I've been missing off the forum for the last 3 months - a lot going on personally but everything is back to a new normal now.
I sold my condo town house this month. I was thinking it was worth somewhere around $500-530k, which was based on a sale next door mid last year for $585k and the brand new townhouses from the same builder with the same floor plan going for $560k freehold. My agent convinced me to list at $559k - I was really hesitant but whatever I trusted her. The place went up for sale at 8am, at 1:30 there was a showing, and it was sold at 6pm for $560k (with the only condition that the buyers can review all the docs from the condo board). So I'm pretty happy.
My cousin real estate agent is on to me about porting my mortgage. I've got until April 2025 on my 2.99% fixed mortgage - but I have also moved back in with my parents while I save up to buy something in Courtice/Bowmanville, not sure when I will have the money to buy a place I want to live in long term though - I'm hoping by end of this year but might be into next year. Any of you know anything about this? I should just reach out to my broker...
I'm curious how your mortgage can stay 'active' while you don't have a property to attach it to? IME there needs to be a physical property / address that gets connected to the mortgage....unless it's something new that I've never heard of.
I'm curious how your mortgage can stay 'active' while you don't have a property to attach it to? IME there needs to be a physical property / address that gets connected to the mortgage....unless it's something new that I've never heard of.
Yeah I don't really get it either. My cousin is saying he's seen up to 6 months to port your mortgage to a new one, but I don't get how the mortgage comapny gets paid if you stop paying? I wonder if you put your mortgage amount in like a separate trust account or something. I sent an email to my broker so I'll see what he says.
Yeah I don't really get it either. My cousin is saying he's seen up to 6 months to port your mortgage to a new one, but I don't get how the mortgage comapny gets paid if you stop paying? I wonder if you put your mortgage amount in like a separate trust account or something. I sent an email to my broker so I'll see what he says.
Let us know how this port with no asset works logistically if you get info. Selling your house should pay off the debt. Conceivably, they could leave you with an account owing nothing at 2.99% but able to borrow up to $xxx,xxx if another property is attached to it. I'd be surprised if the lender bothers with all that to lose money on your future loan.
Yeah I don't really get it either. My cousin is saying he's seen up to 6 months to port your mortgage to a new one, but I don't get how the mortgage comapny gets paid if you stop paying? I wonder if you put your mortgage amount in like a separate trust account or something. I sent an email to my broker so I'll see what he says.
Most lenders allow 30-120 days to complete a port. Unless you're actually buying another house as you're selling yours or just after.. I don't see it happening.
Let us know how this port with no asset works logistically if you get info. Selling your house should pay off the debt. Conceivably, they could leave you with an account owing nothing at 2.99% but able to borrow up to $xxx,xxx if another property is attached to it. I'd be surprised if the lender bothers with all that to lose money on your future loan.
"So I spoke with First National and they indicated that you will be charged a penalty when your house closes for breaking the mortgage contract.
If you buy and it closes within 60 days, you would “port” the rate/term and be refunded the penalty."
Didn't answer all my questions, but either way I won't be ready to buy within 60 days of closing my current house, so no need to worry about it anymore.
"So I spoke with First National and they indicated that you will be charged a penalty when your house closes for breaking the mortgage contract.
If you buy and it closes within 60 days, you would “port” the rate/term and be refunded the penalty."
Didn't answer all my questions, but either way I won't be ready to buy within 60 days of closing my current house, so no need to worry about it anymore.
that's what I thought would be his answer...I was a banker doing mortgages but it was so long ago, I didn't say anything in case rules had changed...obviously, they haven't...good luck with your future plans!
"So I spoke with First National and they indicated that you will be charged a penalty when your house closes for breaking the mortgage contract.
If you buy and it closes within 60 days, you would “port” the rate/term and be refunded the penalty."
Didn't answer all my questions, but either way I won't be ready to buy within 60 days of closing my current house, so no need to worry about it anymore.
"So I spoke with First National and they indicated that you will be charged a penalty when your house closes for breaking the mortgage contract.
If you buy and it closes within 60 days, you would “port” the rate/term and be refunded the penalty."
Didn't answer all my questions, but either way I won't be ready to buy within 60 days of closing my current house, so no need to worry about it anymore.
That's logical 100%. The house gets sold before the term. So now there's a penalty for breaking your end of the contract.
The good thing is now rates are MUCH higher than your low rate, so the 'interest rate differential' doesn't really matter. Should be 3 months interest.
Here's a fun one on mortgage fraud in the GTA...and how easy it is. FAK every time I think about it I should've bit the bullet and gone this route. 5k cash, and I get to buy a new house, while keeping the investment property.
That's logical 100%. The house gets sold before the term. So now there's a penalty for breaking your end of the contract.
The good thing is now rates are MUCH higher than your low rate, so the 'interest rate differential' doesn't really matter. Should be 3 months interest.
Here's a fun one on mortgage fraud in the GTA...and how easy it is. FAK every time I think about it I should've bit the bullet and gone this route. 5k cash, and I get to buy a new house, while keeping the investment property.
"Thats only 0.5% of my agents that you identified so it's hardly a problem". Ummm. We didn't test them all and of the ones we did, something like 60% failed. Yet another person that either doesn't understand stats or intentionally twists them.
"Thats only 0.5% of my agents that you identified so it's hardly a problem". Ummm. We didn't test them all and of the ones we did, something like 60% failed. Yet another person that either doesn't understand stats or intentionally twists them.
Covid made house prices stupid , or so the experts said . It certainly drove cottage and camp prices to the moon , as they were often 1/2 the price of trying to buy into tbe GTA , but I’m reading a RE newsletter from the gals that specialize in my hood . Prices are creeping up again to Covid levels as inventory is short . Here we go again , here anyway .
Covid made house prices stupid , or so the experts said . It certainly drove cottage and camp prices to the moon , as they were often 1/2 the price of trying to buy into tbe GTA , but I’m reading a RE newsletter from the gals that specialize in my hood . Prices are creeping up again to Covid levels as inventory is short . Here we go again , here anyway .
but but but but...I was promised a recession and a tanking in prices! I mean that's what Reddit said....50% drop in 2024 and rates back to 2-3% because of recession.... /s
Not surprising about prices creeping up again. Hell I'm not seeing much more drop in our area anyway. Need to check the Wasaga values nowadays as my parents always threaten to sell the cottage...it's like Wiarton Willy...every spring is the same song and dance.
but but but but...I was promised a recession and a tanking in prices! I mean that's what Reddit said....50% drop in 2024 and rates back to 2-3% because of recession.... /s
Not surprising about prices creeping up again. Hell I'm not seeing much more drop in our area anyway. Need to check the Wasaga values nowadays as my parents always threaten to sell the cottage...it's like Wiarton Willy...every spring is the same song and dance.
New townhouses outside Barrie have dropped from peak at 1.3 to ~950 (asking) now. That's still insane. It will be interesting to see what actual sale prices will be (lots of new builds for sale at prices higher than people are willing to pay).
but but but but...I was promised a recession and a tanking in prices! I mean that's what Reddit said....50% drop in 2024 and rates back to 2-3% because of recession.... /s
Not surprising about prices creeping up again. Hell I'm not seeing much more drop in our area anyway. Need to check the Wasaga values nowadays as my parents always threaten to sell the cottage...it's like Wiarton Willy...every spring is the same song and dance.
Price is the equilibrium between demand and supply.
Raise demand without raising supply and prices go up.
Raise supply without raising demand and prices go down.
In built-out urban areas, it's hard to raise supply as few places are left to build. Prices should stay stable as long as demand does not increase. ...except the feds keep pouring people into those urban areas which increases demand. Guess what that does?
In areas where you they can still build a lot of homes, demand has dropped off for 2 reasons. First, they face less pressure from immigration and second demand for the homes in there areas has dropped as speculators washed out of the market.
New townhouses outside Barrie have dropped from peak at 1.3 to ~950 (asking) now. That's still insane. It will be interesting to see what actual sale prices will be (lots of new builds for sale at prices higher than people are willing to pay).
That’s not true. I have friends in Cincinnati, Orlando, Louisville that pay $650/mo or less for decent small apartments. Neighbours winter in a very nice. apartment in Orlando for $1050/mo.
At $15/hr, is $780/mo based on the old standard of 30% of gross on rents. For 2 people, that would be $1560/mo.
I’m guessing that map is generated by a social justice warrior using selective locations.
The places that went up the most seem to have come down the most. Where I am homes listed just don't sell. Sellers are holding firm and wont take less so listings just expire. Realtors must be starving. Oh well.
Eureka Springs is fabulous. I love the place. Good riding, cheap, take in a religious experience during the day and go tramping at night. San Francisco architecture, haunted hotel, organized crime history, great prime rib sandwich at the Low Gap Cafe just a nice ride away. Thorncrown Chapel. Hills that will test your brakes on the way down and your skills on the way up.
Relationships can be tricky. Is that your sister or your aunt or both?
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