Well good. 5 years time this will all blow over and the gravy train can keep chugging along.
The Decline of Vancouver.
No mortgage now but Ime the thing to do was go variable for the lower rate at the time but then you gotta watch the rates like a hawk in case you need to lock in, I was wroking in a bank when the mortgage broker gave me the heads up, rates are going up lock-in !
just got my property assesment, values up 34% in 22 and 19% in 21,
crazy time
Posted by: Adam-West
Ya it's "5 year fixed" I think I'm sitting pretty with 2.5% They're definitely going to have to raise rates yeah, and I agree that it wont go to that extreme due to the ramifications that would do to the millions of people that apparently are 200 bucks a a month away from being bankrupt.
25 year mortgage on $300K at 2.7% is about $1,350 a month. If the rate is 6.7% it's $700 a month more. So it would definitely hurt.
The government has to borrow money to pay the national debt, which would increase the annual deficit, which on turn would mean higher tax rates.
So interest rates going up would cause financial stress for a lot of people.
Posted by: switch
Posted by: Adam-West
Ya it's "5 year fixed" I think I'm sitting pretty with 2.5% They're definitely going to have to raise rates yeah, and I agree that it wont go to that extreme due to the ramifications that would do to the millions of people that apparently are 200 bucks a a month away from being bankrupt.
25 year mortgage on $300K at 2.7% is about $1,350 a month. If the rate is 6.7% it's $700 a month more. So it would definitely hurt.
The government has to borrow money to pay the national debt, which would increase the annual deficit, which on turn would mean higher tax rates.
So interest rates going up would cause financial stress for a lot of people.
Meh my payment would only go up like 350.
But yes I agree that it would stress out lot of people that aren't as daft as me.
Posted by: tungsten
https://thetyee.ca/News/2022/01/07/Tax-Me-Says-Prof-Home-Jumped-Price/
He was on the CBC this afternoon, didn't come off too well.
Ha! Never see this in Vancouver.
So is this not the elephant in the room right now?
The Hedge funds in the USA are buying up homes like crazy. Happening here too.
Last edited by: bux-bux on Feb. 10, 2022, 8:36 a.m., edited 1 time in total.
Good episode on The Fifth Estate about the housing crisis in Canada focused on rental units.
I'm still renting a 1 bed suite at 31. One less affordable space for anyone low income. Waiting on the market to cool off a little, not so much asking prices but the bidding wars.
I am fearful of cashing out, downsizing to the boonies (SSC or Island), due to likelihood of bidding wars and loosing out on offers for a new location.
One less three bed/three bath family sized DNV townhome available for a young family to sink 70% of their income into. Our two cats love the space to run.
i had to wait 5 yrs after cashing out of PG, I was doing the caretaker gig in a house for low 300$ rent, couldn't quite buy another house, fortunately the Americans shit the bed in 08 and by 2010 the market had dropped to where I managed to get back in the market with no job in a house with a basement suite and I've never looked back
I been promoting the suite deal for yars and people don't wana but I'm thinking the prices have made it more desireable
Last edited by: XXX_er on March 14, 2022, 8:38 a.m., edited 1 time in total.
Posted by: heckler
I am fearful of cashing out, downsizing to the boonies (SSC or Island), due to likelihood of bidding wars and loosing out on offers for a new location.
One less three bed/three bath family sized DNV townhome available for a young family to sink 70% of their income into. Our two cats love the space to run.
We have been looking around also, Hate the idea of being homeless ( renting), there is fuck all avail anywhere we would want to live.
I heard the term but never really paid attention to what "a Vancover special " was, but according to this artical I live in one built in 77
even tho its not in Vancover, even tho the foundation is 3ft deep, it doesnt really feel like a basement,
the Vancover special was perfect to park the aging parents until they kick off
then you make basement suite
https://www.cbc.ca/news/canada/british-columbia/stories-about-here-vancouver-special-1.6434818
"Its key feature is a low-pitched roof, which, compared to steeper roofs, required fewer materials — and was therefore cheaper to build.
But the Vancouver Special wasn't just cheap: its first floor also exploited a loophole, allowing it to be larger than other homes.
In the 1960s, if you wanted to construct a house, there were limitations to how much square footage the first floor could occupy.
But basements were not included in that calculation, and Cudney took advantage of this by building his first floor 18 inches below the ground — just enough for it to qualify as a 'basement.' "
Last edited by: XXX_er on April 30, 2022, 10:59 a.m., edited 2 times in total.
I think basement depths can vary but you generally know a Vancouver special right away. I thought they are generally defined by the layout where:
you come in the front door to what's usually a fairly small landing with stairs leading up and down.
The stairs going up will take you to the kitchen and living room opposite each other on one side
Then a hallway with usually three bedrooms and a bathroom.
People reconfigure the basements more often but generally another bedroom and bathroom, laundry room and a large rec room.
The common "upgrade" is to extend the front of the house so the entry is more of an mud room. I grew up in a Vancouver special and it was a great layout for our family of 5 except for the tiny entrance.
Our last two houses we've avoided them though just because there's no real character/they're a bit generic, but functionally they're great.
Last edited by: Kenny on May 1, 2022, 6:54 a.m., edited 1 time in total.
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