Time to remove the politically controlled BoC as the interest rate setter in Canada. Let the competitive market set the rates instead of having the Big 5 in lock step. Not sure what the role of central banks should be but they aren't helping average citizens at all.
This lady just wants what’s best for her pockets, insane to no go variable if you bought a house today she would love for you to come back in 3 years instead of 5 so she can get paid again
Thanks for the breakdown! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
As a long-time home buyer, I have saved thousands upon thousands in interest by ALWAYS taking a variable mortgage. Even though there are small periods of pain when interest rates go up, on average, over the years of a mortgage, it's a much better buy.
Depends when you bought it. Someone that bought around 1940 would have seen rates trend upwards for 40 years and the rates peaked out in 1981. Someone that bought around 1981, all they would know is rates trending down. I would argue that we are at the beginning of another long term trend where rates are staying stubbornly high. You can see the start of a trend reversal when you look at a historical chart. Just because it was true in your case, doesn't mean the future will play out the same way for others. This is why it is really important for people to study the past cycles. Not many people can imagine an upwards trend in rates. However if you told someone in 1940 that rates would one day go to around 20%, most would have laughed in disbelief. On the flipside, If you told someone in 1981 that rates would be around 0% one day, people would have also scoffed in disbelief. It's almost like we are in 1940 again. The next cycle could potentially last decades.
@Casey-qm1nd Yes, I do understand all this. Well put. Just speaking my personal instantiation of historical stats. Even during this last peak of rates (nothing like the 18% people were paying in the late 80s, of course), having been in a variable for two properties over the 10 years prior, the savings are still massive over those now 15 years. But, your point is taken - you have to be able to pay during the higher rates years, and not everyone can sustain that. It's about timing and budgeting.
@Casey-qm1nd are you on drugs if the real-estate sector went to 20 percent interest we would be in a total economic collapse because of how much houses are to buy now compared to 1980 history doesn't always repeat itself
Believe me they are doing you no favours by only requiring 10% down on $1 million you are being tied to a $900,000 mortgage. Good luck.
Already bought two houses. Thank you BOC and Justinder!
Time to remove the politically controlled BoC as the interest rate setter in Canada. Let the competitive market set the rates instead of having the Big 5 in lock step. Not sure what the role of central banks should be but they aren't helping average citizens at all.
This lady just wants what’s best for her pockets, insane to no go variable if you bought a house today she would love for you to come back in 3 years instead of 5 so she can get paid again
There is recession out there.. She is just smoking
5% down. I remember something like that in 2007.
Thanks for the breakdown! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
And interest rates on anyone with money so our money can be more worthless.
Will this raise wages or lower housing prices? Does this do anything to improve the economy?
This will add bidding wars to homes in turn will raise the housing market because of the small amount someone can put down to purchase a house 🏠
As a long-time home buyer, I have saved thousands upon thousands in interest by ALWAYS taking a variable mortgage. Even though there are small periods of pain when interest rates go up, on average, over the years of a mortgage, it's a much better buy.
Depends when you bought it. Someone that bought around 1940 would have seen rates trend upwards for 40 years and the rates peaked out in 1981. Someone that bought around 1981, all they would know is rates trending down.
I would argue that we are at the beginning of another long term trend where rates are staying stubbornly high. You can see the start of a trend reversal when you look at a historical chart. Just because it was true in your case, doesn't mean the future will play out the same way for others. This is why it is really important for people to study the past cycles.
Not many people can imagine an upwards trend in rates. However if you told someone in 1940 that rates would one day go to around 20%, most would have laughed in disbelief. On the flipside, If you told someone in 1981 that rates would be around 0% one day, people would have also scoffed in disbelief. It's almost like we are in 1940 again. The next cycle could potentially last decades.
@Casey-qm1nd Yes, I do understand all this. Well put. Just speaking my personal instantiation of historical stats. Even during this last peak of rates (nothing like the 18% people were paying in the late 80s, of course), having been in a variable for two properties over the 10 years prior, the savings are still massive over those now 15 years. But, your point is taken - you have to be able to pay during the higher rates years, and not everyone can sustain that. It's about timing and budgeting.
@@rettbutler1312ah okay, got ya. Glad it worked out well for you. You are right, you can save a lot by picking the right option
@Casey-qm1nd are you on drugs if the real-estate sector went to 20 percent interest we would be in a total economic collapse because of how much houses are to buy now compared to 1980 history doesn't always repeat itself