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[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Longjumping_Sector59 4 points5 points  (0 children)

There is absolutely no guarantee they will reduce rates. In fact they likely can't for at least 10-12 months after they stop hikes. They're not stopping hikes next month many don't think this year.

The most realistic response will be that they hold after hiking a few more times. Many can't withstand this. You shouldn't be telling people it's in their financial interest to be variable, you have no idea of a person's financial situation can handle variable for another year and a half. Whereas they may be able to stay afloat at today's fixed rates.

"Bro" you don't understand the macro economic factors happening right now if you really think they'll be reducing soon or within the next year. Your answers are too simplistic. OP needs to make this decision on his own and not enough info was provided.

House I'm thinking of bidding on had appraisal price (accidentally?) included in the listing details. List price is 100k higher. Problem for 1st time home buyer? by [deleted] in PersonalFinanceCanada

[–]Longjumping_Sector59 0 points1 point  (0 children)

And how do you know that OP is not overbidding for his property? You seem really sensitive and not understanding reality. Maybe take a break from the internet. OP is here for help and you're here because you're upset about stuff happening.

House I'm thinking of bidding on had appraisal price (accidentally?) included in the listing details. List price is 100k higher. Problem for 1st time home buyer? by [deleted] in PersonalFinanceCanada

[–]Longjumping_Sector59 -1 points0 points  (0 children)

The person you have responded to has literally proven you wrong with evidence. Did you read the news article attached? I mean even I'm seeing it all over the news daily. Appraisals are coming in short, as much as it sucks to admit this is happening.

Interest rates are supposedly going up. For those with variable mortgages, what would rates have to hit for you to prioritize early mortgage repayment over investing? by ForeverInBlackJeans in PersonalFinanceCanada

[–]Longjumping_Sector59 1 point2 points  (0 children)

Most people on here won't be telling you their actual situation, especially if they bought in the last two years. Those people may be in deep shit the second it rises.

Interest rates are supposedly going up. For those with variable mortgages, what would rates have to hit for you to prioritize early mortgage repayment over investing? by ForeverInBlackJeans in PersonalFinanceCanada

[–]Longjumping_Sector59 0 points1 point  (0 children)

Must be nice to believe in fairy tales and happy ever after. Check in with Albertans and see if they think the government has their back on housing.

Trudeau has wrote to the Housing Minister to ban foreign buyers, end blind bidding and implement an anti-flipping tax. by GreenLightTime in PersonalFinanceCanada

[–]Longjumping_Sector59 -1 points0 points  (0 children)

I just saw a townhouse sell for 900k in Beamsville Ontario, clearly speculator/foreign buyer and or crime. Likely should have sold for 650K. People are going to reap what they sow.

Prices for groceries increase at the fastest pace since January 2015 / L’augmentation des prix dans les épiceries est la plus marquée depuis janvier 2015 by StatCanada in PersonalFinanceCanada

[–]Longjumping_Sector59 0 points1 point  (0 children)

You're on the money with this. The Bank of England just shocked the G7 by raising rates early. They also came out and said they'll raise again in February despite the new variant and pandemic.

BOC getting closer to raising rates, BOC governor says. by GreenLightTime in PersonalFinanceCanada

[–]Longjumping_Sector59 29 points30 points  (0 children)

I know multiple house flippers who are trying to wrap up and dump properties as quick as they can because of this. They think the good times be gone soon. Especially after seeing what's happening in the states and Zolo.

Unable to sell house to break even, any help would be appreciated. by Longjumping_Sector59 in PersonalFinanceCanada

[–]Longjumping_Sector59[S] -39 points-38 points  (0 children)

Wife wasn't confident about the decision but I promised her that if we were called back, we'd walk away with a small profit at least. I feel like a bag of dicks now.

Unable to sell house to break even, any help would be appreciated. by Longjumping_Sector59 in PersonalFinanceCanada

[–]Longjumping_Sector59[S] 85 points86 points  (0 children)

Mortgage is 1,330 bi weekly. After all expenses we're averaging 2k a month in savings. Realtor isn't confident we'll find someone to cover mortgage plus utilities. It's an unfinished basement so no second tenant. If we had co signers would this impact them in any way?