Mad Mike
Well-known member
I can afford avocado toast, I can also afford coconut-merengue-saffron-IPA craft beer. I've cut both out of my diet.
Some things are not about the money.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Some things are not about the money.
Ugh...I may have made an error going variable from my 2.79% fixed....
financialpost.com
Posthaste: Chances of 75 basis-point rate hike from the Bank of Canada just went up
'The chance of the Bank of Canada following through with its hint of a larger 75 bp interest rate hike in July have risen'
financialpost.com
Meh, you win some you lose some. BoC is on crack. I expect they will drop quickly when they decide it's a problem. They are like a drunk driver over-correcting as they realize they are not on course and hoping they make it to safety before they crash. Pretty appalling performance actually. Also, like a drunk driver, you can try to predict where they are going but things can change at any second for no reason at all.Ugh...I may have made an error going variable from my 2.79% fixed....
Posthaste: Chances of 75 basis-point rate hike from the Bank of Canada just went up
'The chance of the Bank of Canada following through with its hint of a larger 75 bp interest rate hike in July have risen'
Ugh...I may have made an error going variable from my 2.79% fixed....
Posthaste: Chances of 75 basis-point rate hike from the Bank of Canada just went up
'The chance of the Bank of Canada following through with its hint of a larger 75 bp interest rate hike in July have risen'
I went variable for the first time so of course I’m going to to get screwed
Sent from my iPhone using GTAMotorcycle.com mobile app
If it makes people feel better, I went fixed in march 2020 for a 0.75 rate cut. I didn't expect rates to drop so much. From 30 days later until today, I would have been cheaper on variable (well paid more principal, payments are fixe). Bollocks. Renewal in early 2024 will be most likely be variable. At that point the crack whore in charge shouldn't be able to go up anymore.
I'm not too worried YET....current payment is $850...my fixed payment was $980.
If things start getting worse I'll deal with it as I can basically weather around $1200/biweekly before I start getting worried and looking at options.
If I had the $ inside of TFSA/RSP/LIRA I'd just pull everything and pay the house off. I'm about 150k shy after taxes / withholding fees. So it doesn't make sense. Plus the penalties and tax needing to be paid would be ridiculous.
The upside is getting out of variable is far cheaper than getting out of fixed. When rates plummeted I looked at what it would cost to break my fixed. I could have bought a car for that much money.
Same...then when rates started climbing up above my 2.79% the cancel fee was 3 months interest...
And I thought I was so smart.
Toronto Housing Crash Up To 36% In Some GTA Suburbs Since February 2022
A Toronto housing crash has shaved over one-third of value from the average home price the first two quarters of 2022 for some communities,
thedalesreport.com
IMO, too much over reacting on the news right now...
Numbers are interesting but whether they matter isn't all that simple. For instance, King dropped from 3.2 to 2.1. It's not that an individual house in King dropped from 3.2 to 2.1, it's likely that the 5M+ market either pulled the listing or didn't sell. As with most stats, median is more interesting than average but reported far less often.Toronto Housing Crash Up To 36% In Some GTA Suburbs Since February 2022
A Toronto housing crash has shaved over one-third of value from the average home price the first two quarters of 2022 for some communities,
IMO, too much over reacting on the news right now...
EDIT:
FWIW, lots of listings around me right now at similar to historic high price levels. Some are selling for those prices, some are delisting and others are cutting hundreds off the price (but I haven't seen one sell after the price cut so maybe that is pretend and they want the original price).
Just make sure to factor in the tax deduction on the student loan in the calcs (if your's is).I'm focusing on paying off the rest of my student loan due to the upcoming interest rate hikes. Car loan is gonna be squashed early next year. Downpayment fund is outside of stocks and sitting in some GICs.
Hope this plan pays off
GICs!? WTF!? What happened to GME and diamond hands???I'm focusing on paying off the rest of my student loan due to the upcoming interest rate hikes. Car loan is gonna be squashed early next year. Downpayment fund is outside of stocks and sitting in some GICs.
Hope this plan pays off
Student loan interest is tax deductible? Today I learned. I cleared it before they charged interest.
COVID got boringToronto Housing Crash Up To 36% In Some GTA Suburbs Since February 2022
A Toronto housing crash has shaved over one-third of value from the average home price the first two quarters of 2022 for some communities,
IMO, too much over reacting on the news right now...
War is getting boring
Biden is boring
What else they going to talk about? Unicorns and rainbows? (My daughter would love it)
It was at one point I assume it still is. I actually cleared mine the first time around before I graduated with co-op and working part time money...
I got my daughter a rainbow unicorn costume. She has decided it is pajamas or clothes. It is not used as a costume. Whatever, she isn't naked when she leaves the house, parenting successful.
Yup…we also have a unicorn outfit that is on from morning to night. It’s adorable.
Do they make the rainbow unicorn costume in adult sizes, asking for a friend.... 
Why does your wife make you wear that??
The % drops are intersting , and of course the highest prices are seeing the biggest drops , kind of makes sense. If the BoC really has a crystal ball when they say mortgage payments could be 30% higher in 4-5v yrs , there will be a lot of properties for sale.
The % drops are intersting , and of course the highest prices are seeing the biggest drops , kind of makes sense. If the BoC really has a crystal ball when they say mortgage payments could be 30% higher in 4-5v yrs , there will be a lot of properties for sale.
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