo, this is a global economy.
This is what happens when you prop up the economy on housing instead of productive manufacturing and services.
No that’s what happens when you have an incompetent government that over stimulates the economy and add useless carbon tax on top of it.
Locking in low rates are only good for 5 years, then you renew at the going rate! CMHC has done a great job of financially screwing ignorant home buyers! By extending the amortization of a mortgage will mean you are almost renting from the bank rather than paying off your mortgage!
34% of Canadians rolled the dice and didn’t do their own mortgage stress test. Lenders are always willing to lend you enough to drive you into bankruptcy, it’s up to you to have more conservative standards than what you qualify for.
100%
variable rates now proven as the bad decision for many..
Let them sink ,you gambled and you lost .Case closed .😝
Not true ...getting mortgage is no easy....even b mortgage is tough to get if you failed to show enough funds in ...
i've been over leveraged for 15 years always variable .. up 1 million in equity. times are tougher big whoop if you dont have the balls stick to an ETF.
I am a first time buyer and I have been waiting to pounce on a foreclosed property for a while. Give it a year
It won’t happen but keep dreaming.
@@jenkins5265 : Already happening, I will buy your home
Nope not happening
It's not worth the stress. Sell and downsize or move further away to something more manageable.
Ha - consumers need to look in the mirror and take responsibility for their decisions.
im in the wrong generation to start a family, the canadian dream is a thing of the past.
In stead of helping Canadians be able to afford to have children they made it literally impossible for most. Meanwhile they are bringing in foreigners with as many as 5 6 or 7 kids that alot are ending up in housing and on assistance. How does that make sense
it was killed by Trudeau
@@missf4681exactly ! And meanwhile you and me have to work to pay taxes so the gov takes our money and gives it to them ! and alot of $ per kid !!! What kind a crap is this who the f are we working for !!!
There's no more nice cities to go to. Ages ago these cities were bountiful.
Early millennials were the last generation to get into a decent housing market, future generations are screwed
Almost 65% are HAPPY about the mortgage. That’s nice !
I am sorry. Doing anything that doesn't result in the pain required to return housing prices to a reasonable level is just short sighted. Housing costs (rent) are included in CPI and have been risen astronomically by landlords to cover their horrible debt situations. Let it ride.. keep the rates high and finally the market will be flooded with homes that investors and overstretched homeowners can't keep. Pain is part of the cycle. It sucks for those who go through it, but nobody forced them to buy anything.
Normalized rates will never support costs as they are, and in fact - having so much money being required to service debt - will only make the economy worse as people can't afford to do anything but eat and pay for their house. It is a recipe for a major problem.
Loolool, I called this few years ago.
curious would that 34% they prefer to rent instead of own? I believe this applies to people who bought in expensive areas outside their means. I bought a modest small home.. I don't regret it because renting for me would be more expensive even once my rate goes up I'm still better off owning... so who are these 34%?
Fools!! Everything that goes up comes down, and vice versa.😮 Consumers know exactly what they were gettting. Excuses, excuses.
I'm a simple person, if you can't afford to buy a place with cash after saving for 5 years - it's unaffordable for you and you shouldn't buy it and live in that area
Landlords today are pulling out of the rental markets. With high interest rates and higher property taxes housing is becoming a bad investment under Trudeau.
The 6 month inflation is below 2 percent. If the trend continues, expect a slight interest rate cut to start, especially with real gdp being so low
Haha. That's nothing. I regret mine for totally different reasons. Some of us are "house people" and many of us learned the hard way we are not. Neil DeGrasse Tyson talks about black holes. Just get a mortgage and meet the black hole that will swallow you savings!!!!
Don't regret the mortgage as much as "variable rate". Fixed rate is the only safe thing.
Long Amortization = you make Big Banks and Private Banks more RICH. SHAME on you News Reporters
Vote for Conservative election time.
will do 100%
100% regret voting Trudeau.
Will be 100% once all the fixed terms roll over
love how it opens with the 2mill$+ Annex home and the 90k Beamer... average Canadian stuff
Lesson never trust a banker
I had zero faith in the current government to keep deficits, inflation, and interest rates low. This is vindication. I will not take on debt like this until we have serious fiscal decision makers back in Ottawa.
I've been warning everyone since 2015.
The only solution for young Canadians is to hope for house prices to crash. That is what the governments should aim to do. If the governments care for the future of Canada, look after the youth!!
Good luck with that.. you're still going to be paying 6-7% on a $600,000 plus mortgage
Crazy time and all trust the Federal government and we are in trouble now wowwww.
Helluva hangover, ain't it? Debt snorkeling Canadians. Hopefully they've learned this time.
During the pandemic people hurried to buy a home know with high rates people are struggling with payments. Lot of people are leaving Canada to find more affordable place to live. Italy has affordable homes but there homes are falling apart it will cost u more mo why just to fix them up
Oust Trudeau, make Canada better again
When I bought in 2017 I dint regret it, but after $700 month increase when I renewed I do! Thx JT
Bet you voted Libs and will again?
@@kmm1863 I bet your a immigrant living off our social systems 🫢
JT doesn't set interest rates.
@@zomgoosenope you’re correct but his government printed billions of dollars and that’s one of many liberal blunders that have caused inflation.
@@zomgoose : Pierre Poilievre does?
Realtors are the root cause for housing market when they were displaying over asking price, nd govt never asked these hungry pigs for actual price
But way better than a rent.
keep mortgage rates up
Variable rates are killers. As soon as there were rumours about interest rates being hiked last spring. That’s when people should have locked in with 5 year mortgages.
Instead they do the opposite. Now that rates are higher they are locking them in. These rates aren't even actually that high. But when you borrow at 2%, it doesn't take much to go to 4% and screw you up! People and money. Some are just not very smart with finances.
@@JayandSarah yes you’ve demonstrated that on many comment sections
Regret is going to RISE
Financial literacy lmao looks like too many people drank the kool aid and wanted to be in “real estate”
Hate how the adults turned housing into a commodity in the first place.
That's what happens when you never grow up
no that's what happens when you abide by widespread predatory business policy 1:51
50% of Canadians regret voting for Trudeau. There. Fixed it
Still they can sell , pay the penalty, and rent with money lift.
I don't regret it, moved outskirts and bought in 2023 beginning. You buy what you can afford and prepare for the rainy days.
Good idea,I support. Can you please advice on which outskirt is cheap to move in presently?
@rebeccahillsares8253 Cheap is a strong word, I would rather say much less priced. For instance, 2 bedroom brand new condo, 750 Sq ft range in Abbotsford/Mission area is under or touching 500k. Whereas, the same condo would in Vancouver area 1 million. Outskirts in BC would be Abbotsford Mission and Chilliwack is currently much less priced comparing to Vancouver for either rent or own. I see 2 bed renting for 4k in Coquitlam but the same would be touching 2k in Abbotsford. Ontario has outskirts and they about the same price as outskirts in BC. Or people can consider Edmonton if they want detached homes. That's basically my take. Outskirts has more nature, lakes and overall more relaxed lifestyle, less to no traffic within city travel but going to core city would be 1hr ish drive. Mission also has the Westcoast express train. Some public transit is there in outskirt as well. Wish you luck in your search.
@@brownnomad6805 Thank you😊.
@rebeccahillsares8253 Another perk in outskirts are taxes are 30% ish lower comparing to core. Gas price is about 20 cents per liter less as well. The closer you are to core the more you will pay for anything.
Yeah I agree, tell this to the people in Toronto who pay over 1 million for a house, when you go 4 hours north price is 3 to 400k
Don’t amortize. This props up people in housing who don’t deserve them, and keeps people out of housing who can’t afford prices that are fantastically inflated. This market needs to crash.
Nobody complained when the interest rates went to zero...where else could it possibly go...into minus, so the bank is paying the mortgage holder every month? Was cr0zy to watch ...every time they lowered rates, real estate prices would go up 25%. Its very obvious gramma's 1965 bungalow is not worth 850k. etc. Its out of touch with reality.
There problem. What was the rush to buy a home. Probably paid over
Don't worry about it Trudeau has our backs
Did people really think that rates were going to go even lower?..or remain the same forever?
look at the people in the back
Only 34% regret their mortgage choice. More interest rate hikes incoming
I’m so happy to hear this
im a stupid new home owner that paid way to much for my house can evrybody please feel sorry for me millennials how did they become so stupid
Loan sharking
I don't think even 1% likes it 😂
The market has changed and sellers on the market are pricing their home way too high. Buyers are coming in with low ball offers and Sellers get upset with the offer. Some agents don't know how to work in this market.
Take the pain for a bit longer...
People don’t regret the appreciation on their asset. Suddenly is all a regret. The economy going straight to recession but not unemployment.
How about measures to curb property speculation rather than bludgeoning ordinary homeowners with the blunt instrument of rate hikes when it known that most homebuyers will opt for a lower variable rate for affordability? Banks are in the business of profit, so extending amortization simply locks people into lifelong mortgages.
Most people never expected or understood how variable rate works. Now that inflation has hit and BOC is trying to adjust the interest rate, people are regretting their short term decisions. I’m glad I got a fixed rate two years ago when looking at hindsight.
Same here got a 5 year fixed rate last year for 2.3
Nice one! @@jumbome7420
How can people be so financially illiterate? To not understand what you are doing with finances, boggles my mind.
How the hell do so many ppl not understand the word 'variable'?
But they voted Liberal 😂😅
“Interest rates are at historic lows"
Trudeau June 2020
It is a fact they WERE. The BOC Governor isn’t a psychic he can’t predict Putin would follow through on invading Ukraine.😂
@@Sam19509 Putin? Nothing to do with Justin Trudeau giving trillions of 'free' COVID benefits to Canadians??????
@@tailiu223COVID benefits drove some inflation. It also kept millions of people from becoming homeless, or starving. But that’s ancient history.
@@josephsmith594 Ancient history? Sure. Printing trillions will simply go away. It did not take trillions of money printing to keep people from starving, at least not in many prosperous countries.
@@tailiu223 The government could have also scrapped the carbon tax if they were so concerned about affordability, which has driven up food costs.
Yes, I know that corporate profits were record highs before anyone points that out. But that is what they do. They pass their increased costs on to the consumer, and then some to make even more profit.
The Liberals just keep taking more, and expect people to cheer when they give a little back, rather than just taking less to begin with.
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Wow that's huge, how do you make that much monthly?
I left Canada for high paying high tech job offered in Taiwan. I never looked back.
Canadians have a strong passport. It's much easier for Canadians to get a work permit than a lot of countries in the world. Just leave Canada for countries with affordable housing, accessible healthcare, future career promising job market and cheap cost of living. These countries include a lot of European ones such as France and Germany, or Asian countries like Singapore, Japan and Taiwan.
I think this rate hike is not a bad thing. This generation needed this rate hike
Im glad i outright own my home...I feel sorry for the younger generation.
It’s sucks and I’m one of the fortunate ones 😢
Thank god some people were sensible to lock their interest rates at 2.1-2.5%
I told my sister to do it but she listened to her more educated financial advisor and now she might have to sell her house
They still have to renew in 4 years!!
they dont think that far ahead, theyll complain "no one saw this coming" in 4 years@@SuzukiKid400
What about line of credits?
Thank you Mr. PM to make our life so colourful 😅
Every mortgage in Canada are variable, every single one
Sounds like predatory lending if people were not made properly aware of the risks.
Ya try saying that at a casino when you bet and lose. When will you liberals get it? Socialism doesnt work.
People often hear what they want to hear.
We were taught "caveat emptor" (buyer beware) in high school
Lenders being predatory is the default and if someone doesnt know this, then that person is hella retarded. And it turns out tons of Canadians are. 😂😂😂😂
So we have full grown adults entering into the biggest financial commitment of their lives. They didnt understand the terms of the mortgage, and they didnt understand that mortgage rates go up ? .
We have a growing sense in this country that if things go wrong well its the banks fault , the government , ect .
There is zero individual responsibility for anybody . You live in a capitalist free market system . There are huge benefits and huge downsides . You are responsible for how you navigate it , and when it goes wrong stop looking for a bail out
Welcome to the 2020s. Everyone is a victim, and everyone is naive about their entitlement to EVERYTHING.
Very well said
I know a couple people (adults) who racked up a substantial amount of credit card debt (10k+) on trips, partying and flashy cars.
When the hens came home to roost, they said it was not their fault because the banks "kept on giving the money"
I have ZERO compassion for people who live beyond their means. And thats A LOT of people these days
It's not shocking at all. I grew up with Trudeau #1 and saw what happened 40 years ago. Now Trudeau #2 is in. I knew this was going to happen. The Trudeauism is so good at phucking it up for homeowners is astonishing.
you can thank the liberal government for this. during the pandemic they were staying , keep buying, money will be cheap for a very long time, with no change in site!
It is simple math, sounds like Canadians cannot do math.
Remember when there were bidding wars going on? Lol. I bet a lot of people have some regrets that won those wars 😂
I do agree that the banks are into selling you a mortgage. But at the end of the day it’s up to the consumer to know his/her financial mortgage. I do like how the American have there bank set up where you can lock into a rate for 30 years. But I’m sure there is some draw backs with that to like selling your home. The problem is housing is looked as a commodity for people to make money and not a place to live.
I'll fix the title 34% of Canadians regret voting for Trudeau
Trudeau didn't even get 34 percent of the vote
going to the bank and not a broker is strike # 1
The remaining 65.9% rent
They deserve it! They were greedy thinking that renters will pay for their homes. Nice try!
A lot of people made bad decisions, putting money in an over inflated asset. Now reality is hitting them hard, should have never paid the ridiculous prices.
thats y i call these ppl retards
The price of the asset isn't the problem. The problem was that many took a variable rate mortgage when they had little to no capacity to pay if interest rates went upward on them. The problem is that these people decided to gamble with their financial future rather than lock in to a two decade long mortgage and stay away from the threat of rising interest rates. These people now want to blame anyone but themselves. Very convenient.
Thanks to present govt; if you don’t take an interest in the affairs of your govt; then you are doomed to live under the rule of fools..
Not worth the money one of the most over priced get rich buy sell buy sell buy sell housing markets in the world
There cannot be a scenario where intrest rates should be 0 .25% .
The rates were torpedoed because of the mortgaged backed securities stock market crash of 2008.
Rates were brought to near zero as a policy called Quantitative Easing, as a way to stimulate flattened economic activity.
Now, with the pandemic, have the inflationary pressures of an overcooked activity, especially in real estate where home values do not reflect the true value of the property being bought and sold.
They should not be near zero & they should not be 20% intrest rates.
Who is telling who the way things should be ? The money changers.
AI hasn't the answer to give stupid humans to figure out the right data that stops robbing poeple who can least afford to lose a dime.
The real estate investor class came back with a vengeance that is going to destroy everything again unless they are stopped.
0_o
Are you guys fn crazy giving more amortization..that's totally insane
If only they took the time to edit out the poofy poof.
Sucks to be them
Canada is FULL! Shut the door Justin Truedumb
I’m definitely one of those Canadians 💀
are you going to sell
@@chriswhynder8311sell what ? Crack
Get a fixed mortgage
In the USA you can get a fixed rate for 30 years, but in Canada the maximum term for a fixed rate is 10 years, most people usually get a fixed rate for 5 years on their mortgage...
@@ppiriou I know I am 🇨🇦 I got a 5 year fixed rate . I am almost done paying for it to .
@gymrat9072 last year I traded a 5 year fixed mortgage 2.78 percent with 3 years remaining to a blended 5 year fixed rate of 3.48.
Only paying 130 dollars a month more but at least i have 4 more years of protection