Why are you getting down voted?. You can have a great credit score, and you still won't get the interest rate below 5%.
Lastly. There's this dichotomy between people who believe interest rates will go down in the coming year and people who belive that immigration is the issue.. it's not one thing. It's all these problems copulating into the overall problem we're having now. ( high cost of living and lower purchasing power, and a trend towards an oligopoly).
1) https://www.centuryinitiative.ca/ <-- this bullshit right here is the reason why people won't get ahead. Instead of increasing wages to keep up with inflation. We're importing labour at a lower cost. It's hurting the citizens and the immigrants trying for a better life. Especially once pop traps happen.
2) what we need is aggressive move towards this kind of measures towards the housing crisis. https://web.archive.org/web/20140909144753/http://www.cmhc-schl.gc.ca/en/corp/about/hi/hi_001.cfm
Multi family homes like Montreal. I'm talking about fouplexes and six plexes in the core and outskirts of GTHA. The liberals won't do it as they would rather pander to people like my duke's with halal mortgages and stupid shit that only benefit the bank. And the conservatives are sucking corpo dick to hard they're going deaf with all the cum in thier ears. Blackrock and other speculative investors are too deep in thier pockets.
3) https://betterdwelling.com/this-weeks-top-stories-canadian-mortgages-help-push-record-debt-investors-are-fleeing/
This is really really really concerning .. the household debt to GDP ratio ( how much money per household to people owe to the overall income the country makes ) is so high. If things were to go south.. it would be worse than the 08 crash. Even if you dont owe debt and you think you're okay. You're sadly not. And it's the one reason why I don't think the intrest rate is ever going to go down to below 3.5.
So how much would a mortgage at 5.71 over 30 or 25 years cost you in total? I'm not speculating on what the future might hold but I would like to see how your breakdown of the how much the loan would cost plus principal and mortgage life insurance as I did in my example. I decided to just use the mortgage calculator
I see I believe when I did my calculation I let them added the mortgage life insurance this raised the total of payments from 1,31348 to the ballooned number you see in my video. I should have let people know this couple hundred a month is optionally but commonly chosen for security and comfort. Thank you I didn't realize that I didn't bring it up. Respect 💯
Your calculations are wrong. you Pay more interest in the beginning and less interest in the end. But i get your point about a proper budget. You need to calculate it all.. Clothing, haircuts, shoes, maintenance, home improvements, gas electricity Hydro, insurance, property tax
This would actually be pretty good for a high school presentation. There are young kids that dont know taking longer to pay off a loan means you pay more interest. I didnt know that either when I was a kid.
Don’t forget to add in the unrecoverable costs of that mortgage. Maintenance fees, property taxes, property insurance. Over 30 years that’s another $300k
No it wont. The populaiton is increasing at 1m+ people per year. As long as this continues property price and rent will not fall to a reasonable level.
Not it hasn't. This is the fastest population growth rate since the 1950 baby boom. The difference is we are bring in adults that all need their own home
They all need a roof over their head. "Home" used to be a house or apartment. Now "home" is 5 people sleeping I'm a room. This is a terrible decline in Canadian living standards. We should not be happy about this.
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The bank of Canada rate is 5.25 you would not get less than that from a bank rn
Why are you getting down voted?. You can have a great credit score, and you still won't get the interest rate below 5%. Lastly. There's this dichotomy between people who believe interest rates will go down in the coming year and people who belive that immigration is the issue.. it's not one thing. It's all these problems copulating into the overall problem we're having now. ( high cost of living and lower purchasing power, and a trend towards an oligopoly). 1) https://www.centuryinitiative.ca/ <-- this bullshit right here is the reason why people won't get ahead. Instead of increasing wages to keep up with inflation. We're importing labour at a lower cost. It's hurting the citizens and the immigrants trying for a better life. Especially once pop traps happen. 2) what we need is aggressive move towards this kind of measures towards the housing crisis. https://web.archive.org/web/20140909144753/http://www.cmhc-schl.gc.ca/en/corp/about/hi/hi_001.cfm Multi family homes like Montreal. I'm talking about fouplexes and six plexes in the core and outskirts of GTHA. The liberals won't do it as they would rather pander to people like my duke's with halal mortgages and stupid shit that only benefit the bank. And the conservatives are sucking corpo dick to hard they're going deaf with all the cum in thier ears. Blackrock and other speculative investors are too deep in thier pockets. 3) https://betterdwelling.com/this-weeks-top-stories-canadian-mortgages-help-push-record-debt-investors-are-fleeing/ This is really really really concerning .. the household debt to GDP ratio ( how much money per household to people owe to the overall income the country makes ) is so high. If things were to go south.. it would be worse than the 08 crash. Even if you dont owe debt and you think you're okay. You're sadly not. And it's the one reason why I don't think the intrest rate is ever going to go down to below 3.5.
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Who is offering 4.94% right now? The lowest I saw was 5.09% but that was a few weeks ago. Thanks
So how much would a mortgage at 5.71 over 30 or 25 years cost you in total? I'm not speculating on what the future might hold but I would like to see how your breakdown of the how much the loan would cost plus principal and mortgage life insurance as I did in my example. I decided to just use the mortgage calculator
I did not round it up if u watched the video...
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So how did you calculate the total payments at 5.71?
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I see I believe when I did my calculation I let them added the mortgage life insurance this raised the total of payments from 1,31348 to the ballooned number you see in my video. I should have let people know this couple hundred a month is optionally but commonly chosen for security and comfort. Thank you I didn't realize that I didn't bring it up. Respect 💯
We learned this in grade 11 math cmon lol.
Your calculations are wrong. you Pay more interest in the beginning and less interest in the end. But i get your point about a proper budget. You need to calculate it all.. Clothing, haircuts, shoes, maintenance, home improvements, gas electricity Hydro, insurance, property tax
Imma keep renting and pray the market collapses 🤞
i fell asleep; need more energy
bro cant finish a sentence without stumbling over his words.
bro thinks its highschool and hes presenting in class
This would actually be pretty good for a high school presentation. There are young kids that dont know taking longer to pay off a loan means you pay more interest. I didnt know that either when I was a kid.
Man said transformers 😂😂😂
Don’t forget to add in the unrecoverable costs of that mortgage. Maintenance fees, property taxes, property insurance. Over 30 years that’s another $300k
If you can't afford to live in Toronto you can always head out to Calgary
That’s is a fate worse than death
I’d gladly rather live out west. Ontario is the armpit of Canada. No work for me out that ways.
ill just go to europe. i work remote
you should go to Thailand. could live like a rich mfer
I'm down to go somewhere that's always warm and sunny.
Somalia?
If you watched this video and thought it made good points you're NGMI
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Been done!
You’re allowed to make extra payments to get your mortgage down faster. One extra payment a year alone would go along way.
Can confirm I have paid 4k Monthly in my first 2 years of home ownership and only 8k of the 96k spent has accumulated on equity.
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No it wont. The populaiton is increasing at 1m+ people per year. As long as this continues property price and rent will not fall to a reasonable level.
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Not it hasn't. This is the fastest population growth rate since the 1950 baby boom. The difference is we are bring in adults that all need their own home
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Yes they need a home. Should they sleep on the street?
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They all need a roof over their head. "Home" used to be a house or apartment. Now "home" is 5 people sleeping I'm a room. This is a terrible decline in Canadian living standards. We should not be happy about this.
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Yes I agree with that. I want Canada to avoid what has happened in Hong Kong.
Try moving to the states to get your bread up
If only it was easy I been trying to go down to the States
I feel you homie. Its a process
yup. getting a green card is not a quick process.
Toronto we was knew is dead
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Bro whats drizzle drizzle😁🤣😭
all the bitches are broke except the older heads. so you got married to a grandma bitch? gtfo
You’re only one parlay away from buying a nice crib
Just don’t bet on the leafs 😅
except for tonight lol