Leaving FIFO got you another kid. That was probably a seven figure decision. On the flip side, if you stayed FIFO you might have lost your wife which would also be a seven figure issue. No winning.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
LoL pretty much! Well said.
I don't regret my decision...until I think about the 100k/year I left on the table lol
I maxed my rrsp as well but won't be touching it.
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ifiddles
Well-known member
don't everyone forget about CDIC and that investments, bank accounts, TFSA, GIC etc. are only covered up to $100,000 per institution...so if you have a bunch of stuff all with one bank, you may want to consider moving some or putting them in joint names...check out the CDIC website's online calculator...
www.cdic.ca
Deposit insurance calculator
This calculator can help you understand coverage. We will guide you through the steps. At the end, you can send yourself a copy. CDIC does not store this information so you can calculate any amount in privacy.
www.cdic.ca
If CIBC/RBC/TD/Scotia bails and loses all the deposited money, the country has much bigger problems than my money and CDIC. If I was using bob's save-all, I would be more concerned about security.don't everyone forget about CDIC and that investments, bank accounts, TFSA, GIC etc. are only covered up to $100,000 per institution...so if you have a bunch of stuff all with one bank, you may want to consider moving some or putting them in joint names...check out the CDIC website's online calculator...
Deposit insurance calculator
This calculator can help you understand coverage. We will guide you through the steps. At the end, you can send yourself a copy. CDIC does not store this information so you can calculate any amount in privacy.
It’s been a while since a Canadian bank fail , south of us not that long ago. I would be careful with smaller credit unions and trusts , still not likely to crap the bed , but likely to struggle .
However it has always been sound advice to not put all your eggs in one basket .
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However it has always been sound advice to not put all your eggs in one basket .
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Tfsa rrsp etc are not covered anyway.don't everyone forget about CDIC and that investments, bank accounts, TFSA, GIC etc. are only covered up to $100,000 per institution...so if you have a bunch of stuff all with one bank, you may want to consider moving some or putting them in joint names...check out the CDIC website's online calculator...
Deposit insurance calculator
This calculator can help you understand coverage. We will guide you through the steps. At the end, you can send yourself a copy. CDIC does not store this information so you can calculate any amount in privacy.
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ifiddles
Well-known member
@Scuba Steve yes they are...check out the calculator...mutual funds and stocks are not covered...
If you have a TFSA in cash, CDIC is the least of your problems.
blackcamaro
Well-known member
There is coverage for investment accounts but not CDIC it is CIPF. I don’t know much about it, I currently only have investment accounts from the big 5 banks and I don’t worry about them going out of business.
Good to know and look into for someone using a smaller brokerage though.
Good to know and look into for someone using a smaller brokerage though.
To be safe bank where the politicians bank. They'll never let it crash.
If there was an apocalyptic crash of all banks CIDC doesn't have enough to cover that basket of eggs.
All it takes for a bank to fail is for them to let a young wheeler dealer run a Pacific rim branch.
Barings Banks was a British merchant bank that collapsed in 1995 after one of its traders, 28-year-old Nick Leeson operating in its Singapore office, lost $1.3 billion in unauthorized trades. Barings was one of England's oldest merchant banks and at one point, even Queen Elizabeth II had an account with it.
2008. Need I say more?
The climate is causing havoc with insurance and therefore banking, floods and forest fires. One minute a multi-million dollar home with a view and next a bit of rubble on a mud flat or lunar landscape.
Howdy Neighbour, Good Luck on the sale. IMO the area is solid but the rule book just got burned.
We have no immediate intentions of selling but hope when we do the area's geography is a plus. Both downtown and out of town are workable.
Have you picked a new location?
I don’t reside there, it was my fathers house until late last year.
We’ll continue to rent in north york but are looking to buy a retirement property in Niagara region currently.
Such a good area. Congrats
It's a fantastic area. My parents live on the other side of Bloor St. We love that area and tried very hard to buy into it...unfortunately that was not possible.
I tend to shun things that don't have WSIB coverage. Maybe he builds that into his business plan.
Someone throws their back out and if you don't have WSIB coverage you feed and house them for life.
WSIB is more for the company to avoid long term payouts.
Mikedezo44
Well-known member
An old coworker contracted a new home build in an old neighborhood where they found an empty lot, all in for 1.2-1.3 mil (stoney creek near fruitland road) about a year ago and a half ago now. It's still in early stages as they had to wait a long time for permits. He listed his current house back in april-may with an out of town agent for 990 I believe it was, that agent failed to sell so now he has moved onto his second realtor a big seller in Hamilton area Rob Golfi for 990 again...that was 3 weeks ago. Slow slow market it has turned. If it was listed back in January other comparable homes were selling for 1.2 no problem.
Crazy he could have traded up to brand new home for an even trade but now will be adding 250-300k to his existing mortgage just by mis-timing the market by a couple of months. He is mid 40's with 3 young kids, Will have to be going to work until he's 70 at least. The 3 parents in his house from India that contribute 0 to bills or groceries aren't helping his finances either
Crazy he could have traded up to brand new home for an even trade but now will be adding 250-300k to his existing mortgage just by mis-timing the market by a couple of months. He is mid 40's with 3 young kids, Will have to be going to work until he's 70 at least. The 3 parents in his house from India that contribute 0 to bills or groceries aren't helping his finances either
48Connor
Well-known member
There's been two sales in my townhouse complex in the last month for just insane numbers and in <72hrs. Like people paying more for these townhouses than newer detached homes one block over.
I really think its the clientele - these places are catered to old people. Lots of older people up here with money after selling off the farm.
Market is weird right now - some places still selling high or sitting, no real deals from what I've seen.
I really think its the clientele - these places are catered to old people. Lots of older people up here with money after selling off the farm.
Market is weird right now - some places still selling high or sitting, no real deals from what I've seen.
I’m not sure inside the Gta there will ever be deals again. What I think is you’ll have time to consider what your about to do, look into financials, maybe get inspections if that’s important to you . What we will get is away from is the , make a firm offer in 20 mins or the guy behind you will . This calming is good for everyone, including sellers .
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