slickpete83
Active Member
true but with today's interest rates at +6% your monthly payments will be way higher then buying that at +$1 million with a lower rate and your hardly paying down any principal at 6%*
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slickpete83
Active Member
clever or crazy , you be the judge lol..
renting out the living room with fake walls OMG
renting out the living room with fake walls OMG
lenaitch
Senior Member
We don't get a really good look, but I imagine a building inspector, city bylaw department and possibly the condo board might have a field day with that.clever or crazy , you be the judge lol..
renting out the living room with fake walls OMG
slickpete83
Active Member
don't forget the $$$dining room $$$lol..money under the table
the year is 2025 and 2 million new Canadians later.. ,don't forget to rent the balcony for $1100 ($550 sharing) , just bring your own tent ,sleeping bag and electric heater. lol...
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evandyk
Senior Member
Easy access to the kitchen for midnight snacks!
Admiral Beez
Superstar
I can't imagine having a 35-40 year mortgage. It's insane, you're much better off renting if you're staying in TO and investing the difference between rent and a mortgage.
www.thestar.com
Paywall free: https://archive.is/WPeAd
Or, even better, get the hell out of the GTA and move to a city where housing costs are closer to incomes. Back in 1996 when I graduated university and got my first job, as the export sales manager for a confectionery firm I was even then looking at leaving Toronto due to housing costs, and began speaking to my customers in the USA, Australia and NZ about cost of living there, with the idea of asking one of them for a job. But I got married and settled into Toronto and bought our house here in the city, where we live today. But if I was a 25 year old in 2023, newly graduated with the same job, I would definitely be looking to leave Toronto to work for one of my customers outside of Canada. This city and much of this country is no place for young adults.
Do NOT as a 25-30 year old lock yourself into a 35-40 year mortgage. That's a lifetime, where you're almost 70 years old when it's paid off. Statistically, many of you will be dead!
Canada’s largest banks report another big jump in mortgages longer than 25 years
As of July, 43% of RBC’s residential mortgages had amortization periods of more than 25 years, with TD reporting nearly half with the same length.
www.thestar.com
Or, even better, get the hell out of the GTA and move to a city where housing costs are closer to incomes. Back in 1996 when I graduated university and got my first job, as the export sales manager for a confectionery firm I was even then looking at leaving Toronto due to housing costs, and began speaking to my customers in the USA, Australia and NZ about cost of living there, with the idea of asking one of them for a job. But I got married and settled into Toronto and bought our house here in the city, where we live today. But if I was a 25 year old in 2023, newly graduated with the same job, I would definitely be looking to leave Toronto to work for one of my customers outside of Canada. This city and much of this country is no place for young adults.
Do NOT as a 25-30 year old lock yourself into a 35-40 year mortgage. That's a lifetime, where you're almost 70 years old when it's paid off. Statistically, many of you will be dead!
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Admiral Beez
Superstar
That's crazy. My kid at Trent U. is renting in Peterborough and they have a two bedroom ground level flat located near the campus with dining room, kitchen, living room and nice overall condition for $1,400 a month total, or $700 a piece. I hope university applicants look at the cost of housing before choosing their schools of choice. Also at Trent, everyone's tuition includes a monthly transit pass, so there's no extra cost of public transit. They do it right in Peterborough. Now if we can just get a passenger rail service to Toronto....
money under the table
View attachment 501380
the year is 2025 and 2 million new Canadians later.. ,don't forget to rent the balcony for $1100 ($550 sharing) , just bring your own tent ,sleeping bag and electric heater. lol...
afransen
Senior Member
I started with a 25 year amort 7 years ago and have it down to 18. Probably will be paid off on under 15.I can't imagine having a 35-40 year mortgage. It's insane, you're much better off renting if you're staying in TO and investing the difference between rent and a mortgage.
Paywall free: https://archive.is/WPeAdCanada’s largest banks report another big jump in mortgages longer than 25 years
As of July, 43% of RBC’s residential mortgages had amortization periods of more than 25 years, with TD reporting nearly half with the same length.
Or, even better, get the hell out of the GTA and move to a city where housing costs are closer to incomes. Back in 1996 when I graduated university and got my first job, as the export sales manager for a confectionery firm I was even then looking at leaving Toronto due to housing costs, and began speaking to my customers in the USA, Australia and NZ about cost of living there, with the idea of asking one of them for a job. But I got married and settled into Toronto and bought our house here in the city, where we live today. But if I was a 25 year old in 2023, newly graduated with the same job, I would definitely be looking to leave Toronto to work for one of my customers outside of Canada. This city and much of this country is no place for young adults.
Do NOT as a 25-30 year old lock yourself into a 35-40 year mortgage. That's a lifetime, where you're almost 70 years old when it's paid off. Statistically, many of you will be dead!
Undead
Senior Member
Extended amortizations are a temporary situation for people on variable rate, fixed payment mortgages. Terms "snap back" to 25 years upon renewal.
It's just an accounting sleight of hand to prevent people immediately defaulting when rates rise. The hope being they can cough up the extra money at renewal.
It's just an accounting sleight of hand to prevent people immediately defaulting when rates rise. The hope being they can cough up the extra money at renewal.
slickpete83
Active Member
When Vancouver real estate prices were falling in 1982
Cryptopreneur
Active Member
It's interesting. All I see my fellow "young" Canadians on this thread and in Canada in general, is complaining about housing prices but I haven't see one "young" person talk about how they are increasing their income. I haven't seen one "young" person talk about their business ideas. It's all complaining, whining. Yet, they have endless hours to scroll on the zombie-app called TikTok and whine on there even more. Sure, you can't control interest rates, housing costs, electricity costs, etc. but 99% of you that in live in Canada have the utmost control over your personal decisions in life. It annoys me when I see people my age (25-30) complain about interest rates and how they won't ever be able to buy a home, yet all they do is go to work, come back home, and scroll TikTok or go on "date nights". Nobody is holding you down in your life but you. The winners don't sit around complaining about interest rates. None of this stuff means anything to someone that is hungry for success and is refusing to sit at home whining 24/7 about rising costs. Man the F up, get off social media, stop going on your sheep-cations just so you can have pictures to post on the fake ass social media apps, and focus on ideas so that when rates go up, you wouldn't even know because you don't give a F.
I know nobody likes the truth, so go on, make excuses about how life is not fair. Life isn't fair. But, if you don't take those chances, you'll never know.
I know nobody likes the truth, so go on, make excuses about how life is not fair. Life isn't fair. But, if you don't take those chances, you'll never know.
Admiral Beez
Superstar
We've seen your kind before.
Matt Damon Says He Did That Dumb Crypto.com Ad Because His Water Nonprofit Was 'Down'
The "fortune favors the brave" crypto Super Bowl commercial was used to finance water micro-financing nonprofit Water.org.
gizmodo.com
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Cryptopreneur
Active Member
Assuming my kind from my name?We've seen your kind before.
Matt Damon Says He Did That Dumb Crypto.com Ad Because His Water Nonprofit Was 'Down'
The "fortune favors the brave" crypto Super Bowl commercial was used to finance water micro-financing nonprofit Water.org.
If you take any supplement in Canada, you're likely buying from one of my brands.
I've seen your kind before too pal.
Admiral Beez
Superstar
I'm not, but I wish you continued success. It's the knocking people down to bring them up that I disagree with. That's the kind I'm referring to, and whom Tom Vu exemplifies, "look at my success, if you work like me, you too can have this, if you don't, you suck and deserve your fate," etc... all while exuding (and I'm not referring to you here) a whiff of scammery.
Housing in Canada needn't be a zero zum, win-loser game. The whole point of having a government is to ensure the people have services (infrastructure, education, healthcare, etc), safety, jobs, food and housing. If the federal/prov/municipal governments would do their job and manage the supply/demand of population growth to housing supply the affordability issue will begin to reduce. In 1998, at aged 27 my new wife and I bought a 5 bedroom semi-detached house in downtown Toronto for about $290K, equal to 4.5 X our combined $65k household pre-tax income. That was 25 years ago, times change, but it shouldn't be that in 2023 the same 27 year old couple making a combined $120k pre-tax (that's 45% above the average Ontario household income of $80k) now need 10 to 15 X their household income to afford anything but a condo.
We can't have government and industry screw up the housing market through mismanagement of supply/demand and then tell the next generation of young adults to just work harder.
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Cryptopreneur
Active Member
Fair, I understand your point but I wasn't knocking anyone down. It just pisses me off when people complain and you find out they're not doing sh*t about it.
Also, the whole "buy a home" societal dogma is something I don't agree with. But, that's another thread.
To your point, I don't disagree with you that Government is an issue. Just look at some pictures of Trudeau with known Chinese criminals that own hotels in Markham, ON. If you're interested, search up the owner of Edward's Village in Ontario. Then find his picture with Trudeau. Then research a little about him and you'll see where the problem is.
Canada is a hub for money laundering and the only thing we can offer is Real Estate. We depend heavily on exports and given our sh*t currency, we always get the end of the stick. Our politicians are incompetent and worried about useless stuff like pronouns for kids. Known CRIMINAL families are buying development lands with dirty money. This is not a myth. This is a fact. You have 4-5 major single family residential developers in Ontario. 3 of them are the SAME family that "made it" because their great great grandfathers took action. The houses they build are sh*t. They don't care about anything because they don't need to. They do the bare minimum and somehow that's okay with our shi*tty laws. There's absolutely 0 support for new developers like my self. Think about it, I offered $3.5m for a nice chunk of development land last year. I got outbid and the land sold for around $4.5m There is no way in HELL anyone could turn a profit at $4.5m. Guess what? Land is still sitting with the same trees on it 1 year later and NO development application has been made. Guess who owns it? A known CRIMINAL family that had a few members get busted in 2020. But nope.. who cares about where the money comes from. As long as real estate gets moved. I go to a bank and can't get a loan to develop residential housing for my community because of the way our shi*tty banks are setup. No support for entrepreneurship at all. Banks are also no less crooked. It's funny, Marketplace did an episode on mortgage fraud by consumers. I think they need to do an episode on fraud within Banks by employees.
Anyway, Canada is wonderful but we suck at most things and our "people" are no better than the incompetent ones running it.
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