Mortgage Rates

Gregster said:
Yes and No. The original spirit was to offer affordability. These days homes aren't affordable and the CHMC just takes more and more on. Sorta a strange catch 22 when most of your GDP is Banking and Real Estate

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puts our central bank under tremendous pressure...
 
Gregster said:
Why? It gives first time home buyers who don't have rich parents or family the chance to buy something. It's there as a tool. In this market how do you expect a young family to purchase a 600k home with 20% and have all the relative closing costs on hand?

They will likely just have enough for the 5%+ 1.5% closing costs etc

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The problem is right there.

You dont buy a house at 600k if it yours first one.

You have to keep in mind, if one member in the family lost his job can you still pay your bill? If not, then the house is too expensive.

The smart thing is to stay 1-2 years with your parents and get at least a good amount for a cashdown on a house.

There is a lot of house below 350k$ in the southshore with plenty of space for a family.


Nowaday peoples are retarded and always use the max loan a bank offer them.
 
Can someone here explained to me what would happen if the mortgage rate go up to 6-7% (that is not a lot)... What would happen to the price of houses? Are they all gonna go on sale on the market at the same time? Do all the rich people are gonna wait for ''reprise de finance''

What would happen to people who can pay their mortage?? Are their house gonna loose lost of value on the market??
 
AcuraBoy said:
The problem is right there.

You dont buy a house at 600k if it yours first one.

You have to keep in mind, if one member in the family lost his job can you still pay your bill? If not, then the house is too expensive.

The smart thing is to stay 1-2 years with your parents and get at least a good amount for a cashdown on a house.

There is a lot of house below 350k$ in the southshore with plenty of space for a family.


Nowaday peoples are retarded and always use the max loan a bank offer them.
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Well not eveyone wants to live in the south shore or areas that require driving 1-1.5hrs. let's say you and wife work in St Laurent or Similar area. I work in Kikrland my wife in VSL.. I don't like to sit in my car longer than I have to. So we live close to work

My brother in law has 3 kids, works in VSL his wife works DT. He starts and leaves work early to get the kids by 5:30... It's a bit easier now working from him but still. If he lived in the South Shore or Blainville it would be an absolute cluster fuck

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AcuraBoy said:
Can someone here explained to me what would happen if the mortgage rate go up to 6-7% (that is not a lot)... What would happen to the price of houses? Are they all gonna go on sale on the market at the same time? Do all the rich people are gonna wait for ''reprise de finance''

What would happen to people who can pay their mortage?? Are their house gonna loose lost of value on the market??
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Considering what rates are now 6-7% would decimate the market. You would just see a reintroduction of a 30-40 year mortage to offset it. Reprise de Financement are actually very very low in the Montreal as it stands

The bank doesn't want your house. There are many options available

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Gregster said:
Considering what rates are now 6-7% would decimate the market. You would just see a reintroduction of a 30-40 year mortage to offset it. Reprise de Financement are actually very very low in the Montreal as it stands

The bank doesn't want your house. There are many options available

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So we are fucked and price will get like Toronto soon, People will start to leave Montreal. Price will just keep rising and rising.

The big problem here, is the salary, salary d'ont follow the increase in price of a house.
 
AcuraBoy said:
So we are fucked and price will get like Toronto soon, People will start to leave Montreal. Price will just keep rising and rising.

The big problem here, is the salary, salary d'ont follow the increase in price of a house.
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The salary is two problems
1. Stagnation overall
2. Montreal "low cost " of living.. Salaries in Vancouver and Toronto are higher.

To be honest the real estate was bound to happen here it just took time to spread east.. Ottawa is going insane as well. A small part is the general stability of the political climate in Quebec

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Gregster said:
The salary is two problems
1. Stagnation overall
2. Montreal "low cost " of living.. Salaries in Vancouver and Toronto are higher.

To be honest the real estate was bound to happen here it just took time to spread east.. Ottawa is going insane as well. A small part is the general stability of the political climate in Quebec

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That why something should happen to shake up that nonsense

Sometimes i dream about mortgage going way up so all those Dumb peoples with no commonsense with their wallet go down. Seriously i hate the new generation that pretend to be rich when they are not.

If i compare myself to Mr member im a freaking poor bastard.


600k house young family WTFFF!!!! Sorry man i cant get used to it
 
Try finding a house that fits a young family (2 adults + 2 kids) with decent proximity to school and transports in montreal.
That means 3 bed rooms / 1300 square feet minimum to be comfortable.
600k is pretty much where it's at right now.. Quite ridiculous yes (compared to the salaries) but not compared to other provinces.. This is where we are at... Oh and let's not forget, the interest rates lowered is supposed to help people but the market reacts the other way by increasing house price, isnt that fucked up :)
 
AcuraBoy said:
That why something should happen to shake up that nonsense

Sometimes i dream about mortgage going way up so all those Dumb peoples with no commonsense with their wallet go down. Seriously i hate the new generation that pretend to be rich when they are not.

If i compare myself to Mr member im a freaking poor bastard.


600k house young family WTFFF!!!! Sorry man i cant get used to it
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Pretend to be rich but not? It's not that case... 600k was an example but not far off. 475k- 500k is more realistic which is affordable but good luck not getting into a bidding war Strangely. I know a house in VSL, 50K asking, the buyer showed up with a sack of cash and the parents/grandparents

Do you blame salaries or speculation or foreign money?

A shake up effects eveyone single person in this thread. No matter how well we pretend to be 'ok" it will hurt everyone. Especially those with multiple properties that are mortgaged. As I said most of Canada GDP is fucking banking and real estate..

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VolksWannabe said:
Try finding a house that fits a young family (2 adults + 2 kids) with decent proximity to school and transports in montreal.
That means 3 bed rooms / 1300 square feet minimum to be comfortable.
600k is pretty much where it's at right now.. Quite ridiculous yes (compared to the salaries) but not compared to other provinces.. This is where we are at... Oh and let's not forget, the interest rates lowered is supposed to help people but the market reacts the other way by increasing house price, isnt that fucked up :)
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The bidding wars are even worse in areas with excellent schools and amenities. Dorval north is perhaps the last bastion of affordable but flipper homes are 450-500k and they need 100k of work.

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Buddy sold his place in Roxboro built in 1960, some renos, large yard, typical split level... $555K in one day, multiple offers. Like a dozen offers.
 
rollingsound said:
Buddy sold his place in Roxboro built in 1960, some renos, large yard, typical split level... $555K in one day, multiple offers. Like a dozen offers.
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Not shocked. Similar home over in DDO is prob 100k more all day long. My friend bought a place in DDO and the owner paid 108k for in 1997... He paid 525k a few months ago

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Gregster said:
Not shocked. Similar home over in DDO is prob 100k more all day long. My friend bought a place in DDO and the owner paid 108k for in 1997... He paid 525k a few months ago

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I love Roxboro the people are overall verrry friendly and community oriented, but it's fucking Roxboro lol, DDO has shittier people but is fancier, Roxboro was wrong side of the tracks lol... Good parts are DDO probably talking starting at $7XXK if the traditional dynamic is still in place... what. the. fuck.
 
rollingsound said:
I love Roxboro the people are overall verrry friendly and community oriented, but it's fucking Roxboro lol, DDO has shittier people but is fancier, Roxboro was wrong side of the tracks lol... Good parts are DDO probably talking starting at $7XXK if the traditional dynamic is still in place... what. the. fuck.
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I hate the west island in general I prefer the iffyness of Lachine/Lasalle/ Verdun. Although I find the segregation within all communities to be rise.


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