COVID and the housing market

[Mad Mike]

How do you like the sliders? We have a French doors toward the patio also but decided against sliders for a replacement due to a very narrow opening being left.

I’m sure they’re much better in terms of insulation though compared to French doors.

I have a set of each. We replaced a dining room window last year, I chose slider mainly for the space savings gained by not needing the space to swing each door. I also like the slider as they come with a full size screen - lets the house breathe fresh air.

 

[GreyGhost]

Ontario is asking for public input on new build price increases. Some ideas seem good, others seem dumb but at least they seem to be looking at lots of angles. The idea I like the best is that if builder squeezes out a buyer and then resells at a higher price, that increase would go to original buyer not the builder. That would substantially change that common practice overnight.

Ontario considers capping price hikes on pre-construction homes

Back in 2021, Premier Doug Ford promised to 'end the practice' after controversy over new development in Barrie

www.barrietoday.com

 

[GreyGhost]

No mention of the cause but a fire in an almost completed home is quite rare. Are buyers desperate enough to try to push closing dates back a year in the hopes of lower rates and higher prices allowing them to close?

Two firefighters injured while battling fire at Brampton home

Fire crews were called to an unoccupied residence near Chinguacousy and Williams Parkway around early Monday morning.

toronto.citynews.ca

 

[mimico_polak]

No mention of the cause but a fire in an almost completed home is quite rare. Are buyers desperate enough to try to push closing dates back a year in the hopes of lower rates and higher prices allowing them to close?

Two firefighters injured while battling fire at Brampton home

Fire crews were called to an unoccupied residence near Chinguacousy and Williams Parkway around early Monday morning.

toronto.citynews.ca

Nothing surprises me anymore. Can't afford a house in 2023? No problem, burn it to the ground. Hopefully things get better.

Lot of reasons for a fire, but I recall in Etobicoke / Mississauga a town house complex burned down to the ground 2 times at least. That's not a construction issue. Someone lit a match.

 

[GreyGhost]

Nothing surprises me anymore. Can't afford a house in 2023? No problem, burn it to the ground. Hopefully things get better.

Lot of reasons for a fire, but I recall in Etobicoke / Mississauga a town house complex burned down to the ground 2 times at least. That's not a construction issue. Someone lit a match.

While there are a bunch framed, a fire is not uncommon and pretty devastating. Once drywall goes up, significant fires are rare.

I'm not that surprised townhouses burned. SFH neighbours lose their crap. Someone is proposing a one-block, four dwelling townhouse to replace an old shack sfh in Barrie. As expected, everyone in the neighbourhood is freaking out. Character of the neighbourhood, traffic, I like my view of their existing lawn, etc. WTF. This is a great location for a little more density. They should shut their pie holes and be thankful the developer doesn't aggregate a couple lots and put up a mid-rise.

 

[Mikedezo44]

A Burlington/Oakville realtor shared about 10 slides on her instagram stories this morning of examples of power of sales of condos with huge losses, bought 895- sold 750, 870-745, 905-743, 980-770, 880-725, and said she had 50 more examples she could screenshot. Add in legal fees, mortgage penalties and a lot of these people would be bankrupt. Probably won't see the true fallout until 2024 or 2025 when 2018 and 2019 buyers have to renew.

 

[mimico_polak]

A Burlington/Oakville realtor shared about 10 slides on her instagram stories this morning of examples of power of sales of condos with huge losses, bought 895- sold 750, 870-745, 905-743, 980-770, 880-725, and said she had 50 more examples she could screenshot. Add in legal fees, mortgage penalties and a lot of these people would be bankrupt. Probably won't see the true fallout until 2024 or 2025 when 2018 and 2019 buyers have to renew.

This is what I'm expecting. Lots of people take 4-5 year mortgages at fixed rates < 2%...and if you make ONLY the minimum payment, when your % goes up to 4-5-6%...well it's going to hurt.

At least I'm getting it up the bum every month from the BoC so it's a gradual pounding. Not a full on, no lube penetration up the bum.

EDIT: apologies for that last sentence...but I think it's a fair assessment of the BoC's idiocy. They're fighting against JT's immigration policy with the only tool they have...interest rates...as he brings in hundreds of thousands of new bodies into the economy as we're at the breaking point. Something has to give.

 

[Jampy00]

Getting it up the bum every month, no lube penetration.

A quick edit and we now have a statement that 95% of "working class" Canadians can relate with..

I just got hit: I switched from ING to Scotiabank back in 2012, have the statement of discharge to prove it.
Now we are switching to a new company (via a Broker) and they have discovered that this 10+ year mortgage is still showing and was never disclosed. SO I call the Broker and say "Ok, what happens to us if this 2012 mortgage does not get disclosed?" As our deadline is July 27.Oh, you'll just get switched over to Scotia automatically at 6.89% versus the 4.68% we offered you.. without a care in the world... So now I'm chasing everything down to ensure I don't get it up the bum.. which I feel they have been taking turns on me..

 

[mimico_polak]

A quick edit and we now have a statement that 95% of "working class" Canadians can relate with..

I just got hit: I switched from ING to Scotiabank back in 2012, have the statement of disclosure to prove it.
Now we are switching to a new company (via a Broker) and they have discovered that this 10+ year mortgage is still showing and was never disclosed. SO I call the Broker and say "Ok, what happens to us if this 2012 mortgage does not get disclosed?" As our deadline is July 27.Oh, you'll just get switched over to Scotia automatically at 6.89% versus the 4.68% we offered you.. without a care in the world... So now I'm chasing everything down to ensure I don't get it up the bum.. which I feel they have been taking turns on me..

WTF. I don't fully understand....the 10 year old mortgage was not disclosed during your shopping for a new rate? That's a big jump for most people. 2% just like that.

'Oh ok....Fk you pay me'

 

[GreyGhost]

WTF. I don't fully understand....the 10 year old mortgage was not disclosed during your shopping for a new rate? That's a big jump for most people. 2% just like that.

'Oh ok....Fk you pay me'

I think "disclosed" should be "discharged". Like an outstanding lien on a bike. He may not owe Tangerine any money but technically, they have their claws in him.

 

[mimico_polak]

I think "disclosed" should be "discharged". Like an outstanding lien on a bike. He may not owe Tangerine any money but technically, they have their claws in him.

That still doesn't make sense...if the loan is paid, but not discharged...it should be a simple matter of paperwork.

If there are funds on it still that are due...yes that's an issue.

Regardless...it sucks.

 

[GreyGhost]

That still doesn't make sense...if the loan is paid, but not discharged...it should be a simple matter of paperwork.

If there are funds on it still that are due...yes that's an issue.

Regardless...it sucks.

Paperwork may not be too hard but Tangerine can benefit greatly by dragging out as long as they can. Maybe they re-assume the loan if the transfer to company X falls through. I know Scotia pulled a 100% interest in our property even though they mortgaged ~50% of it. Keeps you from going anywhere else. My guess is Tangerine still has a percentage liened and new lender doesn't want to be in position two (understandably).

 

[Sochi]

I think "disclosed" should be "discharged". Like an outstanding lien on a bike. He may not owe Tangerine any money but technically, they have their claws in him.

found it interesting, I'd paid out all my mortgages on all my properties - is there a way to check if all of them were "discharged"? I remember I did discharge paper works with my lawyer but don't remember if it was completed on every single one...

 

[GreyGhost]

found it interesting, I'd paid out all my mortgages on all my properties - is there a way to check if all of them were "discharged"? I remember I did discharge paper works with my lawyer but don't remember if it was completed on every single one...

Good question. I don't have a great answer.

Pulling a report from PPSR only shows a car loan for me (with the original loan amount but not the current balance).

My credit report shows mortgage (to Unknown), Heloc, unsecured LOC and credit cards and all balances (but not the amount of the lien). Previous cars/cards are marked as paid/closed. Interestingly, my student loan is marked as Unknown with a balance of zero. I have a copy of the discharge letter for that loan and it has never come up when applying for credit (probably because balance is zero and I can't increase it without going back to school). My old mortgage is not listed on my credit report.

 

[mimico_polak]

found it interesting, I'd paid out all my mortgages on all my properties - is there a way to check if all of them were "discharged"? I remember I did discharge paper works with my lawyer but don't remember if it was completed on every single one...

Honestly I'd probably start with the lawyer, and then each of the banking institutions that held the last mortgage.

Also I'm sure you can check your credit report and that will show loans in your name...but may not show liens on properties.

 

[Jampy00]

I think "disclosed" should be "discharged". Like an outstanding lien on a bike. He may not owe Tangerine any money but technically, they have their claws in him.

You are correct, sorry for this error ( I was in a rage when I typed this)
Scotia bought out ING mortgages, so this is why it never showed even when we renewed with Scotia (I assume)
Now, it is basically stating we have a 10 year old mortgage sitting around, and the new mortgage company won't process until it is fully discharged.
Which typically not an issue, except we have 2 weeks to get it done and no one seems concerned about it but us. I am seriously considering calling a lawyer to discuss this matter as we're on the hook for this increase in payments and none of this is our doing..

 

[Jampy00]

found it interesting, I'd paid out all my mortgages on all my properties - is there a way to check if all of them were "discharged"? I remember I did discharge paper works with my lawyer but don't remember if it was completed on every single one...

I think this would all show up on your credit report, you can get them yourself for a small fee. just give it a Google..

 

[GreyGhost]

I think this would all show up on your credit report, you can get them yourself for a small fee. just give it a Google..

I can see my transunion report (and score updated once a month) for free through scotia online (also have mortgage with them). Not sure if they give you that access if you just have a chequing account.

 

[mimico_polak]

You are correct, sorry for this error ( I was in a rage when I typed this)
Scotia bought out ING mortgages, so this is why it never showed even when we renewed with Scotia (I assume)
Now, it is basically stating we have a 10 year old mortgage sitting around, and the new mortgage company won't process until it is fully discharged.
Which typically not an issue, except we have 2 weeks to get it done and no one seems concerned about it but us. I am seriously considering calling a lawyer to discuss this matter as we're on the hook for this increase in payments and none of this is our doing..

So wait...you have a 10 year old mortgage with a balance of ZERO on it? And the new bank is saying it wants that discharged?

If it's a zero balance, get a mortgage statement from Scotia / Tangerine and show the new bank 'see...balance of zero, just clearing paperwork'.

If there is a balance, that means payments were coming from somewhere for 10 years and should be no surprise.

Once again, apologies if I'm misunderstanding...but it seems like a simple clerical error. I can send you the name of my MCAP broker as he's been super helpful and may provide further insight. I've learned that not all brokers are equal.

 

[Sochi]

I think this would all show up on your credit report, you can get them yourself for a small fee. just give it a Google..

I do have a service for Credit monitoring with Equifax which includes free credit history access. I do see my previous loans/mortgages (all closed/discarded = No liens) there BUT not all - a few just not there, and as it happens one of the previous mortgages was with ING/Tangerine - was paid a long time ago but it's not on my Equifax list at all... Might need to get property info and get trough the bank or PPSA directly, lol, not fun experience i'd imagine...
Thanks for sharing wisdom and experiences, you never know when you need it ..