#10323613 - 09/19/22 10:50 AM
Re: dat real estate v.2021
[Re: SuPeR-MaRiO]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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I have 2 on variable, riding it out.
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#10324004 - 09/19/22 11:15 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45576
Loc: Raptors Land
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I went with fixed when I moved to my new place with a "big" mortgage 2.5 years ago. Not sure what it will look it at renewal but I am definitely going to ride out the term until the very last day. 
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#10324068 - 09/20/22 08:56 AM
Re: dat real estate v.2021
[Re: A2B-Lexus]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6217
Loc: Toronto, Ontario
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I have my mtg split into two. One is fixed the other is variable. 
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#10324126 - 09/20/22 10:33 AM
Re: dat real estate v.2021
[Re: SuPeR-MaRiO]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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For VARIABLE rate mortgates, who/how/when do you figure out if the regular payment (monthly, bi-weekly, etc) stays the same for rate hikes, or goes up?
Never knew any of this ....
All I know was, way back on my first home in 2014, I had CIBC 5 yr variable closed, and the monthly payment amount was the same; just the amount that went to interest vs principal changed? (Then again, if anything, the rates went down, not up, like how it is now...)
Edited by furball (09/20/22 10:42 AM)
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#10324193 - 09/20/22 12:09 PM
Re: dat real estate v.2021
[Re: SuPeR-MaRiO]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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TD/BMO/RBC payment stays the same, less goes into principal. Once entire payment is interest you hit what's called a trigger rate, this is when your payment increases. With all the rate hikes I am close to hitting the trigger rate, if we have another 50bps i will hit it, then need to add a couple hundred so you aren't negative amortizing your mortgage.
CIBC has both, payment stays the same or flexes with rates...the rest of the banks and monoline lenders they jack up variable payment with every rate hike.
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#10325659 - 09/23/22 08:45 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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nfscheats
Post Master Jr
Registered: 06/02/01
Posts: 1798
Loc: Somewhere cold
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Must be nice for the banks if rates go up and your payment stays the same, that means the term of your loan would extend
Here in Australia when a rate goes up, your payment goes up to include the additional interest. Would need to agree to a term change before the bank did it
In Canada you can negatively amortize your loan, really?
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#10325830 - 09/23/22 12:06 PM
Re: dat real estate v.2021
[Re: nfscheats]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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Only some banks, the reason you can do this is because our loan terms are usually 5 years, so at renewal you will get a much higher renewal to keep your amort. In the US their term loans are way longer, maybe it's the same case in Australia.
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#10328013 - 09/28/22 09:54 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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OracerO
Post Master Sr
Registered: 10/07/02
Posts: 3949
Loc: GTA
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what the heck, Risky a realtor now?
I thought you were king cannibis ??
Edit: Risky providing some good info in this thread.
Edited by OracerO (09/28/22 10:00 AM)
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#10328580 - 09/29/22 05:23 AM
Re: dat real estate v.2021
[Re: OracerO]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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cannabis business is sold
re was a side hustle, until it wasn't
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#10328624 - 09/29/22 08:31 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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OracerO
Post Master Sr
Registered: 10/07/02
Posts: 3949
Loc: GTA
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cannabis business is sold
re was a side hustle, until it wasn't
Damn so much has changed. now you a YouTuber, no more oval faces.
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#10328760 - 09/29/22 10:28 AM
Re: dat real estate v.2021
[Re: OracerO]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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^ it's temporary.
The end goal is to have enough referral business and then I am shutting all that shit down. Can't help it though, it works well 
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#10329497 - 09/30/22 01:12 PM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45573
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That person is not a realtor, they are just a recruiter.
Anyway, the exp story is going to go down as a great case study.
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#10332304 - 10/06/22 10:20 AM
Re: dat real estate v.2021
[Re: furball]
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OracerO
Post Master Sr
Registered: 10/07/02
Posts: 3949
Loc: GTA
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I don't know much about this, but I'm reading about the pyramid scheme aka eXp Realty, and the residuals + stock they're getting, and I'm hearing one person has like $12M annually, passive income, thru this scheme .... damn The end goal is to have enough referral business
When I see EXP or Keller Williams. I'm like Brah .....
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#10337470 - 10/15/22 06:24 PM
Re: dat real estate v.2021
[Re: c2k]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45573
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There was a lot of stuff left unsaid in that docu, one of my mortgage guys was part of that docu and was interviewed. Interviewing him on Monday and will post on YT about what the docu got right and what was missed.
he is now getting hate mail from other mortgage people for helping the media expose the fraud. This shit been around for like 15 years.
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#10338499 - 10/18/22 05:14 AM
Re: dat real estate v.2021
[Re: Simon_the_Pieman]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19309
Loc: Wiesloch-Walldorf, Germany
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rich get richer meanwhile everyone else gets bent over  easy fix is to just get rich man. cmon lfg.
nah, that's too hard. just get a sugar mama or daddy whichever route you wanna get rich faster.
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#10353026 - 11/13/22 09:20 PM
Re: dat real estate v.2021
[Re: c2k]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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#10353086 - 11/14/22 06:21 AM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45573
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lol another useless policy
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#10353146 - 11/14/22 09:22 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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Where's the youtube video on this
Waiting for the whole 'on-site with Bob, who's a homeowner, and let's see what his thoughts are on this new legislation'
<Selfie pans to a black circle covering Bob's face, voice altered digitally>
Edited by furball (11/14/22 09:24 AM)
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#10362872 - 12/05/22 11:08 AM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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Things getting nasty
Put in an offer 2 weeks ago on a house in woodbridge, was at absolute max of client budget but they were adamant. Had financing condition, couldn't get favourable financing, deal not going through and sellers wouldn't sign a mutual release to release their deposit.
Client can't sleep, shitshow, a few sternly worded letters and a litigator on dial we got the money back, but people are getting nasty.
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#10362917 - 12/05/22 12:38 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47917
Loc: T.O. - Canaduh
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Things getting nasty
Put in an offer 2 weeks ago on a house in woodbridge, was at absolute max of client budget but they were adamant. Had financing condition, couldn't get favourable financing, deal not going through and sellers wouldn't sign a mutual release to release their deposit.
Client can't sleep, shitshow, a few sternly worded letters and a litigator on dial we got the money back, but people are getting nasty.
wow...eh? ppl still going for the homerun in these conditions? dafuq? buyer should have chilled out. was there a way to know/confirm with the sellers they may keep the deposit?? that would have prob stopped buyer from diving in.
but yeah fuck dem sellers not returning deposit jfc. i'd be at their front door 24/7 asking for my money back lmao.
_________________________
 "Ban low performance drivers, not high performance cars"
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#10364868 - 12/09/22 10:20 AM
Re: dat real estate v.2021
[Re: c2k]
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Big Tasty
Post Master Supreme
Registered: 02/10/02
Posts: 19927
Loc: Toronto
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Anyone else get the letter from the city regarding Vacant Home Tax?
https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/
All residential property owners in Toronto will be required to submit a declaration of their property’s occupancy status for the previous year. The deadline to declare a property’s 2022 occupancy status is February 2, 2023. The online declaration portal will open in mid-December 2022.
An annual tax will be levied on vacant Toronto residences, payable beginning in 2023.
A property is considered vacant if it has been unoccupied for more than six months during the previous calendar year or is otherwise deemed to be vacant under the bylaw PDF.
The goal of the City of Toronto’s Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to keep their properties vacant will be subject to this tax.
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#10367629 - 12/16/22 01:45 PM
Re: dat real estate v.2021
[Re: c2k]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45573
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Yes and Yes
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