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#10323568 - 09/19/22 09:30 AM Re: dat real estate v.2021 [Re: A2B-Lexus]
SuPeR-MaRiO Offline
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Registered: 06/28/01
Posts: 5885
Loc: Toronto, Ontario
What's the feedback from those with variable mortgages? Gonna ride it out? Did you lock in?
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#10323613 - 09/19/22 10:50 AM Re: dat real estate v.2021 [Re: SuPeR-MaRiO]
Risky Business Offline
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Registered: 05/17/10
Posts: 43224
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]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45548
Loc: Raptors Land
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]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 5885
Loc: Toronto, Ontario
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]
furball Offline
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Registered: 09/24/03
Posts: 9420
Loc: Toronto, ON
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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#10324152 - 09/20/22 11:09 AM Re: dat real estate v.2021 [Re: furball]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 5885
Loc: Toronto, Ontario
I believe it depends on the lender. Some will keep your payments the same and like you said the amount that goes towards the principal will change. Other lenders will increase/decrease your payments as the variable rate changes.
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#10324193 - 09/20/22 12:09 PM Re: dat real estate v.2021 [Re: SuPeR-MaRiO]
Risky Business Offline
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Registered: 05/17/10
Posts: 43224
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]
nfscheats Offline
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Registered: 06/02/01
Posts: 1798
Loc: Somewhere cold
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]
Risky Business Offline
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Registered: 05/17/10
Posts: 43224
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]
OracerO Offline
Post Master Sr


Registered: 10/07/02
Posts: 3948
Loc: GTA
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]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43224
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]
OracerO Offline
Post Master Sr


Registered: 10/07/02
Posts: 3948
Loc: GTA
 Originally Posted By: Risky Business
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]
Risky Business Offline
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Registered: 05/17/10
Posts: 43224
^ 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 \:D

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#10329417 - 09/30/22 11:33 AM Re: dat real estate v.2021 [Re: Risky Business]
furball Offline
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Registered: 09/24/03
Posts: 9420
Loc: Toronto, ON
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

 Originally Posted By: Risky Business
The end goal is to have enough referral business

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#10329497 - 09/30/22 01:12 PM Re: dat real estate v.2021 [Re: furball]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43224
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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#10332265 - 10/06/22 09:57 AM Re: dat real estate v.2021 [Re: Risky Business]
Screamin Type ARGH! Offline
Honda CEO's personal fluffer
Post Master Supreme


Registered: 02/20/01
Posts: 46626
Loc: T.O. - Canaduh
market seems to have stabilized (see...still over priced but whatever )
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#10332304 - 10/06/22 10:20 AM Re: dat real estate v.2021 [Re: furball]
OracerO Offline
Post Master Sr


Registered: 10/07/02
Posts: 3948
Loc: GTA
 Originally Posted By: furball
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

 Originally Posted By: Risky Business
The end goal is to have enough referral business


When I see EXP or Keller Williams. I'm like Brah .....

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#10336200 - 10/13/22 12:23 PM Re: dat real estate v.2021 [Re: OracerO]
Screamin Type ARGH! Offline
Honda CEO's personal fluffer
Post Master Supreme


Registered: 02/20/01
Posts: 46626
Loc: T.O. - Canaduh
https://nationalpost.com/news/canada/the...e-else-on-earth

NO WAI?!
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#10337297 - 10/15/22 07:35 AM Re: dat real estate v.2021 [Re: Screamin Type ARGH!]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19225
Loc: Wiesloch-Walldorf, Germany
nothing about the "brampton loan" being exploited?

https://www.cbc.ca/news/business/marketplace-mortgage-fraud-1.6614132
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#10337470 - 10/15/22 06:24 PM Re: dat real estate v.2021 [Re: c2k]
Risky Business Offline
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Registered: 05/17/10
Posts: 43224
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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#10337673 - 10/16/22 01:53 PM Re: dat real estate v.2021 [Re: Risky Business]
Hatorade Offline
pheggit
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Registered: 11/05/99
Posts: 26886
Loc: Toronto, ON
This is nothing new. Last big spike with mortgage fraud was during the 2017 fiasco.
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#10337869 - 10/17/22 08:06 AM Re: dat real estate v.2021 [Re: Hatorade]
Screamin Type ARGH! Offline
Honda CEO's personal fluffer
Post Master Supreme


Registered: 02/20/01
Posts: 46626
Loc: T.O. - Canaduh
it's fucked how the industry gets away with so much, oh wait so do the banks...oh wait, the gov does fuck all to step in where it matters, rich get richer meanwhile everyone else gets bent over
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#10337875 - 10/17/22 08:47 AM Re: dat real estate v.2021 [Re: Screamin Type ARGH!]
Simon_the_Pieman Offline
Post Master Sr


Registered: 08/13/01
Posts: 9333
Loc: The A
 Originally Posted By: Screamin Type ARGH!
rich get richer meanwhile everyone else gets bent over


easy fix is to just get rich man. cmon lfg.
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#10338499 - 10/18/22 05:14 AM Re: dat real estate v.2021 [Re: Simon_the_Pieman]
c2k Moderator Offline
Post Master Supreme


Registered: 05/21/00
Posts: 19225
Loc: Wiesloch-Walldorf, Germany
 Originally Posted By: Simon_the_Pieman
 Originally Posted By: Screamin Type ARGH!
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]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9420
Loc: Toronto, ON
New Toronto Vacant Home Tax 2023.

https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax

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#10353086 - 11/14/22 06:21 AM Re: dat real estate v.2021 [Re: furball]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43224
lol another useless policy
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#10353146 - 11/14/22 09:22 AM Re: dat real estate v.2021 [Re: Risky Business]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9420
Loc: Toronto, ON
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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