Mortgage Rates

[rknight111]

Im glad I dont have a mortgage jn these times. The interest rates are said to rise again on Wednesday another .25 percent. The average mortgage has gone up $500-1000 per month depending on the principle. How do young families cope with this?

 

[drew562]

Im glad I dont have a mortgage jn these times. The interest rates are said to rise again on Wednesday another .25 percent. The average mortgage has gone up $500-1000 per month depending on the principle. How do young families cope with this?

Buddy of mine about a year ago bought a house in Kelowna 500,000 down $900,000 mortgage 2800 biweekly. Now recently, Within nine months of buying his mortgage amortization went from 25 years to 44 years. He’s now scrambling to sign a contract and get out of his variable mortgage.

 

[pano-dude]

Im glad I dont have a mortgage jn these times. The interest rates are said to rise again on Wednesday another .25 percent. The average mortgage has gone up $500-1000 per month depending on the principle. How do young families cope with this?

The rates are back to what was typical back in the late 90s. My parents had a mortgage at 17%in the early 80s.
How to cope? Don't finance 2 brand new cars, a boat, a trailer, holidays to Mexico and a vacation home in Invermere...

 

[adamg]

And vote for anyone that will build more housing.

 

[lilduke]

I didnt know the government built houses lmao


You need money to build a house, if someone has money they can get a house built any time..

 

[papajake]

And a uneducated person like me payed off 3 mortgages just make your priorities fit your budget 900000 mortgage that’s ridiculous

 

[Bnorth]

Live within your means. Lots of people jumped into variable rate mortgages because they were the cheapest option but they were not aware of the potential risks of increasing rates or were so near their absolute max approval limits they had to take the lowest rate option to pass the federal stress test.

 

[blastoff]

Post # 3 explains it, young folk better smarten up or their going to be at the food bank if they aren’t already going there

 

[2kDoo]

It's getting worse by the week. About a month ago I got approved for 480 with 100k down
My payments are gonna be 2600 a month; Thank Christ the oilpatch is booming.

Young families just keep taking it in the arse. A friend of mine who sells eye glasses said her and her husband spend 60% of their income on their mortgage. As long as societty keeps getting cheap weed no one seems to care. At least in St. Albert anyway. Everyone seem to be ok with living with mom and dad

 

[drew562]

And a uneducated person like me payed off 3 mortgages just make your priorities fit your budget 900000 mortgage that’s ridiculous

He’s a younger guy than me. Rcmp, who got transferred.. That’s just the cost of his transfer.

 

[mclean]

That's disgusting. Working just to pay your mortgage. House poor

 

[lilduke]

Rcmp with a 1.5million dollar house lol

 

[2kDoo]

Rcmp with a 1.5million dollar house lol

I was thinking same thing.
If he as 500k equity pay off the place in Edmonton, go work at costco. Live life

 

[plio7]

The rates are back to what was typical back in the late 90s. My parents had a mortgage at 17%in the early 80s.
How to cope? Don't finance 2 brand new cars, a boat, a trailer, holidays to Mexico and a vacation home in Invermere...

don't get me wrong I agree with you on living within your means. but you can only run on this premise so far. maybe interest rates were at 17% in the 80's but you could also buy a house for $100k and in the 90's the prices still weren't that bad. I looked at a house in 2003 in Edmonton that was $125k today that house would be $300k +. and these days you can't buy a shack in the middle of BFK for that. a lot of young people looking to buy could afford the interest rates if housing prices weren't so crazy. then to top that off with basically a 50% increase in cost of living when it comes to utilities and food and other expenses......comparing the 80's and 90's to today is apples to oranges.

I know people who don't have financed cars and don't have a bunch of toys and make what used to be considered decent money who are struggling to pay their bills. and young people who are out working and trying to get ahead to buy their own place who can't save up enough because rent is so high they can't bank anything. and are watching the chances of them ever being able to buy get smaller and smaller.

 

[papajake]

and the lineups at timmys and mcdonalds aren't getting shorter start cooking your own food and see how much you save in one month and guess what you can make good coffee at home

 

[lilduke]

If the government stopped taxing and regulating everyone out of the market might help a bit.....

 

[mclean]

I make an excellent wage and only have a mortgage and normal bills and I'm at the point now where I'm looking at prices and not just buying stuff when I want it. I've never done that before but everything is exponentially more expensive.

 

[Mike270412]

Greedy billionaires are responsible for all of these issues.

 

[Mike270412]

 

[lilduke]

That was before every 7 year old needed an iphone lol