What's a millennial to do in this housing market?
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Thread: What's a millennial to do in this housing market?

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\r\n Mortgage u/w\r\n \r\n
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\r\n Quote Originally Posted by DollaWine\r\n View Post\r\n
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Mortgage u/w, we don\'t necessarily feel pressure to move out. None of our friends really have. But they\'re also all either not making good money, in student loan debt, or both. We\'re making pretty good money for our age, both very frugal and both debt-free with emergency money saved up. We want to rent - this real estate market isn\'t attractive at all. We\'re just unsure about rent + save a good amount or stay home + save a GREAT amount. Ontop of that, there\'s the whole social/emotional side of it. Like I mentioned, we\'ve been dating for 5 years but have never lived together... there\'s certain strains and things we haven\'t been able to fully experience yet because we live apart.
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I hear you.
\nThe best advice I can give is to buy an average property that has a rental income suite. This will offset your payments and provide a good income supplement down the line.\r\n
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    \r\n Quote Originally Posted by Mortgage u/w\r\n View Post\r\n
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    I hear you.
    \r\nThe best advice I can give is to buy an average property that has a rental income suite. This will offset your payments and provide a good income supplement down the line.
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    This is something I\'ve given some thought to - buying a townhouse and living in the basement while renting out the upper levels. But, even still, everything in Toronto is overpriced! So it wouldn\'t be wise to buy a townhouse right now if it might stagnate in value for the next few years, or quite possibly even go down.\r\n
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    \r\n Quote Originally Posted by DollaWine\r\n View Post\r\n
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    So it wouldn\'t be wise to buy a townhouse right now if it might stagnate in value for the next few years
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    Well, contrary to what Canadians got in the last 10-15 years, a home is not supposed to be a wonderful long-term investment according to statistics for a long-term period.
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    \nIf the outcome is "stagnate in value"\', I don\'t see why someone would not buy IF they want a home AND they are ready to pay the annual recurrent costs associated with one (taxes, maintenance, utilities, etc.).
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    \nThe potential issue is buying a home at a high price and needing to sell at a lower price in the future (or regret not waiting to buy at a lower price...)
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    \nI had similar thoughts in Montreal area in 2012 (milennial that thought that prices were too high...). I decided to buy for personal use. Since then, mostly stagnation in my area ... jealous of people in Toronto/Vancouver, but I never planned to move anyway. I am happy my house does not seem to lose value at least.
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    \nFor a property with a rental income suite, I would check the price difference with a property without one, since the ones with income suite seem really popular in GTA area.
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    \nI agree with the "live together before marriage" idea. I would not buy a home /marry before living with someone. You can learn a lot by living together 24 / 7... real life!
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    \nIs renting throwing money away? Well... try a divorce and tell us after how expensive it is \r\n
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    \r\n Quote Originally Posted by cashinstinct\r\n View Post\r\n
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    \nFor a property with a rental income suite, I would check the price difference with a property without one, since the ones with income suite seem really popular in GTA area.
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    \nI agree with the "live together before marriage" idea. I would not buy a home /marry before living with someone. You can learn a lot by living together 24 / 7... real life!
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    \nIs renting throwing money away? Well... try a divorce and tell us after how expensive it is
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    All very good points.
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    \nI had a nasty financial "wakeup-and-smell-the -coffee " bath in divorce court after 22 years of marriage.
    \nPeople change, situations change. It cost me $50K
    \nin legal bills up to the time of divource + 8K in interest on outstanding issues from time of separation to time of divorce on property and equalzation payment to the Ex. Her lawyer calculated the interest penalty from Sept 1, 1994 to April 10th 1998...4 long years of dragging it out with lawyers and finally into the divorce court.
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    \n I went through 3 lawyers (fired the first two for not paying attention to my case, yet very eager to bill me hundreds/thousands for their professional services.
    \nI survived that scary unforseen episode in life, at age 52, fortunately for me, I was still working at the time and managed to recover after about 5 years with my mother\'s help. She came in as 50% owner of current principle residence and with her help , I managed to buy a semi and pay it off after 8 yrs by cashing in my RRSPs to pay of the mortage.
    \nIts a real eye opener in divorce court...the person that you trusted for many years becomes your adverserial "enemy" and it all boils down to dollars and cents.
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    \nAs far as buying a home in the OVERHEATEd GTA real estate market...you need to really be diligent. It\'s due for a correction, I don\'t care what any
    \n"expert" is saying here. I the economy turns sour, and jobs start to erode, real estate prices and affordability will be the first casualties felt.
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    \n My brother who lost his home in Brampton a few years back due to divorce as well, he survived and now lives with my mother. He also has experienced the
    \nharsh reality of what can happen as well to your future dreams.
    \nIn serious situations, your family is about the only people you have left that you can trust.\r\n
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    \r\n \r\n Last edited by carverman; 2017-03-10 at 06:20 PM.\r\n \r\n \r\n
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    \r\n Interesting interview about Toronto/Vancouver:
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    \nhttps://www.youtube.com/watch?v=7pkr86X8VBo\r\n
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    \r\n Macbeth\'s book is a very, very good read.\r\n
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    \r\n I\'m in this boat also, 32, live with gf in rented condo, north of $250k saved myself (gf will be in school the next 2 years, has <$15k).
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    \nMy point of view was that I wanted to only buy a house when it was time to put down roots (ie have kids). Otherwise, I would stay relatively liquid and not be tied to a leveraged bought property for investment purposes. I have been happy renting, but now rents are starting to creep up, and now property is high anyway.
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    \nI am looking at living in Europe for a couple years instead; I hold an EU passport, and always admired the lifestyle there.\r\n
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    \r\n Quote Originally Posted by rebel_ins\r\n View Post\r\n
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    I think a recession would probably trigger a crash, even if interest rates stayed at their current levels.
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    Agreed, a recession would trigger job loss. But where\'s this recession going to come from? Canadian economy is based is based in natural resources, energy and the financial sector. The oil sands and Calgary just got wrecked, there\'s no where lower to go. For the financial sector, the crash of 09 was pretty devastating but Canadian banks were the most resilient in bouncing back due to our conservative risk policies. Does it look like our financial sector is due for some cyclical recession again?
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    \nFinancialPanther, which part of Europe are you thinking? Some places are pretty expensive there too (Moscow, Paris, London, Monaco)\r\n
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    \r\n Quote Originally Posted by stryder1587\r\n View Post\r\n
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    FinancialPanther, which part of Europe are you thinking? Some places are pretty expensive there too (Moscow, Paris, London, Monaco)
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    I am open to anything really, this is temporary so it is really more career dependent and being in a major-ish city with good transit, English being a usable language, and airport access. I like Germany, Netherlands, Denmark. Girlfriend will be studying in Sweden, so Stockholm would be good.\r\n
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    \r\n It\'s really a bet on the interest rate outlook in Canada for the next few years. If you think the actual/contract mortgage rates won\'t hit 5% from the current 2-2.5% in the next decade then maybe buying will look smart in hindsight after 10 years.
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    \nThe inflation rate in Canada is manipulated. When our Loonie went down, everyone was complaining about ever increasing grocery food items, rent and housing is going up, hydro and electricity going up yet Stats Can manage to compute below 2% inflation rate. What products have we not seen go up in price because our Canadian dollar had depreciated against the USD? Inflation has to be reported low in Canada because most provincial and the federal government had been on a debt binge the past few years and increasing interest rates will mean more funds going to servicing debt.
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    \nCurrently, every payment on a 25-year amortization is 55% principal and 45% interest. This makes it look so much cheaper than renting but of course, you have potential building maintenance and there\'s property tax to pay.
    \n
    \nIt is really a crazy market out there.
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    \nThe good news is I think we are about to peak whether or not there is government intervention. Before the changes to mortgage lending rules, households were allowed to borrow 5.5x of their income. After the qualification at 4.64%, that factor may have dropped to 5x.
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    \nIf interest rates go up, that factor will keep decreasing.
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    \nLet\'s say the interest rates stay about where it is.
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    \nOnly 5% of Canadian households make $200k over. These households can afford to buy $1m+ properties but I\'m sure most of them have already bought a principal residence and may be delving on investment properties.
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    \nI think in the GTA (especially the suburbs), decent sized detached home will peak around $1.6m at the most, semi\'s maybe around $1.2, and townhomes around $1m. No way will it keep going up unless wealthy foreign buyers exert that much influence.
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    \nYou can see that is what\'s happening where the Durham area is now facing the higher increases because the prices are the cheapest within 100 km of Toronto. People are moving east because they can still afford to choose the biggest structure they can qualify for.
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    \nStock markets have hit all time highs so that\'s additional ammunition for people but the 20-30% returns on indexes is probably a thing of the past until after a minor stock market correction.\r\n
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    \r\n Can\'t predict the future but... A large chunk of GTA buyers are speculating. Houses are not really affordable, not even to people with $200K incomes. We need a sparkle and the whole thing will go up in flames. Interest rate rise, even a small one could change the balance. The rate is on the move in the States; Canada will follow with a 6-9 months lag.
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    \nChances are pretty good for a fall in the fall.\r\n
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    \r\n Can see a fall in the next year or so. If inflation picks up or maintains its rate then the BoC has no choice but to raise rates to tackle the increase in inflation.\r\n
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    \r\n Forgot to add something.
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    \r\n Quote Originally Posted by stryder1587\r\n View Post\r\n
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    For the financial sector, the crash of 09 was pretty devastating but Canadian banks were the most resilient in bouncing back due to our conservative risk policies. Does it look like our financial sector is due for some cyclical recession again?
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    Actually, our banks were effectively bailed out by the CMHC: http://www.macleans.ca/economy/busin...-bank-bailout/
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    \nAlso, a lot of people are borrowing from private lenders. In fact, homeowners were being pitched to become second lien lenders at the Real Estate Wealth Expo.
    \nhttps://onbeyondinvesting.com/blogs/...-didnt-have-to
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    \nI don\'t believe our banks will be in much trouble even in the advent of a crash, due to the taxpayers sharing the risk. However, the risk exposure of our entire financial ecosystem may be severely underestimated.\r\n
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    \r\n Found this on another forum, and it\'s too crazy to not share. An article from 1988 about bubbling housing in Toronto:
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    \nhttps://www.scribd.com/doc/314505251...liate&irgwc=1#
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    \nSome excerpts:
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    \r\n \r\n Absolutely everyone from cab drivers to chief executives has a story about Toronto’s crazy housing market. Politicians and tenants’ groups have declared a housing ‘affordability crisis’ – again – and have called for a tax on speculators’ profits to cool down the frenzy. Dark words are muttered about how foreign money is to blame.\r\n \r\n
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    \r\n \r\n In fact, the price explosion has occurred for simpler reasons. Mortgage rates are low… Residents of this huge, rich, expensive urban conglomeration have taken somewhat hopefully to calling their city ‘world class.’ But the price of being world class is ‘Manhattanization.’ Torontonians are getting a taste of the housing problems of the world’s major cities.\r\n \r\n
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    \r\n \r\n Owning a house is now the investment of choice for most of the middle class. Because inflation has outpaced wage gains for most of the decade, salary earners feel they can gain ground only by possessing property. The equity in a house provides – tax free – a major portion of most people’s retirement nest egg. To cope with the high costs, it’s become standard practice for house-poor owners to build and rent out a self-contained apartment.\r\n \r\n
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    \r\n \r\n For many Torontonians, the North American dream of home ownership has already faded, and they’ve joined the ranks of renters, probably for good.[/B] Those intent on owning will find themselves forced to think small.\r\n \r\n
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    \nSeems like deja vu...
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    \nBut the biggest x-factor in all this that makes it even worse:
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    \nObviously there are differences between now and almost 30 years ago, different economy, etc... but still interesting to see the similarities.\r\n
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    \r\n Found this article for a different forum debate...
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    \nhttp://www.huffingtonpost.ca/2016/03...n_9489000.html\r\n
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    I\'m not JustAGuy (without spaces), or Donald, or <insert name here>.
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    \r\n Cool article JAG.\r\n
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    Hidden Content - Working on a $1 million portfolio and $30k per year from it.
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    \r\n But leave us not forget, we are warned daily that all of Canada is in a housing "bubble". One day soon it will blow and those houses featured in the article cited by JAG will be available for purchase at the price of a coffee at Starbucks.\r\n
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    \r\n Real estate is not a fixed price market, unlike stocks. Even in a bubble you can find deals in real estate. They may not be common, but they are there if you look. I\'ve been picking up places 40-60% below market over the past few years.
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    \r\nIf you buy with the correction built in, your downside risk is significantly reduced. If you get into a bidding war, well people in a war generally don\'t come out unharmed.\r\n
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    \r\n Quote Originally Posted by rebel_ins\r\n View Post\r\n
    \r\n
    Forgot to add something.
    \n
    \n
    \n
    \nActually, our banks were effectively bailed out by the CMHC: http://www.macleans.ca/economy/busin...-bank-bailout/
    \n
    \nAlso, a lot of people are borrowing from private lenders. In fact, homeowners were being pitched to become second lien lenders at the Real Estate Wealth Expo.
    \nhttps://onbeyondinvesting.com/blogs/...-didnt-have-to
    \n
    \nI don\'t believe our banks will be in much trouble even in the advent of a crash, due to the taxpayers sharing the risk. However, the risk exposure of our entire financial ecosystem may be severely underestimated.
    \r\n \r\n
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    \r\n
    My friend purchased a detached home in Brampton 3 months ago for 740k. Initially the idea was to put 10% down. But he did not have enough cash so he put 50k down and mortgage was not approved for 690k. Then realtor got his mortgage approved and realtor charged 2% of the mortgage amount as commission. He is married and has two kids. He makes about 85k. He wife is not working currently but on his mortgage application they put income for his wife to get the approval.
    \n
    \nYesterday I came to know that couple other friends purchased home in Brampton for 820k from the same broker. Their spouses don\'t work so you can imagine how they got approved for mortgage..
    \n
    \nMy friends idea is sell in couple of years make 200k . so far people like him are in driving set. People are making free money..
    \nI am not sure how wide spread the problem is but I am sure gov\'t know this and they just don\'t want to stop the party.. I think foreign buyer tax will be removed in Vancouver after elections..
    \n
    \nIf there is slow down Canada can bring wealthy immigrants to improve the situation. For GTA, one side you have lake other side too cold so city expansion is only possible east and west.. so I don\'t think there will be crash. Look Calgary even after two years of slowdown there is no crash.. prices are not down much...\r\n
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  • \r\n'; pd[1520026] = '\r\n
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    Join Date
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    \r\n get an advance on your inheritance.\r\n
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  • \r\n'; pd[1520394] = '\r\n
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    \r\n My Own Advisor\r\n \r\n
    \r\n My Own Advisor is offline\r\n\r\n \r\n
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    Join Date
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    Location
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    \r\n Mortgage for $690k and making $85K...did I read that correctly?
    \n
    \nThat is nuts. #forevermortgage
    \n
    \nI keep saying this but I would love to see *interest rates go up. That would be great and start putting an end to this madness. It would reward savers too, finally.
    \n
    \n*It won\'t happen. BoC doesn\'t care.\r\n
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    Hidden Content - Working on a $1 million portfolio and $30k per year from it.
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  • \r\n'; pd[1520882] = '\r\n
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    \r\n Quote Originally Posted by My Own Advisor\r\n View Post\r\n
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    Mortgage for $690k and making $85K...did I read that correctly?
    \r\n
    \r\nThat is nuts. #forevermortgage
    \r\n
    \r\nI keep saying this but I would love to see *interest rates go up. That would be great and start putting an end to this madness. It would reward savers too, finally.
    \r\n
    \r\n*It won\'t happen. BoC doesn\'t care.
    \r\n \r\n
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    they would have to in order to maintain inflation.
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    \r\nalso would help if they introduced a foreign buyers tax. any non resident for tax purposes buying a house in canada should be subject to a tax.\r\n
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  • \r\n'; pd[1520450] = '\r\n
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    \r\n Quote Originally Posted by fplan\r\n View Post\r\n
    \r\n
    He is married and has two kids. He makes about 85k. He wife is not working currently but on his mortgage application they put income for his wife to get the approval.
    \n
    \nMy friends idea is sell in couple of years make 200k . so far people like him are in driving set. People are making free money..
    \n
    \nIf there is slow down Canada can bring wealthy immigrants to improve the situation.
    \n
    \nFor GTA, one side you have lake other side too cold so city expansion is only possible east and west.. so I don\'t think there will be crash.
    \r\n \r\n
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    ^nuts. There is no such thing as "free money". People are taking on a huge risk because the trend has been up for a while and they forget how it feels when the opposite happens.
    \n
    \nProbability of interest rates going up and of the bubble bursting within 12 months is actually pretty good.\r\n
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  • \r\n'; pd[1522506] = '\r\n
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    \r\n Quote Originally Posted by mordko\r\n View Post\r\n
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    ^nuts. There is no such thing as "free money". People are taking on a huge risk because the trend has been up for a while and they forget how it feels when the opposite happens.
    \n
    \nProbability of interest rates going up and of the bubble bursting within 12 months is actually pretty good.
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    I think we need to wait till December 2018 to know whether this is a good move or bad move..\r\n
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  • \r\n'; pd[1520458] = '\r\n
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    \r\n Quote Originally Posted by fplan\r\n View Post\r\n
    \r\n
    My friend purchased a detached home in Brampton 3 months ago for 740k. Initially the idea was to put 10% down. But he did not have enough cash so he put 50k down and mortgage was not approved for 690k. Then realtor got his mortgage approved and realtor charged 2% of the mortgage amount as commission. He is married and has two kids. He makes about 85k. He wife is not working currently but on his mortgage application they put income for his wife to get the approval.
    \n
    \nYesterday I came to know that couple other friends purchased home in Brampton for 820k from the same broker. Their spouses don\'t work so you can imagine how they got approved for mortgage..
    \n
    \nMy friends idea is sell in couple of years make 200k . so far people like him are in driving set. People are making free money..
    \nI am not sure how wide spread the problem is but I am sure gov\'t know this and they just don\'t want to stop the party.. I think foreign buyer tax will be removed in Vancouver after elections..
    \n
    \nIf there is slow down Canada can bring wealthy immigrants to improve the situation. For GTA, one side you have lake other side too cold so city expansion is only possible east and west.. so I don\'t think there will be crash. Look Calgary even after two years of slowdown there is no crash.. prices are not down much...
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    If your friends and their realtor are committing fraud by falsifying mortgage docs, you should maybe get new friends.\r\n
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  • \r\n'; pd[1520466] = '\r\n
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    \r\n One has to wonder how much mortgage fraud is really going on in the GTA right now. And by how much the banks are underestimating their bad loans.\r\n
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  • \r\n'; pd[1522530] = '\r\n
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    \r\n Banks know tax payers will bail them and none of them are going to be prosecuted ..why worry.. enjoy the party till the end..
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    \r\n Quote Originally Posted by mordko\r\n View Post\r\n
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    One has to wonder how much mortgage fraud is really going on in the GTA right now. And by how much the banks are underestimating their bad loans.
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  • \r\n'; pd[1522514] = '\r\n
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    \r\n Top to bottom everybody is involved in this scam including banks , RE agents , gov\'t people..
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    \r\n Quote Originally Posted by Mortgage u/w\r\n View Post\r\n
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    If your friends and their realtor are committing fraud by falsifying mortgage docs, you should maybe get new friends.
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  • \r\n'; pd[1523650] = '\r\n
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    \r\n Mortgage u/w\r\n \r\n
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    \r\n Quote Originally Posted by fplan\r\n View Post\r\n
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    Top to bottom everybody is involved in this scam including banks , RE agents , gov\'t people..
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    Although there are a few bad apples in every division to allow these scams to happen, your buddies will be the main culprits since they signed for falsified documents for their own benefit. Its only a matter of time that they end up in collections and lose the house since clearly, they cannot afford it.\r\n
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    \r\n http://vancouver.24hrs.ca/2017/03/20...ouver-victoria\r\n
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    \r\n Quote Originally Posted by fplan\r\n View Post\r\n
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    My friend purchased a detached home in Brampton 3 months ago for 740k. Initially the idea was to put 10% down. But he did not have enough cash so he put 50k down and mortgage was not approved for 690k. Then realtor got his mortgage approved and realtor charged 2% of the mortgage amount as commission. He is married and has two kids. He makes about 85k. He wife is not working currently but on his mortgage application they put income for his wife to get the approval.
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    \r\nYesterday I came to know that couple other friends purchased home in Brampton for 820k from the same broker. Their spouses don\'t work so you can imagine how they got approved for mortgage..
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    \r\nMy friends idea is sell in couple of years make 200k . so far people like him are in driving set. People are making free money..
    \r\nI am not sure how wide spread the problem is but I am sure gov\'t know this and they just don\'t want to stop the party.. I think foreign buyer tax will be removed in Vancouver after elections..
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    \r\nIf there is slow down Canada can bring wealthy immigrants to improve the situation. For GTA, one side you have lake other side too cold so city expansion is only possible east and west.. so I don\'t think there will be crash. Look Calgary even after two years of slowdown there is no crash.. prices are not down much...
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    How did the realtor get the mortgage approved? Did you mean mortgage broker? So basically they lied about her income, even though she\'s not working?\r\n
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    \r\n Realtors often have contacts in the finance area, especially ones that have been doing real estate for a long time. Remember that a realtor only gets paid if they sell a house, so it\'s in their best interest to find ways to close deals. For some, that means getting people what they want, no matter the cost. I know a few realtors who, like a used car salesman, can always find you financing...the interest rate may be astronomical (as in double digits), but the fools they sell to don\'t really understand math in the first place. These guys know which appraisers to call to get the right numbers you\'ll need, or whatever it takes...
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    \r\nThen, a few years later, when the purchaser goes bankrupt from the financial burden, they get the listing again and repeat the cycle...there are big commissions, fees, (kickbacks), interest rates, etc. Enough to go around for everyone...
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    \r\nIt\'s the same as any rent to own, pawn shop, speacialty used car place, etc. They serve a need...supplying "wants" to people who can barely afford "needs", but are to stupid to know better.
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    \r\nWe keep telling people they can live their dreams, and anyone can for a little while at least, until reality comes crashing down... we\'re probably doing people a disservice by doing that, it would be better to have them watch a rocky movie...
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    \r\n \r\n “Let me tell you something you already know. The world ain\'t all sunshine and rainbows. It\'s a very mean and nasty place, and I don\'t care how tough you are, it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain\'t about how hard you hit. It\'s about how hard you can get hit and keep moving forward; how much you can take and keep moving forward. That\'s how winning is done! Now, if you know what you\'re worth, then go out and get what you\'re worth. But you gotta be willing to take the hits, and not pointing fingers saying you ain\'t where you wanna be because of him, or her, or anybody. Cowards do that and that ain\'t you. You\'re better than that! I\'m always gonna love you, no matter what. No matter what happens. You\'re my son and you\'re my blood. You\'re the best thing in my life. But until you start believing in yourself, you ain\'t gonna have a life.”
    \r\n― Sylvester Stallone, Rocky Balboa\r\n \r\n
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    \r\n \r\n Last edited by Just a Guy; 2017-03-26 at 10:59 AM.\r\n \r\n \r\n
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    I\'m not JustAGuy (without spaces), or Donald, or <insert name here>.
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    \r\n Quote Originally Posted by mossman1\r\n View Post\r\n
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    How did the realtor get the mortgage approved? Did you mean mortgage broker? So basically they lied about her income, even though she\'s not working?
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    May be realtor has a MB who does mortgages for his clients..\r\n
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    \r\n RE and O&G are two of the largest employers in Canada.. O&G is down and no one knows when that going to come back up.. so govt will not take any measures to create troubles for RE.. % increase also may not happen in the near future unless US raises their rates to 1.5% ..\r\n
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    \r\n Quote Originally Posted by CrazyEights\r\n View Post\r\n
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    Save up money for your wedding first - as that is not cheap either.
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    If you\'re spending more on the wedding than you expect in gifts (cash/in kind), I would suggest paring back. In 20 years you are not going to regret having a more modest wedding.\r\n
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    \r\n Quote Originally Posted by andrewf\r\n View Post\r\n
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    If you\'re spending more on the wedding than you expect in gifts (cash/in kind), I would suggest paring back. In 20 years you are not going to regret having a more modest wedding.
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    \nTrue that, no one remembers your center pieces, decor, flowers, etc...\r\n
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    \r\n Quote Originally Posted by CrazyEights\r\n View Post\r\n
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    Save up money for your wedding first - as that is not cheap either.
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    Agree!\r\n
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    \r\n I agree with Just A Guy. I work in the downtown core, but I sure as hell won\'t move to Toronto. The prices are outrageous and I afford a much better life even with the commute into work. I still come out well ahead of some co workers living within walking distance paying outrageous prices for a shoe box stacked on shoe boxes.
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    \r\nMy advice..... Don\'t live in the GTA.\r\n
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    \r\n A comment on the wedding....a but unconventional but my wife and I dumped every cent we had into a down payment for our first house, then saved for our wedding, which occurred 3 years later. We had never lived together before, and she had only ever lived with her parents.
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    \nSmall wedding, less than 5K, and because we knew exactly what we needed, we asked for cash in lieu of gifts. We ended up generating enough cash to pay for our honey moon.
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    \n13 years after buying our house, our mortgage is paid off and we still have great memories of our wedding and honeymoon.
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    \nUnconventional, but we had the blessing of our family and I wouldn\'t change anything.\r\n
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    \r\n Quote Originally Posted by stryder1587\r\n View Post\r\n
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    Agreed, a recession would trigger job loss. But where\'s this recession going to come from?
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    A debt crisis could do it. Many high level bank execs - including CEOs - have expressed concerns about housing prices the last few weeks. The US has just hiked their rates, and more are expected to come. This should affect fixed mortgage rates in Canada - they should increase. Canadians are already close to their limits, with a debt to income ratio at 170%. If banks become more risk averse, they will tighten credit. If Canadians borrowing power is reduced, they will stop spending and will focus on debt reduction. This could very well trigger a recession.\r\n
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  • \r\n'; // next/previous post info pn[1468450] = "1513977,1468482"; pn[0] = ",1468450"; pn[1468482] = "1468450,1468498"; pn[1468498] = "1468482,1468522"; pn[1468522] = "1468498,1468562"; pn[1468562] = "1468522,1468594"; pn[1468594] = "1468562,1468602"; pn[1468602] = "1468594,1468586"; pn[1468586] = "1468602,1468610"; pn[1468610] = "1468586,1468706"; pn[1468706] = "1468610,1468730"; pn[1468730] = "1468706,1502937"; pn[1502937] = "1468730,1503097"; pn[1503097] = "1502937,1503377"; pn[1503377] = "1503097,1513873"; pn[1513873] = "1503377,1513937"; pn[1513937] = "1513873,1514017"; pn[1514017] = "1513937,1514201"; pn[1514201] = "1514017,1514249"; pn[1514249] = "1514201,1514257"; pn[1514257] = "1514249,1514305"; pn[1514305] = "1514257,1518786"; pn[1518786] = "1514305,1519730"; pn[1519730] = "1518786,1519898"; pn[1519898] = "1519730,1519970"; pn[1519970] = "1519898,1519994"; pn[1519994] = "1519970,1520002"; pn[1520002] = "1519994,1520026"; pn[1520026] = "1520002,1520394"; pn[1520394] = "1520026,1520882"; pn[1520882] = "1520394,1520450"; pn[1520450] = "1520882,1522506"; pn[1522506] = "1520450,1520458"; pn[1520458] = "1522506,1520466"; pn[1520466] = "1520458,1522530"; pn[1522530] = "1520466,1522514"; pn[1522514] = "1522530,1523650"; pn[1523650] = "1522514,1524698"; pn[1524698] = "1523650,1522154"; pn[1522154] = "1524698,1522362"; pn[1522362] = "1522154,1522538"; pn[1522538] = "1522362,1522554"; pn[1522554] = "1522538,1469074"; pn[1469074] = "1522554,1470041"; pn[1470041] = "1469074,1525106"; pn[1525106] = "1470041,1469833"; pn[1469833] = "1525106,1469529"; pn[1469529] = "1469833,1513977"; pn[1513977] = "1469529,1468450"; // cached usernames pu[0] = guestphrase; pu[310042] = "DollaWine"; pu[323618] = "CrazyEights"; pu[276641] = "Mortgage u/w"; pu[51968] = "My Own Advisor"; pu[45528] = "tygrus"; pu[45993] = "Just a Guy"; pu[303497] = "CalgaryPotato"; pu[40435] = "Spudd"; pu[290] = "cashinstinct"; pu[5118] = "andrewf"; pu[53917] = "james4beach"; pu[8614] = "lifeliver"; pu[2605] = "Saniokca"; pu[300569] = "madmoney"; pu[56581] = "Ag Driver"; pu[327650] = "hboy54"; pu[334938] = "mossman1"; pu[49690] = "protomok"; pu[46034] = "afulldeck"; pu[335201] = "stryder1587"; pu[317122] = "mordko"; pu[335682] = "ericho"; pu[462] = "rebel_ins"; pu[18649] = "carverman"; pu[130884] = "FinancialPanther"; pu[333866] = "internalaudit"; pu[319810] = "redsgomarching"; pu[319298] = "Mukhang pera"; pu[278304] = "fplan"; pu[336602] = "vivienne"; // -->

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    1. #12
      Senior Member
      Join Date
      Mar 2016
      Posts
      229
      Can see a fall in the next year or so. If inflation picks up or maintains its rate then the BoC has no choice but to raise rates to tackle the increase in inflation.

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