Mortgage Rates

[sirkdev]

Greedy billionaires are responsible for all of these issues.

Tax the rich... haha that will fix everything!

 

[catalac]

The rates are back to what was typical back in the late 90s. My parents had a mortgage at 17%in the early 80s.
How to cope? Don't finance 2 brand new cars, a boat, a trailer, holidays to Mexico and a vacation home in Invermere...

I personally don’t think that’s the issue in 1995 I could afford 2 cars, a boat and a holiday off my blue collar income not so much for people today. In the last 2 years we are importing 2.5 million immigrants into Canada and theres no way to have housing (nor schools and hospitals) for them. That’s the population of Red Deer showing up every month new to Canada. People keep voting liberal and Ndp and then belly ache about it but still vote Ndp and liberal. I am with Max on this one.

 

[lilduke]

A guy should open up a turban shop. Would make a fortune.

 

[mur190]

As a fella with a young family and good job that lives well within means its interesting for sure, yet we take the twins for a walk around the campground and there is multiple sites with 36-40 ft 5th wheels with a 2020+ plattys, high country's, limited's parked in front of it and a new Yukon Denali/grand waggoneers parked beside it with a nautique or Malibu trailer hooked behind it... darn there's a cool 4-500k tucked in a 30x60 stall right there I often wonder if its paid for... and that doesn't include the house yet....
I have a very shallow mortgage and have been diligent making principle lump sums, still gonna be pretty chapped when I go to renew in November even if it is just north of 100k going into my 3rd term.

 

[papajake]

just drive by the rv storage lots millions of dollars sitting there and half get used 1-2 weeks a year and the other half just sit there and rot and some of the big lots have over 3000 units

 

[pano-dude]

don't get me wrong I agree with you on living within your means. but you can only run on this premise so far. maybe interest rates were at 17% in the 80's but you could also buy a house for $100k and in the 90's the prices still weren't that bad. I looked at a house in 2003 in Edmonton that was $125k today that house would be $300k +. and these days you can't buy a shack in the middle of BFK for that. a lot of young people looking to buy could afford the interest rates if housing prices weren't so crazy. then to top that off with basically a 50% increase in cost of living when it comes to utilities and food and other expenses......comparing the 80's and 90's to today is apples to oranges.

I know people who don't have financed cars and don't have a bunch of toys and make what used to be considered decent money who are struggling to pay their bills. and young people who are out working and trying to get ahead to buy their own place who can't save up enough because rent is so high they can't bank anything. and are watching the chances of them ever being able to buy get smaller and smaller.

And minimum wage was about $5.00/hr. I was pipelining in 89 for $15/hr and thought that was big money.
Lots of factors created this realestate ch!t storm and our lying prick of a Prime Minister has caused much of the cost of living increase with taxes. Only way out of the realestate problem is a major price crash from high interest rates and unfortunately lots of people gonna lose their properties.

 

[snochuk]

and the lineups at timmys and mcdonalds aren't getting shorter start cooking your own food and see how much you save in one month and guess what you can make good coffee at home

Peps to be responsible in there choices - in the present state of socialism I dont see that catching on well.....lol
Lilduke is also right, govt taxation to cover their stupid spending habits doesn’t help either.

 

[Cyle]

There shouldn’t be anyone on these insane variable rates though. Everyone could see the writing on the wall rates were going up and should be locked in by the second rate hike and still be under 3%.

Im surprised the market is doing as well as it is though and people are taking out 5% fixed rates.

 

[drew562]

There shouldn’t be anyone on these insane variable rates though. Everyone could see the writing on the wall rates were going up and should be locked in by the second rate hike and still be under 3%.

Im surprised the market is doing as well as it is though and people are taking out 5% fixed rates.

Almost everyone I know has a reasonable mortgage now that’s renewing in the next 12 months. They will all resign at 5% -6.9 for five years. Then a year or two from now rates will drop. Everyone will be paying for five years on ridiculous mortgages. That’s my forecast. We are variable mortgage right now and I have doubled my payments to keep up. I’m not signing any thing over 3%.

 

[smokinD]

There shouldn’t be anyone on these insane variable rates though. Everyone could see the writing on the wall rates were going up and should be locked in by the second rate hike and still be under 3%.

Im surprised the market is doing as well as it is though and people are taking out 5% fixed rates.

Someone mentioned to me that some banks were offering 30-40 yr mortgages wth! I know you can get it that high with boats/chit but a house come on. Pretty soon it will be like Japan where it get's passed down generation to generation and no one owns chit. Way to many peeps gotta have the newest/shiniest chit out with even batting an eye Imo, i would rather pay 1000 or 2000 on a house than a 1000+ month plus Ins on a new truck fack that. Many i know bought new TT's with payments north of 500+ and have 3-4 kids not sure how they do it. It's not a wonder Chinada has the biggest GDP in the G7 surpassing all others. Chit gonna happen and kids are gonna cry when there toys get taken away or have to go wayside.

 

[mclean]

Hopefully I'll be there to scoop them up for pennies on the dollar

 

[Mountainman52]

Im glad I dont have a mortgage jn these times. The interest rates are said to rise again on Wednesday another .25 percent. The average mortgage has gone up $500-1000 per month depending on the principle. How do young families cope with this?

What do expect when Truedope and the Libtards run BILLION dollar deficits every year. You can expect intrest rate to continue to increase till the Dump AZZes Truedope start to balance the budget in quit spending!!! It is really that simple.

 

[pfi572]

Wasn’t that long ago on this forum some members said interest would stay low for a long time and nothing to worry about .
How fast things can change hey ?!!
Haven’t carried any dept for years and was called a idiot for paying off Morgage years ago when rates were what they are now .
Never borrow for toys or recreational items as always bought what I could afford .
Did without a lot but sure didn’t hurt me or my family .
I hope they keep climbing a bit more as kind of like it at this point in my life .

 

[lilduke]

I thought interest rates would stay low. Ill be fine, but not sure how the government is going to pay back all the money they owe....

 

[BILTIT]

I thought interest rates would stay low. Ill be fine, but not sure how the government is going to pay back all the money they owe....

You mean what WE owe, they dont owe anything because they use our money and worth for everything.

 

[lilduke]

Y
You mean what WE owe, they dont owe anything because they use our money and worth for everything.

I don't owe ch!t... Trudeau can figure it out.

 

[ABMax24]

If the BoC had any intelligence they'd be going the other way with interest rates. The worst of the inflation is over and is swinging hard and fast back toward 0 and eventually its going to go negative.

On the other hand, I kinda want to see the housing and property market reset, we're long overdue for a major correction, might as well happen now.

 

[smokinD]

I thought interest rates would stay low. Ill be fine, but not sure how the government is going to pay back all the money they owe....

Gobbernments have only 2 mandates period, keep people employed and keep interest rates in check to which they have failed on both parts around the world. But then again that's there agenda to you will own 0 and be miserable and we will own it all and dictate how you spend the $$$, very sad. A lot of builders are stepping back right now on building single family homes and are only building multi-family units because of these interest rates so high. Multi-family rentals i mean too some you can buy but most you will rent.

 

[lilduke]

Gobbernments have only 2 mandates period, keep people employed and keep interest rates in check to which they have failed on both parts around the world. But then again that's there agenda to you will own 0 and be miserable and we will own it all and dictate how you spend the $$$, very sad. A lot of builders are stepping back right now on building single family homes and are only building multi-family units because of these interest rates so high. Multi-family rentals i mean too some you can buy but most you will rent.

I have my own Agenda.

 

[rknight111]

Articles out there with 60-90 year. Thats a bit crazy.
https://cms.ratehub.ca/wp-content/uploads/2023/07/Interest-on-Long-Amortization-June-2023-scaled.jpg