Track racing vs road racing. With track, if you lose it you slide into a bale of hay or foam. With the road you slide into an oncoming car, guard rail or rock face. Life has few guarantees but one has to consider whether the situation is closer to the track or the road.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Track racing vs road racing. With track, if you lose it you slide into a bale of hay or foam. With the road you slide into an oncoming car, guard rail or rock face. Life has few guarantees but one has to consider whether the situation is closer to the track or the road.
Money and decisions:
I love my wife dearly but she is such a cheapskate that going out to dinner can be a pain.
I ask her what she wants and she starts comparing prices and what sides come with what entree. Why compromise the meal by going cheap on an adder that would move the experience up a significant notch.
You can buy a lithium drill for $100 or $500. I forget what I paid for my expensive tools because they work so well. I remember what I paid for the pieces of junk that ruined workpieces.
The difference with a house is the order of magnitude.
With an addition sometimes dimensions go astray and a doorway is off dimension or location. If it has to be reframed and the builder says that will cost you a grand you have the one time choice of paying then or cursing every time you bump your elbow several times daily over the next few decades.
Orders of magnitude suck.
Being a bit sexist, but friends were having their condo renovated and things were typical construction delays and corrections. He was amazed at how well his very proper British wife was learning to swear.
I love my wife dearly but she is such a cheapskate that going out to dinner can be a pain.
I ask her what she wants and she starts comparing prices and what sides come with what entree. Why compromise the meal by going cheap on an adder that would move the experience up a significant notch.
You can buy a lithium drill for $100 or $500. I forget what I paid for my expensive tools because they work so well. I remember what I paid for the pieces of junk that ruined workpieces.
The difference with a house is the order of magnitude.
With an addition sometimes dimensions go astray and a doorway is off dimension or location. If it has to be reframed and the builder says that will cost you a grand you have the one time choice of paying then or cursing every time you bump your elbow several times daily over the next few decades.
Orders of magnitude suck.
Being a bit sexist, but friends were having their condo renovated and things were typical construction delays and corrections. He was amazed at how well his very proper British wife was learning to swear.
I’d doesn’t need to be emotional, you call in two agents for a market appraisal. That’s close to what the house is worth.
And call a well known agent in the hood , not some schmo that needs a listing so he gives you only good news
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And call a well known agent in the hood , not some schmo that needs a listing so he gives you only good news
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Once the agents get involved, they get very pushy for their cut. I dont mind paying a reasonable amount for their opinion but it sure as hell isnt going to be a percentage.
Years ago my late neighbour was a part time appraiser for a credit union. They wanted to make sure the mortgage they were taking on had collateral value. He got priced out of the job because he was only certified to a low six figure amount. I don't know if independant appraisers are around or if they can accurately gauge the prices. Short term history means little today and the future is a crap shoot.
Long term history may have a person paying more today than they have to because the long term history isn't taking into account fire sales. Some times you're in the right place at the right time, sometimes not. Buying modestly with allowances for contingencies and rate increases isn't timing the market. Your financial future is determined by a money printer that figures budgets take care of themselves.
Emotional factors are hard to absorb no matter who delivers the news. The house you bought for $1.5 M last summer will sit a long time at $1.3 M. But, but, but,
Sometimes personality works in your favour. I know two people that got preferential treatment from the sellers because they were decent amicable people. The sellers got along with their neighbours and didn't want to offend them by selling to riff raff.
In all honesty if we’re not able to come to an agreement…I’ll throw in an offer also when it goes on the open market.
But the I’ll low ball it and wonder if I can remove my name from the offer.
But the I’ll low ball it and wonder if I can remove my name from the offer.
Table formatting is messed up but you get the idea. An awful lot of people went from 21 to 25 years left to more than 30 years left in a single year. Bmo has 44% variable and about 20% need renewed every year.
www.canadianmortgagetrends.com
Remaining amortizations for BMO residential mortgages
Q1 2023 Q1 2022
16-20 years 13.4% 18.2%
21-25 years 31.7% 47.9%
26-30 years 13.1% 23.1%
30 years and more 32.4% 0%
BMO: 20% of variable-rate mortgage clients have increased payments - Mortgage Rates & Mortgage Broker News in Canada
Mortgage amortization periods continue to grow at BMO due to rising interest rates, but the bank said about a fifth of its variable-rate clients have preemptively increased payments.
www.canadianmortgagetrends.com
Remaining amortizations for BMO residential mortgages
Q1 2023 Q1 2022
16-20 years 13.4% 18.2%
21-25 years 31.7% 47.9%
26-30 years 13.1% 23.1%
30 years and more 32.4% 0%
You can put in a blind offer , but the downside is if your successful, then your a dick . Probably best to tell the folks , here I am, this is what I have .
People have more time for straight shooters than pretend ballers .
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People have more time for straight shooters than pretend ballers .
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True. If we don’t come to an agreement I’d just go through the process as normal and then figure it out.
And if the bank says no to the amount I’d offer them a partial vendor take back mortgage to seal the deal…or just ask the parents for some help.
I've bought private sale and it went well with both sides happy. I think you're on the right track and already likely have an idea on what it's worth and what you can afford. Base the offer on that and if they don't say yes then just put in an offer when it's listed and see what happens. If your offer is up near the top they might be more willing to trust you'll come through with the final step then take a chance on a strangers offer even if it's slightly higher.
I know a family that got screwed by a sibling. They got over it but the story eventually got around and I've always wondered how many deals the screwing sibling missed out on because he couldn't be trusted. Karma.
Was it a couple months ago in the greenbelt and was the guy wearing a "Support Doug Ford Button"
***
I was talking to a farmer in the Green Belt area a month or so ago at a COC meeting and over a few months before the announcement he had three different "buyers" knock at his door wanting to private buy... first time ever. He said no...
Doesn’t every family have a screwed by my sibling story ??
Every mom has a list of forgiven debts , when she kicks be first to the coffee run where she keeps notes like that .
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Story out of Vaughan that a guy lists his loaded to the gills McMansion for mid 3 millions and settles for mid 2 millions. He went for it because he found his next dream home and jumped.
I wonder how his neighbours feel about the street value, based on recent sales, has crashed 30%. Last fall he could have pocketed $4 M.
I wonder how his neighbours feel about the street value, based on recent sales, has crashed 30%. Last fall he could have pocketed $4 M.
My neighbour recently bought a cottage to rent out on AIRBNB for 800k in that area….Port Elgin.
Wonder how that’s working out for them.
With Covid slowing ,travel is booming , renting a Canadian cottage is still a thing but lesser than the last 4 yrs . 800k is a big nut . But with the ‘intent to rent’ clause on your tax return , you write down several trips to the cottage to inspect your rental property , upgrade the appliances ( for your house silly, no one checks it’s at the cottage ) and make a few improvements.
Use a cottage rental property management agency ( they are everywhere) so there is a layer of separation.
Do this with a condo in Cabo or Hawaii , it’s a time share but for 3 weeks a yr the property management company takes control of renting it out , you can write down flights twice a yr to go inspect your rental property.
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Use a cottage rental property management agency ( they are everywhere) so there is a layer of separation.
Do this with a condo in Cabo or Hawaii , it’s a time share but for 3 weeks a yr the property management company takes control of renting it out , you can write down flights twice a yr to go inspect your rental property.
Sent from my iPhone using GTAMotorcycle.com
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