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It doesn't matter how much in total you pay, all the matters are the monthly payments. If you can afford all your life's monthly payments (this month at least) then you are set. Also it's safe to assume you'll be making more money in future, so feel free to plan around that. And if poo poo hits the fan you can always sell your house and you'll come out ahead because it's going up every year.
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# ? Jun 29, 2015 16:34 |
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# ? Jun 9, 2024 06:08 |
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http://www.cbc.ca/news/business/seniors-going-bankrupt-in-soaring-numbers-1.3129176?cmp=rss Some snippets: quote:According to the federal Office of the Superintendent of Bankruptcy, 10 per cent of those who declared bankruptcy in 2014 were aged 65 and older. That's a whopping 20.5 per cent increase from 2010. http://www.cbc.ca/news/business/seniors-in-ontario-make-up-30-of-bankruptcies-report-1.3060463 Snippets: quote:According to a review of 6,000 insolvency filings handled by the firm in 2013 and 2014, the share of debtors aged 50 and over increased to 30 per cent compared with 27 per cent in the previous two-year period.
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# ? Jun 29, 2015 16:58 |
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Baronjutter posted:It doesn't matter how much in total you pay, all the matters are the monthly payments. If you can afford all your life's monthly payments (this month at least) then you are set. Also it's safe to assume you'll be making more money in future, so feel free to plan around that. And if poo poo hits the fan you can always sell your house and you'll come out ahead because it's going up every year. I see no flaws with that logic The problem is that "people" are generally short-sighted*, and when a bubble's been going on for 15-20 years it's easy to either start believing it's no bubble (because it's convenient) or even if you *know* it's a bubble, well what's to say it won't last another 5-10 years? Afterall, you do need somewhere to live right now and don't have much choices (because there's jack to rent at reasonable/any prices). Not that I would know anything about this dilemma *At least for anything that's "years" away.
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# ? Jun 29, 2015 17:01 |
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Baronjutter posted:It doesn't matter how much in total you pay, all the matters are the monthly payments. If you can afford all your life's monthly payments (this month at least) then you are set. Also it's safe to assume you'll be making more money in future, so feel free to plan around that. And if poo poo hits the fan you can always sell your house and you'll come out ahead because it's going up every year. Except the monthly payments would also be lower if you had a larger downpayment, so that doesn't make sense either...
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# ? Jun 29, 2015 19:16 |
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But you need a 4br house NOW not by the time you have a down payment saved.. Also who saves? Saving is throwing away money that could be going towards monthly debt payments which enrich your life and build equity.
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# ? Jun 29, 2015 19:20 |
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Yeah, right, the guy with the $4,000 suit is going to rent a reasonably priced apartment. COME ON!
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# ? Jun 29, 2015 19:23 |
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PT6A posted:Except the monthly payments would also be lower if you had a larger downpayment, so that doesn't make sense either... The people who that makes sense to are not the same people who would consider the pros and cons of 100% financing and who are unable to save up a downpayment.
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# ? Jun 29, 2015 19:29 |
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triplexpac posted:Yeah, right, the guy with the $4,000 suit is going to rent a reasonably priced apartment. COME ON! Gonna mortgage/finance my next suit to be able to fart in clothes above my station in life.
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# ? Jun 29, 2015 19:33 |
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Ceciltron posted:Gonna mortgage/finance my next suit to be able to fart in clothes above my station in life. Listen if you don't get in right now buddy you're going to miss out on all the future profits Clothing prices can only go up GODDAMMIT
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# ? Jun 29, 2015 22:15 |
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Baronjutter posted:But you need a 4br house NOW not by the time you have a down payment saved.. Also who saves? Saving is throwing away money that could be going towards monthly debt payments which enrich your life and build equity. lmao I like the concept of building equity, yup "home investment" means reducing your debt dollar for dollar.
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# ? Jun 29, 2015 23:22 |
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All this talk of financial disaster got me walking around with a loving boner all day. http://www.ft.com/intl/cms/s/0/052817e0-1e49-11e5-ab0f-6bb9974f25d0.html quote:
Basically we're all loving dead.
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# ? Jun 30, 2015 02:58 |
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I almost feel like I should be jumping into the insanity-pile and buying a house on borrowed money, just because with so many people lined up for catastrophe, what if the government bails them all out when it goes tits up? But then I realize that's stupid, governments only bail out businesses.
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# ? Jun 30, 2015 03:13 |
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I was at a toddler birthday party last weekend talking to the grandad. He used to be a hotshot pharma exec and now he's retired and volunteering his time as a therapy dog handler. I told him that I work for in an industry that's in distress. He asked me what I thought about Vancouver's economy and I told him my real concern was this upcoming week, regarding the greek default and chinese stock market annihilation. He told me that he was really hoping oil prices would come back up real soon or else he's in trouble. WHAT THE gently caress ARE YOU DOING loving WITH OIL STOCKS IN RETIREMENT rear end in a top hat
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# ? Jun 30, 2015 03:17 |
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blatman posted:I almost feel like I should be jumping into the insanity-pile and buying a house on borrowed money, just because with so many people lined up for catastrophe, what if the government bails them all out when it goes tits up? Canada is worse since unlike US it has no recourse loans, aka you can't walk away from the debt and the government will most likely give priority to precious banks.
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# ? Jun 30, 2015 03:44 |
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etalian posted:Canada is worse since unlike US it has no recourse loans, aka you can't walk away from the debt and the government will most likely give priority to precious banks. This is what makes it all the more delicious. When they go belly up, they will take whatever I offer them for their mcmansions to escape that crushing debt.
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# ? Jun 30, 2015 03:47 |
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http://www.reuters.com/article/2015/06/29/canada-cenbank-idUSL2N0ZE04J20150629quote:Bank of Canada Governor Stephen Poloz defended on Sunday the central bank's surprise interest rate cut early this year, saying last year's big drop in oil prices made the cut necessary to keep policy in a "neutral zone" where risks are balanced. ¯\_(ツ)_/¯
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# ? Jun 30, 2015 03:49 |
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http://www.theglobeandmail.com/repo...rticle25170613/quote:Most economists estimate that the Canadian economy grew by about 0.1 to 0.2 per cent in April. While that would be the first monthly growth since December, it would, at best, merely make back what the economy lost in March. This anticipated tepid start to the second quarter has many forecasters now predicting GDP growth of less than 1 per cent annualized for the quarter as a whole (which ends June 30) – a far-from-convincing turnaround from the economy’s bleak 0.6-per-cent annualized contraction in the first quarter. There’s little margin for disappointment in the numbers before we could be facing a second consecutive quarterly GDP decline – the traditional technical definition of a recession. welp
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# ? Jun 30, 2015 03:52 |
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jm20 posted:This is what makes it all the more delicious. When they go belly up, they will take whatever I offer them for their mcmansions to escape that crushing debt. Also Canada is different in that home loans run from 5-10 years, you must then convince the bank that you are good bet for the loan.
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# ? Jun 30, 2015 03:55 |
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http://www.cbc.ca/news/business/seniors-going-bankrupt-in-soaring-numbers-1.3129176quote:Seniors going bankrupt in soaring numbers enjoying eating cat food until you die assholes
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# ? Jun 30, 2015 04:16 |
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Haha no this is going to spawn a new era of socialism because the rich know that in the next decade they're going to have to choose between going from astonishingly rich to just ridiculously rich or face a greatly increased chance of them being dragged from their houses and torn apart.
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# ? Jun 30, 2015 04:28 |
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Cultural Imperial posted:http://www.cbc.ca/news/business/seniors-going-bankrupt-in-soaring-numbers-1.3129176 I posted this already!!! You're slipping CI
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# ? Jun 30, 2015 04:29 |
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Brannock posted:I posted this already!!! You're slipping CI He was busy cleaning himself up.
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# ? Jun 30, 2015 04:34 |
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Brannock posted:I posted this already!!! You're slipping CI Woops sorry!
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# ? Jun 30, 2015 04:43 |
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From this tweet: BC is a strong draw for international immigration* *lowest international immigration since the '80s pic.twitter.com/ZWF8SvIP5J
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# ? Jun 30, 2015 04:43 |
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What about all those mainlanders that paid huge amounts for visas in Quebec then moved to Vancouver?
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# ? Jun 30, 2015 04:53 |
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Cultural Imperial posted:I was at a toddler birthday party last weekend talking to the grandad. He used to be a hotshot pharma exec and now he's retired and volunteering his time as a therapy dog handler. I told him that I work for in an industry that's in distress. He asked me what I thought about Vancouver's economy and I told him my real concern was this upcoming week, regarding the greek default and chinese stock market annihilation. He told me that he was really hoping oil prices would come back up real soon or else he's in trouble. Nailed it. Remember when I said low interest rates make people do stupid things? He probably saw the 10%+ yields and thought they were excellent steals. If you look up economic history 'yield pigging' is a thing. Many got their rear end handed to them on REITS in the 690>73 bust, and more got smoked in the income trust boondoggle. This ties into why so many pensioners are gong bankrupt. If inflation (noncore) went up about 16% since 2003, and yields have fallen from 6% to 2%, the ability to afford a lifestyle if you have had zero capital growth to reinvest since 1998, is pretty loving marginal at this point. The same thing happened in Japan. Whole books and artsie photography journals are written about the 'silent poverty'.
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# ? Jun 30, 2015 04:53 |
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And 0% interest rates will gently caress over retirees too.
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# ? Jun 30, 2015 04:55 |
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Chasing high yield investments usually ends in tears It's why I always lol at stock picker articles on secret high yield dividend stocks. There is no great return without a corresponding great risk. etalian fucked around with this message at 04:58 on Jun 30, 2015 |
# ? Jun 30, 2015 04:56 |
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Cultural Imperial posted:From this tweet: How does that compare to other international immigration though? It might still be a comparatively strong draw if other nations are experiencing lower immigration rates
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# ? Jun 30, 2015 05:06 |
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Brannock posted:How does that compare to other international immigration though? It might still be a comparatively strong draw if other nations are experiencing lower immigration rates I see this as information that bc is not increasing in attractiveness to foreigners.
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# ? Jun 30, 2015 05:12 |
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Cultural Imperial posted:I see this as information that bc is not increasing in attractiveness to foreigners. I will make the assumption that a large majority of BC immigrants are Chinese and also the assumption that China has become a more attractive place to live in since the 1980s. The drop in immigration to BC, then, may possibly still be outweighed by the decrease in Chinese emigration. Is this implausible?
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# ? Jun 30, 2015 05:15 |
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Cultural Imperial posted:I see this as information that bc is not increasing in attractiveness to foreigners. Aren't we into year two of no investor class immigration? That probably accounts for a large chunk of that dip.
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# ? Jun 30, 2015 05:15 |
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I thought the iip was eliminated last year? This graph is hot off twitter so I wouldn't be making all kinds of assumptions. E: iip killed last February http://www.theglobeandmail.com/news/world/rich-chinese-angry-over-cancellation-of-canadian-immigrant-program/article17269390/?service=mobile namaste friends fucked around with this message at 05:24 on Jun 30, 2015 |
# ? Jun 30, 2015 05:21 |
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etalian posted:Chasing high yield investments usually ends in tears Of course there is There's getting in on some sweet vancouver real estate for 0% down.
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# ? Jun 30, 2015 05:34 |
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Fuzzy Mammal posted:Of course there is There's getting in on some sweet vancouver real estate for 0% down. a amazing investment
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# ? Jun 30, 2015 05:36 |
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the house next door to my parents in ladner just sold for $200k more than it was purchased for about 15 months ago. about a 40% increase with no real renovations
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# ? Jun 30, 2015 05:36 |
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the talent deficit posted:the house next door to my parents in ladner just sold for $200k more than it was purchased for about 15 months ago. about a 40% increase with no real renovations The secret renovation is time.
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# ? Jun 30, 2015 06:07 |
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It's also a amazing investment since it's so illiquid. Brag to your neighbor about house going up 14% in one year but don't think about how it doesn't put a single cent in your bank unlike a stock dividend.
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# ? Jun 30, 2015 06:07 |
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the talent deficit posted:the house next door to my parents in ladner just sold for $200k more than it was purchased for about 15 months ago. about a 40% increase with no real renovations Holy poo poo.
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# ? Jun 30, 2015 07:04 |
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# ? Jun 9, 2024 06:08 |
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the talent deficit posted:the house next door to my parents in ladner just sold for $200k more than it was purchased for about 15 months ago. about a 40% increase with no real renovations A house in Melbourne just sold last month for 930K profit, 8 months after the previous sale. 2.23M to 3.16M, no renos done or anything like that. That's what, a ~60% yearly return?
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# ? Jun 30, 2015 09:25 |