Here Come 30 Year Mortgages

[drew562]

My wife and I have a 20 year mortgage period we owe 240K. Used to pay 1700. in order to stay in the 20 year timeframe we had to up the payment on renewal New payment is $3250 per month without property tax.
I told my bank I need some help. gotta be a better way.
They offered me up to four miss payments. The trick is I would have to pay those four payments of $3250 back upon signing my next mortgage term. In other words, they don’t give a fawk. Thank God, all my toys are paid for. We are seriously considering selling. I could rent a home for cheaper.
Keep our equity and rebuy when chit s martens up

 

[lilduke]

My wife and I have a 20 year mortgage period we owe 240K. Used to pay 1700. in order to stay in the 20 year timeframe we had to up the payment on renewal New payment is $3250 per month without property tax.
I told my bank I need some help. gotta be a better way.
They offered me up to four miss payments. The trick is I would have to pay those four payments of $3250 back upon signing my next mortgage term. In other words, they don’t give a fawk. Thank God, all my toys are paid for. We are seriously considering selling. I could rent a home for cheaper.
Keep our equity and rebuy when chit s martens up

Maybe you could refinance and get a lower payment?

 

[papajake]

So if I calculated that right you would end up paying 780000 on top of what you have already paid

 

[Clode]

I am so lucky, owe on nothing and 28k left on the house that I can pay off anytime. I can't imagine having payments on everything. Its going to be the 1930's again if inflation isn't slowed. The libtards sure falked canadians

 

[Bnorth]

Harper brought in 40 year mortgages back when houses cost a 1/3 of what they cost now. This helped start the unsustainable house price growth that we are currently suffering but who wants to talk about that?

 

[ABMax24]

Harper brought in 40 year mortgages back when houses cost a 1/3 of what they cost now. This helped start the unsustainable house price growth that we are currently suffering but who wants to talk about that?

That was only around for 6 years. It was announced in 2006 as 40 year, cut to 35 year in 2008, 30 year in 2011, and was back to 25 year by 2012.

The bulk of the housing inflation has occured since 2015. If Harper gets 10% of the blame then Trudeau deserves 90% of it.

 

[Bnorth]

That was only around for 6 years. It was announced in 2006 as 40 year, cut to 35 year in 2008, 30 year in 2011, and was back to 25 year by 2012.

The bulk of the housing inflation has occured since 2015. If Harper gets 10% of the blame then Trudeau deserves 90% of it.

Trajectory started around 2002 so Harper's move was not at all needed but yes everything about being a Canadian has definitely gotten worse since 2015.

 

[ABMax24]

Trajectory started around 2002 so Harper's move was not at all needed but yes everything about being a Canadian has definitely gotten worse since 2015.
View attachment 282090

During Harper's years housing prices went up mostly due to increasing affluence in Canadian society. The economy was doing well and housing went up accordingly, as to be expected.

Trudeau through his policies has flatlined growth in Canada, yet housing prices rise faster than at anytime before.

This is best shown on a GDP growth chart. If we would overlay this with your chart the comparison between the two leaders would be drastic.

 

[Bnorth]

During Harper's years housing prices went up mostly due to increasing affluence in Canadian society. The economy was doing well and housing went up accordingly, as to be expected.

Trudeau through his policies has flatlined growth in Canada, yet housing prices rise faster than at anytime before.

This is best shown on a GDP growth chart. If we would overlay this with your chart the comparison between the two leaders would be drastic.

View attachment 282092

I disagree on your first point as we saw emergency (low) interest rates early in Harper's term in response to the Great Recession which spurred on housing.
On your other two points I wholeheartedly agree.

 

[Bnorth]

This article: https://www.greaterfool.ca/2024/04/12/fail-4/ has a good comparison of 25 to 30 year mortgage amortizations.

 

[fj40]

So on half a mil the difference between 25 to 30 year is around $200 an month.
If you need this extra cash on hand you are living way over your income.
People just need to learn to live within their means.
Sooner or later the house of cards is going to fall

 

[drew562]

So if I calculated that right you would end up paying 780000 on top of what you have already paid

That I could do yes but I want to keep my amortization at nine more years. I’ll be 62.
So we’re humping along OK.

 

[plio7]

they offered 35 year mortgages in the maritimes for a little while back in the early 2000's and they stopped because it wasn't working. and after 5 years of interest rates changes and payments which basically took nothing off the principal when housing prices went down people ended up with houses they couldn't remortgage because of interest rates and property taxes. and houses that were worth less than what they still owed. If people needed out they took a loss. they stopped offering it because it wasn't working and delinquencies were sky rocketing. but hey....lets do it Canada wide.

 

[mclean]

So on half a mil the difference between 25 to 30 year is around $200 an month.
If you need this extra cash on hand you are living way over your income.
People just need to learn to live within their means.
Sooner or later the house of cards is going to fall

To an extent but just to have the bare necessities nowadays, you need to be making a decent amount.

Mortgage, groceries and a car payment wipe a lot of people out. To me, those are must haves...which one do you get rid of?

 

[deaner]

To an extent but just to have the bare necessities nowadays, you need to be making a decent amount.

Mortgage, groceries and a car payment wipe a lot of people out. To me, those are must haves...which one do you get rid of?

Car payment

 

[mclean]

And then how do you get to work. Public transit isn't much cheaper

 

[deaner]

Pay cash for a beater and save up for something better. Alot of money to be saved on groceries too. Most of the groceries we buy are a luxury. Basic nutrition doesn't cost that much.

Not saying any of this is ideal, but when things are tight you do what you have to do

 

[Cableguy]

Wife an i ate alot of hamburger helper and ichi bann soup when we first hooked up and first 10 years of kids to get our first house in okanagan away from pg

 

[plio7]

Pay cash for a beater and save up for something better. Alot of money to be saved on groceries too. Most of the groceries we buy are a luxury. Basic nutrition doesn't cost that much.

Not saying any of this is ideal, but when things are tight you do what you have to do

not entirely sure about this. basics are very expensive now. eggs, fruit, veggies, meat, etc. have all sky rocketed. honestly if you're eating for one or 2 you are almost better off eating out or definitely eating garbage food.

 

[fj40]

To an extent but just to have the bare necessities nowadays, you need to be making a decent amount.

Mortgage, groceries and a car payment wipe a lot of people out. To me, those are must haves...which one do you get rid of?

Car payments