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Forum » Canadian mortgage-cels on suicide watch
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Thread: Canadian mortgage-cels on suicide watch

post 1683005023 05-19-2023, 11:32 AM
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Canadian mortgage-cels on suicide watch

https://www.theglobeandmail.com/busi...hly%20payments.

Canadian mortgage payments could balloon 20-40% as mortgage-cels are up for renewal
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post 1683005293 05-19-2023, 11:35 AM
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Originally Posted By sooby⏩
Canadian mortgage payments could balloon 20-40% as mortgage-cels are up for renewal
post 1683005713 05-19-2023, 11:42 AM
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canadians should burn down the banks


violence is warranted here.
post 1683005743 05-19-2023, 11:42 AM
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Brutal
post 1683005803 05-19-2023, 11:44 AM
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Flex is gonna have to sell the vette.
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post 1683005933 05-19-2023, 11:46 AM
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just pay it off

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post 1683006023 05-19-2023, 11:47 AM
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Yeah it's wild up here a lot of people are going to get a huge kick in the nuts when they have to renew. My payment has gone up over 600 a month since I'm on variable and my mortgage isn't even that big compared to a lot of people.
post 1683006123 05-19-2023, 11:48 AM
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Originally Posted By benedetto27⏩
I remember endless articles during the Harper years about the "Dutch Disease" i.e. the problems when your economy is centered around one industry (oil and gas). Of course things seemed well, GDP per capita was on par with America for the first time ever, but they still had to find problems.

Never heard any articles about what happens when your main economic engine is the housing market. But that's what happens when you subsidize the media. They know not to overly criticize the Trudeau government, or link problems to his government. They know where their bread is buttered.
I mean you shouldn't centre your economy around one industry although it was a mistake to not tap into those resources. housing was spiking a bit towards the tail end of his era but still somewhat affordable. ofc made 10x worse by trudeau.

it's also what happens when you bring a million immigrants a year but not have enough housing. Canada is just going to get worse before it gets any better. housing is just going to go up. even with the hiked up interest rates, YoY inflation rose to 4.4% from 4.3%. just lol boyos. we also got another carbon tax hike costing about $450 extra a year.

I wish my fellow beaver-cels and canucks luck! We just keep taking all the Ls!
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post 1683006643 05-19-2023, 11:55 AM
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Originally Posted By sooby⏩
I mean you shouldn't centre your economy around one industry although it was a mistake to not tap into those resources. housing was spiking a bit towards the tail end of his era but still somewhat affordable. ofc made 10x worse by trudeau.

it's also what happens when you bring a million immigrants a year but not have enough housing. Canada is just going to get worse before it gets any better. housing is just going to go up. even with the hiked up interest rates, YoY inflation rose to 4.4% from 4.3%. just lol boyos. we also got another carbon tax hike costing about $450 extra a year.

I wish my fellow beaver-cels and canucks luck! We just keep taking all the Ls!
fuuuuuuuuuuuuuuuuuu

rentcel for life crew

just gonna keep on living in my 1 bedroom 650sqft, 950/mth apartment until i die i guess. basically a farmed animal.




































































































post 1683007133 05-19-2023, 12:02 PM
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Canada is fuked. This is going to suck tons of money out of the economy, and will impact both apartments and homes.

On the plus side, Canadian Real Estate has always been way overvalued, so should make things easier to buy for anyone who has been frugal.
post 1683007523 05-19-2023, 12:08 PM
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I get why adjustable rates would jump dramatically, but why would you need to renew a fixed rate? What am I missing?
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post 1683007913 05-19-2023, 12:15 PM
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Anyone renewing now has been stress tested at much higher rates than what their payments were actually based on.

So the typical person renewing today would have been given a mortgage five years ago based on what they could afford at close to current interest rates and likely has experienced income growth in those five years plus they would have had additional cash flow being granted mortgages with payments significantly below what they should have been able to afford when rates were super low.
Originally Posted By kcadrenalin⏩
I get why adjustable rates would jump dramatically, but why would you need to renew a fixed rate? What am I missing?
In Canada we typically lock in rates for five years and then renew at the end of that term, there are no 20-30 year fixed rates here.

The benefit of that has been lower rates than what were available in the US, my one mortgage is locked in at 1.69% until 2026.
post 1683008343 05-19-2023, 12:19 PM
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Originally Posted By kcadrenalin⏩
I get why adjustable rates would jump dramatically, but why would you need to renew a fixed rate? What am I missing?
Canucks can only get 5 year terms. They have to continually refinance.
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post 1683008443 05-19-2023, 12:20 PM
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Originally Posted By kcadrenalin⏩
I get why adjustable rates would jump dramatically, but why would you need to renew a fixed rate? What am I missing?
Most mortgages in Canada are 5 year max - you can get longer, but typically the interest rates are higher and therefore barely anyone does it.

All the people who had FOMO in 2019/2020 as I predicted are coming up in 2024/2025 and a lot of them are staring an increase of 1-2k a month in the face. Don't know a lot of households that can take that type of increase in costs along with groceries, even utilities increasing by 30-50% monthly as well. A lot of them overpaid just to "get into the market" at a time when anyone could have said it would be bad to do so. That combined with insane levels of immigrants flooding in, who all have enough money to buy houses because they have six incomes thanks to ten people living in a 4 bedroom house.

Government needs to stop the flood of immigrants and really crack down on foreign ownership of multiple properties with insane tax levels plus close all the loopholes. Limit the amount of international students that can get visas annually, because that's how a lot of them are getting in.
post 1683009383 05-19-2023, 12:35 PM
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Originally Posted By OliverHeldens⏩
Canada is fuked. This is going to suck tons of money out of the economy, and will impact both apartments and homes.

On the plus side, Canadian Real Estate has always been way overvalued, so should make things easier to buy for anyone who has been frugal.
rent-cels are kinda screwed too tbh. nobody is safe brahs.

as a mortgage-cel gotta hope you get a significant salary bump or start looking
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post 1683009923 05-19-2023, 12:45 PM
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Originally Posted By Destor⏩
In Canada we typically lock in rates for five years and then renew at the end of that term, there are no 20-30 year fixed rates here.

The benefit of that has been lower rates than what were available in the US, my one mortgage is locked in at 1.69% until 2026.
Wow that sucks. Looks like the banks are going in dry to get back for those low rates
libs gonna lib
post 1683010033 05-19-2023, 12:47 PM
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whats a mortgage?
post 1683010073 05-19-2023, 12:48 PM
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I'm sure some nice Chinese investors will be glad to buy up the properties for you Canadians and then you can rent from them.
post 1683010343 05-19-2023, 12:51 PM
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20 ****** can pay for it sharing the house lmao!
post 1683010513 05-19-2023, 12:53 PM
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you know what the funny thing is, people are actually starting to go crazy after houses again
post 1683010653 05-19-2023, 12:54 PM
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We will see economic collapse in Canada very soon.

Phàggot Trudeau and his daddy Klaus plan coming along nicely.

You losers out east are pathetic for continually voting this guy in.
post 1683010843 05-19-2023, 12:57 PM
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Originally Posted By Kev1972⏩
Canucks can only get 5 year terms. They have to continually refinance.
Can someone explain to me why politicians arent running and winning on a platform of making those current 5 year terms optional, along with traditional 15/30 year mortgages like we have in the States?
post 1683010983 05-19-2023, 12:59 PM
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Originally Posted By Destor⏩
Anyone renewing now has been stress tested at much higher rates than what their payments were actually based on.

So the typical person renewing today would have been given a mortgage five years ago based on what they could afford at close to current interest rates and likely has experienced income growth in those five years plus they would have had additional cash flow being granted mortgages with payments significantly below what they should have been able to afford when rates were super low.



In Canada we typically lock in rates for five years and then renew at the end of that term, there are no 20-30 year fixed rates here.

The benefit of that has been lower rates than what were available in the US, my one mortgage is locked in at 1.69% until 2026.
Originally Posted By Kev1972⏩
Canucks can only get 5 year terms. They have to continually refinance.
Originally Posted By WoofieNugget⏩
Most mortgages in Canada are 5 year max - you can get longer, but typically the interest rates are higher and therefore barely anyone does it.

All the people who had FOMO in 2019/2020 as I predicted are coming up in 2024/2025 and a lot of them are staring an increase of 1-2k a month in the face. Don't know a lot of households that can take that type of increase in costs along with groceries, even utilities increasing by 30-50% monthly as well. A lot of them overpaid just to "get into the market" at a time when anyone could have said it would be bad to do so. That combined with insane levels of immigrants flooding in, who all have enough money to buy houses because they have six incomes thanks to ten people living in a 4 bedroom house.

Government needs to stop the flood of immigrants and really crack down on foreign ownership of multiple properties with insane tax levels plus close all the loopholes. Limit the amount of international students that can get visas annually, because that's how a lot of them are getting in.
LOL Had no idea. That is insane.
I've always done a 30 year and made 2 extra payments a year to pay it off quicker. But being locked in with a low rate for 30 is a great piece of mind. Fuk every 5 years.

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post 1683011123 05-19-2023, 01:01 PM
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Originally Posted By PumkinPie⏩
Wow that sucks. Looks like the banks are going in dry to get back for those low rates
That's not quite how the system works, they were making money at the lower rates as well as it's all based on the central bank's overnight funds rate and bond yields and yadda yadda

Lower rates can be offered in this system probably because the shorter timeframe results in a lower risk profile, what will happen in the next 5 years+renewal is more certain than what will happen over the next 20-30 with a rate locked in for the mortgage's entire amortization period.
post 1683011253 05-19-2023, 01:03 PM
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Originally Posted By KidGogeta⏩
you know what the funny thing is, people are actually starting to go crazy after houses again
Price are rising on houses and condos where I live. Sellers are getting over asking price with multiple bidders.

The lowest 5 year rate I have seen right now is 4.39%
post 1683011713 05-19-2023, 01:08 PM
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Originally Posted By WetCoaster⏩
Price are rising on houses and condos where I live. Sellers are getting over asking price with multiple bidders.

The lowest 5 year rate I have seen right now is 4.39%
30 year rate in the US appears to be around 7% from what I can see on Google

In my industry, people are just recently starting to get big pay bumps so we'll be seeing that flowing through the economy
post 1683011913 05-19-2023, 01:11 PM
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canadian real estate has done a 50% retracement off its lows.

a few key points:

-there's still so much desperate money sitting on the sidelines ready to jump in.

- the sentiment that canadian real estate perpetually goes higher HAS NOT been broken. it's still viewed as a riskless, free money investment. until and unless that sentiment breaks it will not crash.

-with so many immigrants flooding in it's quite possible there will be no crash.

-the 20 to a home immigrant model and airbnb have fundamentally changed how a homes are valued.
the old single or double income family home model does not necessarily apply.

-the commitment of chinese and indians to pay their mortgage at all costs is far different than your previous white suburban bureaucrat. the indians will pick up a few extra long haul trucking shifts if need be.

-a massive number of homes are owned by investors who are benefiting from this inflationary environment with skyrocketing rents

bottom line, bears have been calling for the canadian real estate bubble to burst for literally 15 years and have been raped left, right and centre while every illiterate off the street has made millions by blindly falling into real estate at any price point.

no one has any clue what will happen.
post 1683013693 05-19-2023, 01:44 PM
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Alberta's two major cities are two of the most affordable metro areas in the world in terms of average house price as a multiple of income

I own two detached houses there, one built in 2015 and the other in 2021 with the latter on just over an acre of land. I work with people around my age who own like six houses in Saskatchewan.
post 1683015263 05-19-2023, 02:14 PM
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My best friend and his wife own a house and a townhouse here. They are selling the house and going to live in the townhouse until they find a condo to buy.

Then sell the townhouse and buy a house in Saskatoon to be closer to their 3 kids and spend summers there and winters here.

As far as Immigrants we are not seeing an influx here on Vancouver Island. There are lots of people selling their houses in Vancouver to retire here and buy a place and stick
the rest of their money from the sale in the bank.


Also seeing Albertains and folks from Ontario retiring here for the weather and scenery.
post 1683015533 05-19-2023, 02:18 PM
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My mother's commercial buildings that she manages are owned by a Canadian corporation. She basically said she's just waiting for the buildings to go to the banks. The loans for the properties are adjustable rate mortgages and they haven't been able to make their interest payments since march. Something a 500k a month just in interest payments (these are big buildings).

Commercial real estate is fooked too. These Canadians and their adjustable rate mortgages...
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