Newcomer PR mortgage questions

[steaky]

Housing market is out of control and has been out of control since I moved to Canada (since 2017). However, before you could still afford a decent place. Bidding wars happened and they still do happen. Right now, they happen less because no one is buying but if there is a place that is undervalued, regular folks will be outpriced. The major difference is that right now market is more or less stalled. Once APR goes down, we will get back how it was before.

To answer your question; I have never enjoyed anything related to housing market in CA.

You never enjoyed anything related to housing market in Canada, but yet you respond to posts in this topic.

 

[Deleted member 1083629]

You never enjoyed anything related to housing market in Canada, but yet you respond to posts in this topic.

Correct? I wanted to help another poster with some advice. What's your point?

I don't enjoy the current state of things in housing market in Canada. Pretty much similar to majority of people living here. If that's a foreign concept to you, I don't know what to tell you.

 

[moscatojuices]

Correct? I wanted to help another poster with some advice. What's your point?

I don't enjoy the current state of things in housing market in Canada. Pretty much similar to majority of people living here. If that's a foreign concept to you, I don't know what to tell you.

I bought an amazing house for less than $200k and couldn't be happier. The appraisal just came in today - higher than my purchase price.

The problem with people not enjoying the "current state of things" as far as housing markets go in Canada, or anywhere else really, is that too many young people are entitled.

This is how it goes: I WANT A HOUSE. TODAY! I WANT A PROMOTION. TODAY! I WANT A TRIP TO GREECE, FIRST-CLASS. TODAY! I WANT A NEW IPHONE. TODAY!

Nobody believes in austerity, dedication and commitment towards working for a goal. Just like you would for the Olympics, you need to have a strategy and scrounge together money for a house deposit and then have a plan to pay off debt quickly. That includes, among other things, not spending money on stupid shit and learning how to earn a payrise or do a side hustle.

With 500k+ immigrants per year, house prices are only going to trend in one direction. And it's not down.

 

[iSaidGoodDay]

Housing is expensive in Canada. The majority of Immigrants don’t have 100-400k to put down on a home. Many home owners are not currently meeting the 30% for household expenses. Many have stretched themselves to unhealthy levels because they were so desperate to get into the market and many just assume that real estate will keep going up so count in equity being added just living in the home. Some of the numbers are very scary. Just look at some of the people who have purchased preconstruction and now are unable to close.

Realized that I phrased it poorly, I meant as a newcomer PR who is less than 3 months in. Most banks ask for 35% downpayment as a condition. But I later on learned that people take mortgage lenders and can go as low as faking/forging pay stubs.

Another thing is that housing in my target city is relatively cheaper compared to the city I currently live at. I'd be paying 1.5-2x more if I were to buy a similar house here.

Personally, I hate the idea of looking at real-estate as something to make money off, no judgement to those who look at real estate as investments though. The minimum rent for most places is $2.2k+/month at the moment, mortgage is cheaper in that regards and plus it'll be my own home at the end. Renoviction, hard to find pet-friendly-rentals, etc concerns add to the the decision as well.

Also, since I see a house as a place to live and not an investment, I don't care if my house goes down by 10%-20% in value either. I'm happily buying what I can afford without feeling like I just sold my soul to the devil.

 

[Deleted member 1083629]

I bought an amazing house for less than $200k and couldn't be happier. The appraisal just came in today - higher than my purchase price.

The problem with people not enjoying the "current state of things" as far as housing markets go in Canada, or anywhere else really, is that too many young people are entitled.

This is how it goes: I WANT A HOUSE. TODAY! I WANT A PROMOTION. TODAY! I WANT A TRIP TO GREECE, FIRST-CLASS. TODAY! I WANT A NEW IPHONE. TODAY!

Nobody believes in austerity, dedication and commitment towards working for a goal. Just like you would for the Olympics, you need to have a strategy and scrounge together money for a house deposit and then have a plan to pay off debt quickly. That includes, among other things, not spending money on stupid shit and learning how to earn a payrise or do a side hustle.

With 500k+ immigrants per year, house prices are only going to trend in one direction. And it's not down.

You are not in ON if you could afford an amazing house for 200K.

I don't fully understand your whole rant. Congrats on the house, I guess. What is your point? That immigration numbers are too high? That housing market is out of reach for majority of people and it will get only worse? We all know that.

Go preach your "stop eating avocado toasts" rant somewhere else.

 

[Deleted member 1083629]

The minimum rent for most places is $2.2k+/month at the moment, mortgage is cheaper in that regards and plus it'll be my own home at the end.

That kind of weird. I guess that's because landlords are trying to offset the rising rates with higher rents. However, I am trying to understand how your mortgage would be cheaper. Maybe, due to a major downpayment and fixed rate. But not having enough credit score will push your APRs higher.

Are you sure about what you have written? If you checked the numbers twice, then I would buy instead of renting. Do take into account various taxes that come with houses. If it's still cheaper to buy, then it's no brainer.

 

[moscatojuices]

You are not in ON if you could afford an amazing house for 200K.

I don't fully understand your whole rant. Congrats on the house, I guess. What is your point? That immigration numbers are too high? That housing market is out of reach for majority of people and it will get only worse? We all know that.

Go preach your "stop eating avocado toasts" rant somewhere else.

You don't get to tell me what to do. I will preach my avocado toasts all I like, because as annoying as it is, it's more annoying for me to hear people say "houses are too expensive" when they actually don't want to work for it.

FYI I have $2m+ in assets. My $200k home was stuff from lotteries, but back in the UK I own and have paid off a $550k home (bought it age 26 and paid off all debt. Now worth $1m), and put deposits on a $70k rental (now worth $650k - firesale price due to messy divorce an then growth due to COVID and people moving to the sea) and a $220k rental (now worth $450k). I

All from, wait for it: Hard work.

While my friends complained about house prices and went to Europe every year partying, I bought assets and aggressively paid them off. I would have liked to have taken more trips but I had to sacrifice, and now I have the financial freedom to retire at age 35 if I chose to by selling stuff and putting it in cash. But I love my job. And now I can travel all I want.

 

[Deleted member 1083629]

t's more annoying for me to hear people say "houses are too expensive" when they actually don't want to work for it.

Lol. Yes, exactly that. Funny is that I probably make more than you do, considering the fact that you bought a house for 200K and you treat it as an achievement. Lmaaaao.

FYI I have $2m+ in assets. My $200k home was stuff from lotteries, but back in the UK I own and have paid off a $550k home (bought it age 26 and paid off all debt. Now worth $1m), and put deposits on a $70k rental (now worth $650k - firesale price due to messy divorce an then growth due to COVID and people moving to the sea) and a $220k rental (now worth $450k). I

OMG. Do you have any openings for your TED talk? I would love to learn your ways master.

All from, wait for it: Hard work.

Please tell me how to work hard. I never learnt that trade. Graduating from a top school in Russia, getting in a top company, going to Canada to study at a top university with full scholarship, working at one of the FAANG-adjacent companies in Toronto, several patents, several published research papers, worked in several countries... Please, tell me how did you learn how to work hard so I can take notes and turn my life around.

While my friends complained about house prices and went to Europe every year partying, I bought assets and aggressively paid them off. I would have liked to have taken more trips but I had to sacrifice, and now I have the financial freedom to retire at age 35 if I chose to by selling stuff and putting it in cash. But I love my job. And now I can travel all I want.

I cried here a little. I read this post to my cat; he is a tiger now. God bless you!

In all seriousness, I was talking to @iSaidGoodDay and discussing his options but you jumped in like Jack from a box yelling "Those youngsters don't work hard. I remember back in my old days I had to fight lions to get to my school". Chill, boy! Enjoy your 200K shoe box and let adults talk. When I will need a useless motivational speech, I will watch youtube.

 

[moscatojuices]

Lol. Yes, exactly that. Funny is that I probably make more than you do, considering the fact that you bought a house for 200K and you treat it as an achievement. Lmaaaao.


OMG. Do you have any openings for your TED talk? I would love to learn your ways master.


Please tell me how to work hard. I never learnt that trade. Graduating from a top school in Russia, getting in a top company, going to Canada to study at a top university with full scholarship, working at one of the FAANG-adjacent companies in Toronto, several patents, several published research papers, worked in several countries... Please, tell me how did you learn how to work hard so I can take notes and turn my life around.


I cried here a little. I read this post to my cat; he is a tiger now. God bless you!

In all seriousness, I was talking to @iSaidGoodDay and discussing his options but you jumped in like Jack from a box yelling "Those youngsters don't work hard. I remember back in my old days I had to fight lions to get to my school". Chill, boy! Enjoy your 200K shoe box and let adults talk. When I will need a useless motivational speech, I will watch youtube.

Ah you come from Russia do you? Got the Oligarch mentality where you think Gucci's and Louis Vuitton's and immaculate displays of wealth are the key to success eh? A $200k house in Regina is usually a $1.6m house in Toronto - it had the perfect size, yard, location etc. What do I need to spend more for when it matches my exact needs? I buy a cheap house, my investments generate $60k+ income - I can literally just travel if I wanted to because my cost base is so low.

Unlike you and your frail, weak and simpy ego, I don't need to impress someone with a $5m house to get laid. Bet you didn't learn that in your "full scholarship" did you? Probably why you're reading posts to your cat - looking at the utter garbage that comes out of your hands, it's no wonder you can't get better company LOL.

What's a FAANG-adjacent company? Is that telling me that you don't have what it takes to make it to a FAANG company? Second tier skills, just like your second-tier arguments.

Again you don't get to tell me what to do. This is Canada, I will interject because I can. I will tell you you're a loser because I can. And I will tell people who complain about home ownership being unattainable is due to smashed avocado and toast, their 10 streaming subscriptions and inability to say no to having drinks at bars nearly every night of the week.

You don't get to tell me what to do - I'm giving adult lessons here, so sit down and listen.

 

[Deleted member 1083629]

Ah you come from Russia do you?

Hey, you can read. That's impressive!

Got the Oligarch mentality where you think Gucci's and Louis Vuitton's and immaculate displays of wealth are the key to success eh?

I don't. However, I do think that you are a chump that decided to flash his 2M assets, like that is supposed to impress me.

A $200k house in Regina is usually a $1.6m house in Toronto - it had the perfect size, yard, location etc. What do I need to spend more for when it matches my exact needs? I buy a cheap house, my investments generate $60k+ income - I can literally just travel if I wanted to because my cost base is so low.

Pretty much. Except the fact that you are stuck in a shithole and cannot buy anything in Toronto even if you want to. You know because you got no money and the fact that you have to live in Regina. Other than that, you are correct.

Unlike you and your frail, weak and simpy ego, I don't need to impress someone with a $5m house to get laid. Bet you didn't learn that in your "full scholarship" did you? Probably why you're reading posts to your cat - looking at the utter garbage that comes out of your hands, it's no wonder you can't get better company LOL.

Of course. You only lost 60K on a woman that you didn't even plan to marry, right? I mean that's the only way you get someone's attention, right? ) It's ok. Now that you have 200K shoe box, you might get a hug. It's also pretty funny when you talk about companies; you think that 100k+ salary is impressive. Just shows your true earning potential. I mean it kind of makes sense considering the fact that you bought 200K house and show it off like an accomplishment. For most of us that would be a year of work (less if we account for bonuses) but you use that as an example to prove your "hard work" point. That's sad.

What's a FAANG-adjacent company? Is that telling me that you don't have what it takes to make it to a FAANG company? Second tier skills, just like your second-tier arguments.

Money, really. When the company I work for pays more than any FAANG, the choice is obvious, right? It's also more responsibilities, more exposure to end-to-end stack.

Again you don't get to tell me what to do. This is Canada, I will interject because I can. I will tell you you're a loser because I can. And I will tell people who complain about home ownership being unattainable is due to smashed avocado and toast, their 10 streaming subscriptions and inability to say no to having drinks at bars nearly every night of the week.

Meh, Canada, Australia, the USA... Doesn't matter too much. Simps who dropped 60K on a woman for a hug would be simps everywhere. You can call me a loser and that's your right. At the end of the day, it's not me who ended up in Regina because I couldn't get enough points for a different province. It's all good. Chill out, kid, take your pill and move on with your life. As a follow up advice; don't jump in the middle of conversation when 2 men talk. Be a good boy and fuck off.

You don't get to tell me what to do - I'm giving adult lessons here, so sit down and listen.

Why not? If you are a moron, I feel like it's my responsibility to teach you a bit. Otherwise, you will spend your entire life thinking you're a hot shot.

Don't be so butthurt )) You are dismissed. When you want to feel like a bitch again, come back here and respond to this post; I will teach you another lesson ))

 

[moscatojuices]

Hey, you can read. That's impressive!


I don't. However, I do think that you are a chump that decided to flash his 2M assets, like that is supposed to impress me.


Pretty much. Except the fact that you are stuck in a shithole and cannot buy anything in Toronto even if you want to. You know because you got no money and the fact that you have to live in Regina. Other than that, you are correct.


Of course. You only lost 60K on a woman that you didn't even plan to marry, right? I mean that's the only way you get someone's attention, right? ) It's ok. Now that you have 200K shoe box, you might get a hug. It's also pretty funny when you talk about companies; you think that 100k+ salary is impressive. Just shows your true earning potential. I mean it kind of makes sense considering the fact that you bought 200K house and show it off like an accomplishment. For most of us that would be a year of work (less if we account for bonuses) but you use that as an example to prove your "hard work" point. That's sad.


Money, really. When the company I work for pays more than any FAANG, the choice is obvious, right? It's also more responsibilities, more exposure to end-to-end stack.


Meh, Canada, Australia, the USA... Doesn't matter too much. Simps who dropped 60K on a woman for a hug would be simps everywhere. You can call me a loser and that's your right. At the end of the day, it's not me who ended up in Regina because I couldn't get enough points for a different province. It's all good. Chill out, kid, take your pill and move on with your life. As a follow up advice; don't jump in the middle of conversation when 2 men talk. Be a good boy and fuck off.


Why not? If you are a moron, I feel like it's my responsibility to teach you a bit. Otherwise, you will spend your entire life thinking you're a hot shot.

Don't be so butthurt )) You are dismissed. When you want to feel like a bitch again, come back here and respond to this post; I will teach you another lesson ))

Impressing you? Wow. You? LOL. Holy shit.

Wait let me go play some computer games first and come back to this, that's how much of a priority responding to you is.

 

[moscatojuices]

Hey, you can read. That's impressive!


I don't. However, I do think that you are a chump that decided to flash his 2M assets, like that is supposed to impress me.


Pretty much. Except the fact that you are stuck in a shithole and cannot buy anything in Toronto even if you want to. You know because you got no money and the fact that you have to live in Regina. Other than that, you are correct.


Of course. You only lost 60K on a woman that you didn't even plan to marry, right? I mean that's the only way you get someone's attention, right? ) It's ok. Now that you have 200K shoe box, you might get a hug. It's also pretty funny when you talk about companies; you think that 100k+ salary is impressive. Just shows your true earning potential. I mean it kind of makes sense considering the fact that you bought 200K house and show it off like an accomplishment. For most of us that would be a year of work (less if we account for bonuses) but you use that as an example to prove your "hard work" point. That's sad.


Money, really. When the company I work for pays more than any FAANG, the choice is obvious, right? It's also more responsibilities, more exposure to end-to-end stack.


Meh, Canada, Australia, the USA... Doesn't matter too much. Simps who dropped 60K on a woman for a hug would be simps everywhere. You can call me a loser and that's your right. At the end of the day, it's not me who ended up in Regina because I couldn't get enough points for a different province. It's all good. Chill out, kid, take your pill and move on with your life. As a follow up advice; don't jump in the middle of conversation when 2 men talk. Be a good boy and fuck off.


Why not? If you are a moron, I feel like it's my responsibility to teach you a bit. Otherwise, you will spend your entire life thinking you're a hot shot.

Don't be so butthurt )) You are dismissed. When you want to feel like a bitch again, come back here and respond to this post; I will teach you another lesson ))

Tsk tsk, typical Russian/Toronto mentality. "We are the biggest and greatest city and nothing outside this place exists." I can feel you incensed with jealousy, my $200k home looks better than the $1m depilated piece of shit that you could afford. Having lived in London, the last thing I wanted to do was live in a big city again. What's your transport time to this so called "FAANG-adjacent" company who had made the tragic mistake of hiring a loser like you that couldn't make it all the way to the top?

By the way I worked for Bloomberg before, so you wouldn't be able to impress me no matter what you're saying.

I have to say, I'm actually thrilled you took the effort to scroll back on my previous posts. For you to do that means that I hit raw nerves eh? Enjoy your pathetic existence decrying other views on internet forums - no wonder you can't get any company and had to resort to a cat. Poor cat.

 

[iSaidGoodDay]

That kind of weird. I guess that's because landlords are trying to offset the rising rates with higher rents. However, I am trying to understand how your mortgage would be cheaper. Maybe, due to a major downpayment and fixed rate. But not having enough credit score will push your APRs higher.

Are you sure about what you have written? If you checked the numbers twice, then I would buy instead of renting. Do take into account various taxes that come with houses. If it's still cheaper to buy, then it's no brainer.

I doubled checked everything after you asked me "Are you sure about what you have written?", haha! The math is right and my realtor also feels the same. My downpayment is very high (35% is the low end of it).

I forgot to mention this, but most of my assumptions are based on the idea that if I were to buy this home on my own salary how comfortable I'd be. But in reality, me and my spouse, we both work and have good jobs, which furthers our confidence.

 

[Deleted member 1083629]

I can feel you incensed with jealousy, my $200k home looks better than the $1m depilated piece of shit that you could afford.

Man. You have some sort of weird fetish. I keep showing you and everyone reading this that you're dumb-dumb and you keep coming back for more. I guess it's true when they say that ignorance is bliss.

Regardless. I am not really jealous of anybody, especially not of self-proclaimed hard-worker-every-penny-saving-no-life-having guru. You turned this thread into your own personal manifest for no reason, other than you being so neglected that you've decided to jump into a conversation between two men. Irrespective, your shoebox and $1m house in Toronto are on the same level. The major difference is appreciation cost. Houses in Toronto will ALWAYS appreciate at a higher rate than houses in Regina. However, you have to have 1+ brain cell to understand that. So, you won't get it )

Having lived in London, the last thing I wanted to do was live in a big city again.

Sure. Except, in Canada, most of the jobs (at least in my field) are concentrated in 3 major cities. Toronto, Vancouver and Montreal. Social life are mainly in the aforementioned cities as well. I understand that social life doesn't interest you but most of us do have life. I also understand that your skills do not allow you to compete for top companies that are presented in those cities but still.

What's your transport time to this so called "FAANG-adjacent" company who had made the tragic mistake of hiring a loser like you that couldn't make it all the way to the top?

I work from home. On those rare occasions when I have to go to office, it's 20 minutes by walk and about the same by streetcar. The company also reimburses the fee that I would spend on streetcar. I do have a question; what is "top" for you? If you say FAANG, I would realize that you have no idea about software field as only a clueless moron would jump and say: "FAANG".

By the way I worked for Bloomberg before, so you wouldn't be able to impress me no matter what you're saying.

I am really trying to impress you. Just showing you that you are an idiot and that you should always remember your place. Btw, why someone making 230k or 100k in Canada surprised you? Bloomberg engineers make decent money.

I have to say, I'm actually thrilled you took the effort to scroll back on my previous posts

Of course. I have to understand who I am talking to.

For you to do that means that I hit raw nerves eh?

Not really. Just the fact that I always look at the post history to understand where the poster is coming from. When I saw that you were surprised about 100k salaries and that you dropped 60K on a chick, everything clicked for me.

no wonder you can't get any company and had to resort to a cat. Poor cat.

See. You cannot even understand the joke about the cat. Why are you so obsessed about my cat? Is my cat that special one you dropped 60k on? I know she is cute but come on!! And you cannot really talk about "company". You moved to a place that literally has no life.

 

[Deleted member 1083629]

I doubled checked everything after you asked me "Are you sure about what you have written?", haha! The math is right and my realtor also feels the same. My downpayment is very high (35% is the low end of it).

I forgot to mention this, but most of my assumptions are based on the idea that if I were to buy this home on my own salary how comfortable I'd be. But in reality, me and my spouse, we both work and have good jobs, which furthers our confidence.

I would say that it makes sense to buy. I do advise you to check the following things: schools (I don't know if you plan for kids but it's worth checking out the school in the neighborhood), walk/bike/car scores, general safety (walk around that neighborhood at night). So before you decide to buy get a a short-term rental in that city; no need to sign the lease if you plan to buy within a short time.