Why would you think you need 500k lol

damn I'm jealous. I'm moving to Victoria soon and it looks like I will be paying no less than 1.3K in rent + utilities... price between suburbs and city center are basically the same. fucking retirees..

I hate you all.

Yeah i hear it. Time for the girl and i to get a decent apt in a decent neighbourhood.

Will prolly pay the same.

....

Im scared though...

As ive heard the governement made it harder for us to get a mortgage and the possibility of rent control being done away with...

Is that real news?

This post was edited by zNick on Mar 21 2018 06:19pm

Exaggerating

The only thing they changed is the way they calculate your affordability to pay x amount. Instead of it being on the current rate they stress test and add a higher rate, in case rates go up.. make sure you can still pay your mortgage. If you can debt service fine it's not an issue.

we have about 140k combined household income + 100k to put down. we pay 1600 a month rent split, our rent is price locked from 3 years ago.

that's why we want to buy to rent, our rent is so far below market it doesnt make sense to move out. Also when you are buying a rental property they use a projection for rental income to calculate your cash flows. I actually think we will get bigger preapprovals as we shop, this was just the first brooker.



for why?


the stress test is good, it is just a reality check for people who werent considering everything when buying, if the stress tess prevents you from buying the place you would have before, it's a good thing and you never should have bought the place in either situation.

Rent control is a thing.... kind of

For you must not of seen my posts few pages back over how much I pay for shit. Lol.
Mortgage + property tax alone are 1750 or so a month.

For a pos house

This post was edited by Subzer0isGG on Mar 21 2018 07:45pm

the stress test only affects people who can't practically afford mortgages anyways, and tbh tenancy laws are pretty strict in most provinces. one of the reasons why no one bothers building purpose-built rentals for the working class anymore.

/e like, my brother has been renting out his condo at below market rates for years and he finally decides to increase it closer to what other places charge... can't do that anymore in BC since late last year, though! so he's renovicting the current tenants.

This post was edited by Hizkuntza on Mar 21 2018 08:04pm

sexy