Should I be worried about this? I own a house, and I think this might start a collapse, am I wrong?

Should I be worried about this? I own a house, and I think this might start a collapse, am I wrong?

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houses worth 900k in march are lucky to sell for 750k now.

best startbelieving in happennings.jpeg

If you own your house what's the problem? Just don't plan on selling anytime soon and ride it out.

We can only hope. Anarchy is needed to replace that fuck we have in power and dislodge all the degeneracy he's put us through.

>I own a house

HAHAHAHAHAHA

Not if he took a variable mortgage and the rate hike pushes him over what he can pay.

>variable mortgage and the rate hike
oh fucking hell, canada still does that? we showed you guys a fuckin decade ago what happens

i work at a bank, we just adjusted rates upwards.... next week the real fun starts.

Do you have an adjustable rate mortgage?

>owning a house in Canada
I bet you also went to Uni for social changes too you cuck

Bad news, leaf

Your collapse has already begun, guy. However, feel free to relish in your free health care, friend.

What does it all mean?

>Renter here

Do you have a mortgage? What kind?

What type of job do you have?

Without that basic information we can't offer you any advice that's worth anything.

Bank in Canada I hope?

its not the same as a subprime burgerfag. Most of the trigger rates are up at 7 and 8% right now and if it raised that much and you didnt convert to a fixed, which you can do, you deserve to lose your house.

i can see prime being 2% higher by this time next year but thats it and even then im skeptical.

...

yes. Shit is about to get hectic.

>its not the same
sure thing pal

Lmao houses on my street sold for 1.2 million
>inb4 forclosures

can health care costs half per capita of US. it has its own issues but saying that our economy is tanking cause of free health care is bullshit.

On the plus side, a mega collapse will probably throw Trudy out on his ass hard. I for one welcome our new Chines-uhh I mean Conservative overlords.

i guess reality doesn't matter since you experienced something you don't fully grasp.

WITNESS ME

Sneaking in a hike before the recession.

I don't even think rates have hit historical lows.

Witnessed.

Also OP is a shitposting leaf.

CHECKED

I work for the ratings agency that just downgraded the big 6 banks in Canada.

Your mortgage, did you get a variable rate or fixed? Fixed rate you should be ok, but variable rate means you're going to have a bad time.

Canada is going to go through a mortgage crisis. Our big hope right now is that Canada's housing crisis, China's debt problem and slowing economy, Europe's everything problem, don't compound to create a global recession. Its looking like it will be recession later this year.

Also, filthy fucking canucks, stop taking out mortgages you can barely afford.

I own 300K in investments, those are my lifetime savings to buy a house, should I wait until shit hits the fan?

>Also, filthy fucking canucks, stop taking out mortgages you can barely afford.

but those houses go up in value $700 per day user. Who can say no to free money!?

House prices in Canada have always been ridiculously overpriced.

A 300k house in US would be 800k to even 2 million here.

More information on this please, I have money in ((((mutual funds)))). Are they going to clean me out?

How does this mortgage crisis affect non-homeowners, if at all?

So many bank larpers ITT.

Never made that connection, friend. Just trying to cheer the leaf up, buddy. No out-of-pocket ER costs to treat OP after attempting suicide, guy.

If you're still paying a mortgage, you should be fine. As long as you got a fixed rate mortgage, changing interest rates shouldn't effect anything. If you have an adjustable rate, kill yourself right fucking now.

we are all just the universe larping, user.

They still cut variables here. But most people learned the hard way as to how stupid they are. The idiocracy fall for the low teaser rates. I have always gone for 30 year fixed with a good down, some say paying a higher interest rate is stupid, but if your down payment was hefty, your payments are low,so then you make principle payments lowering the interest applied to the balance.

Ooooooohhhhhhh I'll 'membah this!!!

Housing prices going down is a good thing though. More people can afford to buy their own houses, rent goes down for those who still can't. The only people who get hurt are those who buy houses for investment, and they're the ones responsible for this shit in the first place.

>its not the same

That doesn't make it not retarded, either, leaf...

I'm not worried for a number of reasons:

Rates have been super low to fuel economic recovery. If another crash happens and the rates are this level they can't lower them anymore and then we'd be in real trouble. An increase in rates is needed.

To analysts, an increase in interest rates is an indicator of real economic growth. They anticipate the loonie to reach as high as $0.80 USD in the coming months because of this.

New federal mortgage regulations require those applying for mortgages to undergo a "stress test" and meet more strict debt ratios to make sure they can handle an increase in interest rates.

The housing market is way over valued, this will help cool them off, especially if the government gets its act together and start cracking down on foreign investors using Vancouver and Toronto housing markets to launder their cash.

Anyone who used a mortgage broker and financial planner worth their salt should have anticipated their rate increase and not max out their budget when rates are at their lowest ever. If they can't anticipate an increase then tough shit.

you already got your loan and hopefully it was fixed interest rate

youtu.be/Mcf9CLMQuRQ

>How does this mortgage crisis affect non-homeowners, if at all?

Well it will completely collapse your economy and likely destroy your currency.

It affects us in that we can sit back and laugh at all our smug friends who can't stop talking about how much their houses are worth.

Get comfy.

Go into FOREX. Buy rare Pepes.

What bank? My brother works at RBC and says he doesn't think it will crash but it will plateau. I believe he believes it but I remain skeptical

>the loonie
I still can't believe this how you call your currency.

Nah I'm good, I also own some good amount in cryptocoins like 10BTC and 30 ETH. Forex is too risk for me.

> take variable rate at 12 month intervals
> watch prime keep going down , down
>pay off more of principle
> see rates rise
> lock in a fixed rate

what is so hard about this ? I shaved 10 years .. TEN YEARS off my mortgage this way.

>Well it will completely collapse your economy and likely destroy your currency
Excellent, I was thinking of necking myself anyways so this will be extra motivation.

It's just slang because it's got a loon on it. The two dollar coin is a twonie (toonie?). I literally don't know how to spell that now that I think about it.

Yeah.. isn't it.. LOONIE?!

> start a collapse
That where you are wrong. Its already here and if you didnt already dump your house you will be in an upside down mortgage by September. I say torch it

Canada is a Jewish psyop to make the world seem weird.

>complete impossibility

Own my house, all these liberal hipster in my area north of me are gonna be mad mad mad baddies mad mad mad once this shit hits, I love it.

I sold all my land for $$$ thanks to the 407 taking it. I'm gonna fucking enjoy buying some cheap land in the coming years.

Invest in gold. At least 15% of your portfolio should be precious metals. While they don't increase in value as quickly as a mutual fund, gold will not lose value during recession.

>mfw

If the house is mortgaged, he doesn't own it

>taking a variable mortgage

Lol ecks dee

> accelerated bi-weekly
> 7 years of lowering rates
> started at 25 years , now have 8 left. pretty simple. as rates lower more of my payment went to principle.

How many shekels ya got?

what is a smart person like you doing on a jewish conspiracy fearmongering board?

shoo shoo

This is a shit meme.

There are 10x as many people in the US and they receive more prompt care that is superior.

There are things the US can do (DEREGULATIONS) to lower the cost of healthcare but neither party is willing to that route now. And they're hobbling toward some shitty single-pauor garbage that is run through insurance companies thereby killing not only one industry but two. Good job, USA.

>jewish "conspiracy"
>conspiracy

>conspiracy

just sold my place in Ontario now renting in Alberta for a while, may have been good timing... once the housing ponzi scheme breaks it's going to get ugly, it's all that's keeping ontarios economy afloat

>4 repeating doubles
Alright, digits confirm then.

>33006600

amazing

>More people can afford to buy their own houses, rent goes down for those who still can't. The only people who get hurt are those who buy houses for investment, and they're the ones responsible for this shit in the first place.

this, this price collapse will put food into people's mouths and money in their pockets if they are poor (so most leafs)

you shouldnt be worried if youre not a poor faggot, the dollar is going up

If you're in Vancouver or Toronto you should worry. Although, if your income level in high enough to carry you through a seven points increase you should be ok.

What if you're a poorfag in metro Vancouver?

would an extra 200 dollars a month put you under? youre fucked

get a business license and pretend to hire chinese. they pay you 20k for 3 months. Pretend hire 100 and take in $2 million. The fines are way less than what you'll earn.

Good I hope this country collapses so I can move to Poland. Fuck this multicucked embarrassment of a country.

Take me with you nigga, no homo

>implying you pussies will last a month in Polska
kekkest of keks

why poland and not ukraine?

its even cheaper than poland. you can own a brand new apartment for 30k and doesnt require a visa to enter for canadians

I'll sell my butthole

>why poland and not ukraine?
There's a war there?

its perfectly safe or are you planning on living in donetsk?

Why will an adjustable rate fuck you up?

can i survive with only english?

Moving this thread to /bant/- lack of source and only 1 post by the OP.

But a fucking bungalo where I work is up to 1.4 mil.

ya faggot anyone with a brain knew the housing market was super inflated prepare your anus buddy its time

Because it will adjust with base rates, user. Your 1.99 now could be a 7.99 in a rising-rate environment, which is where we're headed.

probably

It won't be as bad as 08. Mortgages are nest eggs and a source of wealth. It will affect retiring baby boomers and millennials with a first home. Non-homeowners will see unemployment rates go up, wages stand still nail the banks get past this.

Yeah no wonder House Hunters has a fucking Etsy store owner and volunteer at a pet shelter budgeting $1.2 for a new house.

>33000000

Fucking moron. Everything is tied to mortgages. They are the equivalent of US Treasury bonds locally. People make their payments because they have to live somewhere and female emotional attachment to the nest. Mortgages are the basis for more risky loans.

...

You're too close to it. The rates cannot go much lower by the central bank. The rate increase is to counter inflation.

Plateau, no question, but a crisis/crash is coming to Canada. Home values will drop.

Why do you care? As long as you live in it, it will eventually get back to it's real price. If you are sure it's overrated now, sell it, put the money in the bank and pay your rent with the interest rate. And when the prices get down, just buy a bigger one.

American dream everyone. Fuck property and fuck drumpf.

well, they have to. considering they will be making payments to terrorists in the future

t. donkey as transportation for ransacking graves

Only gypsies bury their own with jewellery and household items inside their graves, so I don't see what's wrong with ransacking.

It's complicated, lower property value is lower taxes but potentially immigrants and niggers could move in, if OP is considering longterm habitation. He also has a lot of money tied into the equity, and likely has a mortgage based upon previous price. This means he can't sell the house if he needs to without a short sale, especially if the market drops further and plummets.

Not to mention if OP has a 2nd lien for a HELOC with a balance, he is fucked.