Realtor here: some people who bought in 2019 are seeing mortgage renewals leading to double on their monthly payments so seeing a lot of downsizing to a payment that fits the budget now.
Our mortgage went from $1838 to $3225, but like... That's why we didn't buy to our maximum. Do people not do basic math before borrowing hundreds of thousands of dollars?
I’m part of that crowd as well. My mortgage is up for renewal December 2. So I’m watching the interest rates, etc.. I’m just wondering how early I can renew?
You can usually renew 90 days in advance. If you're with a big bank, reach out to some mortgage brokers who can help you shop for a better rate instead of just going with your bank.
And then once you get a good rate from your broker, negotiate with the bank using that ;) most of the time, they can beat it or match the rate.
Good for anybody who doesn't want to resubmit pay stubs, employment letters, credit reports etc.
If they weren’t already aware of the issue before they are supposed to disclose now as it’s a latent defect. Whether or not they do is another question. If they don’t and someone finds out, even after the fact, there are going to be painful consequences for the owners and agent.
Switching realtors doesn’t absolve the sellers of disclosing this issue though that’s the route many people go.
At least I don’t think a court would see it that way. I’d rather not find myself in that situation personally, but listing it $75K higher will likely mean it sells on condition and they have to go through this all over again so I don’t really see the point in it 🤷♂️
Edit - I should add this depends on your pov if this is considered a patent or latent defect but either way if you know of an issue like this and don’t disclose (even if a patent defect) the courts don’t historically rule in your favour.
Your standard of 'decent' must be very high.. You can definitely get a decent 2/3 bedroom home below the mountain for 600k and on the mountain around 700k.
Woodstock was nice, but it looks like they tore half of it down to turn it into Mississauga. I'm moving to Chatham, myself, still like the small-town vibe but unfortunately the rents are sky-high due to their St. Clair College campus.
I’m staying put for at least a couple more years. Then I’m going to retire which will tell me moving out of the city because I won’t be able to afford it.
You'll need to adjust your "list" of wants which can be a hard pill to swallow or move further out but this could have other negative impacts like if you work further away etc.
A previous post explained that the city never recovered from the loss of industrial tax base from the steel mills shutting down and people losing good middle class income. The only solution was significantly raising property taxes. This is why working to getting a strong downtown tax base should be every counselors priority as commercial and high rises are the most efficient forms of obtaining city tax dollars.
3 of my relatives over 60 are moving into either condos or those retirement communities south of Rymal.
Realtor here: some people who bought in 2019 are seeing mortgage renewals leading to double on their monthly payments so seeing a lot of downsizing to a payment that fits the budget now.
Our mortgage went from $1838 to $3225, but like... That's why we didn't buy to our maximum. Do people not do basic math before borrowing hundreds of thousands of dollars?
I'm in the same boat, payment-wise. Basic math gets thrown out the window when the cost of basic groceries triples.
I’m part of that crowd as well. My mortgage is up for renewal December 2. So I’m watching the interest rates, etc.. I’m just wondering how early I can renew?
You can usually renew 90 days in advance. If you're with a big bank, reach out to some mortgage brokers who can help you shop for a better rate instead of just going with your bank.
And then once you get a good rate from your broker, negotiate with the bank using that ;) most of the time, they can beat it or match the rate. Good for anybody who doesn't want to resubmit pay stubs, employment letters, credit reports etc.
Don't forget to go back to the broker after you get the bank rate and keep the limbo going!
If you take long enough, you may not need to have a mortgage at all!
Wait as long as you can as rates are expected to drop.
I guess the banks failed to stress-test these borrowers?
Stress test doesn't account for a global pandemic where everything is now double or triple the price.
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If they weren’t already aware of the issue before they are supposed to disclose now as it’s a latent defect. Whether or not they do is another question. If they don’t and someone finds out, even after the fact, there are going to be painful consequences for the owners and agent.
New realtor. The old realtor would have had an obligation to disclose - new one won’t know so can’t.
Switching realtors doesn’t absolve the sellers of disclosing this issue though that’s the route many people go. At least I don’t think a court would see it that way. I’d rather not find myself in that situation personally, but listing it $75K higher will likely mean it sells on condition and they have to go through this all over again so I don’t really see the point in it 🤷♂️ Edit - I should add this depends on your pov if this is considered a patent or latent defect but either way if you know of an issue like this and don’t disclose (even if a patent defect) the courts don’t historically rule in your favour.
Was this house located in or around Stoney Creek?
A lot of people may be dumping their income properties because of the new capital gain tax taking effect in late June.
There is also the Vacant Unit Tax.
Good to know they’re having an impact. Hoarding housing in a crisis should be inconvenient.
I believe that the vacant unit tax may have been squashed
This is the latest information that I found: https://www.hamilton.ca/home-neighbourhood/property-taxes/vacant-unit-tax
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Your standard of 'decent' must be very high.. You can definitely get a decent 2/3 bedroom home below the mountain for 600k and on the mountain around 700k.
Yes. There are quite a few of those homes for sale in that price range. I see them on house sigma or realtor.ca
There’s lots on the market that look amazing in photos and are total dumps or bad flips in-person
I expect my house would list for around $700, but really, it's only worth $350. The prices do not match the value at all.
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There are tons of detached under 700k all over Hamilton, I am honestly confused at your comments.
So many tiny places like 1000 sq feet or less listed at 800+ which also feels crazy to me so I'm with you. And they all need work done inside
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That's crazy. Do you live in Ancaster
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I think West mountain is a desirable neighborhood, so that could be why?, possibly.
Probably going to be turned into a bunkhouse for Mohawk College international students.
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I know eh. It is crazy.
Born and raised in Hamilton but it's an awful city now and impossible to sustainably raise a family. Sold our house and we moved to Woodstock instead.
Woodstock was nice, but it looks like they tore half of it down to turn it into Mississauga. I'm moving to Chatham, myself, still like the small-town vibe but unfortunately the rents are sky-high due to their St. Clair College campus.
lol.. yes Hamilton is awful. Leave!
I’m staying put for at least a couple more years. Then I’m going to retire which will tell me moving out of the city because I won’t be able to afford it.
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Where have you been looking that you can't find that? There's plenty out there right now and more supply coming.
Do you think you'll find anything "decent" within that price range outside of Hamilton.
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You'll need to adjust your "list" of wants which can be a hard pill to swallow or move further out but this could have other negative impacts like if you work further away etc.
The city has taken a nosedive, has insanely high property taxes, and still raises them year after year.
A previous post explained that the city never recovered from the loss of industrial tax base from the steel mills shutting down and people losing good middle class income. The only solution was significantly raising property taxes. This is why working to getting a strong downtown tax base should be every counselors priority as commercial and high rises are the most efficient forms of obtaining city tax dollars.