Real estate related, lol:
Yes it’s real:
5,000 sq ft but 58 bedrooms.
There has to be a typo somewhere.
I’m not sure how to take that.
If a corrupt town devalued my property, wouldn’t my taxes go down drastically
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Why is Canada so back assward with mortgages.
I just learned that yooz guyz have to negotiate new mortgages every 5ish years and the interest calculation and amortization is also shitty.
I dont get how their economy wont completely collaspe with how high rates have gone
My good friend who’s Financial attorney and VP at Citi Group told me as long as people continue to take out debt, the economy will continue to grow and the gov’t can print as much money as they want.
Even though cost of living is more unaffordable for people and continues to increase with wages remaining stagnant, as long as the average stupid person keeps taking out ridiculous lines of credit, nothing is going to crash
my #2 best friend makes 20$ an hour and just bought a 2023 Colorado for 52 grand, after all payments are made he’ll be 75 grand into it. He says he will never pay it off, and in a couple years he’ll roll that loan over into another truck, forever making payments until he dies lol
also shit like this keeps it going -
There has to be consequences at some point but I do not work in finance
I just keep saving my money waiting for something terrible to happen.
there are a couple reasons canada hasnt totally collapsed yet.
the banks are taking pretty large write-downs on individuals and commercial portfolios instead of forcing asset liquidations. the banks think it is better to take a $300k hit on some guys HELOC if he can then afford the new payments and doesnt have to sell and therefore doesnt have to flood the market with properties that will reduce the price of real estate.
also, since we are all on 3-5 year terms you need the 3-5 years to fully cycle before feeling it. but then if the banks keep taking those write-downs (loss provisions for bad debt) then they can engineer a form of soft landing… unless they cant.
i was at 2.99 and i renewed 10 months early to get 5.14 but because i paid off 1/3 and dont owe much my payment went down.
my mortgage broker asked why i was renewing early for the 5.14 and i told him becuase it will be 7% by the time i renew otherwise. he didnt beleive be, but here we are.
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topical:
Didn’t know it was a thing until this
Currently, three major banks in Canada allow for negative amortizations in variable rate mortgage products, the analysts highlighted, including Bank of Montreal, Canadian Imperial Bank of Commerce and TD Bank.
The analysts said balances for negative amortizations in variable rate mortgage products are $33 billion for the Bank of Montreal, $50 billion for CIBC and $46 billion for TD Bank.
might be about to break, maybe not. never seen this account before. i dont follow it but it showed up.
reverse image search that baby!
Heres a vid that verifies the post:
So this is happening… this is 10 min from me.
Bought for 1250m and a year and a half later, after 2 fkailed deals, sells for 880k.
370k loss or 30% loss.
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Interesting, can’t say that I’m seeing that in my area. One house nearby me just sold and sellers were only there 2 years, still went for $52k more than they bought it for.
it’s hit or miss. this just happens to be an option to search and get this data on a particular platform. what you are describing is also happenign up here. some goes above some go below asking and others, like these, are anomilies that may become slightly less anomolus.
That is a pretty great twitter account.
That house for 1.25 mil, I coudln’t fit my fucking motorcycle in that garage
You get what you deserve