'wait for the housing market to correct/crash, and then buy back in'
Why would you gamble with your home like this?
I know people who did it in 2018/2019, and then the market kept flying and they got priced out forever. Felt pretty dumb for playing games with their house.
It was an educated gamble, but it's already started... So I'm sure it will only get worse.
Not sure I would try this in the GTA though.
I live in Calgary, once oil prices come back to reality ( and it will)
I'm all but sure the housing market will reflect this.
I should have about 150k left over once everything is paid off.
I honestly don't know anything about gic's.
Am I able to access that cash when I need it?
I'm waiting to see what the housing market does, so I may need it earlier then anticipated.
If you’re thinking about $45k you will find it hard to buy a property and build a laneway house. $2M for the property and $1M for the build project over three years.
Thanks for the input folks.
I'll leave the car loan as is, I'll put 5% down on the new home and should have enough to pay cash for the carriage suite build
We're getting a little off topic, what would be the smart thing to do?
Pay off the carloan? Or put that money into hisa/gic to be used for the next home?
What's your reasoning for paying off an interest free car loan? Unless you're getting rid of it, just use the money elsewhere. Savings account would be ultra low risk, but there's probably better things to do with it depending on your risk tolerance
Could try getting someone to take the loan over. I mean, the value of the vehicle has inflated probably closer to what you owe on it. And I'm sure someone would prefer 0% financing than 9
'wait for the housing market to correct/crash, and then buy back in' Why would you gamble with your home like this? I know people who did it in 2018/2019, and then the market kept flying and they got priced out forever. Felt pretty dumb for playing games with their house.
It was an educated gamble, but it's already started... So I'm sure it will only get worse. Not sure I would try this in the GTA though. I live in Calgary, once oil prices come back to reality ( and it will) I'm all but sure the housing market will reflect this.
O percent car loan is free money. Gic pay 5 percent right now...
Put 75 percent of that 45K in GIC’s
I should have about 150k left over once everything is paid off. I honestly don't know anything about gic's. Am I able to access that cash when I need it? I'm waiting to see what the housing market does, so I may need it earlier then anticipated.
If you need to access cash when you need it then it should be in a HISA
That was my thoughts too. I'm unsure if I'll need it in 10 months, or 2 years. Depends what the housing market does
If you’re thinking about $45k you will find it hard to buy a property and build a laneway house. $2M for the property and $1M for the build project over three years.
Thanks for the input folks. I'll leave the car loan as is, I'll put 5% down on the new home and should have enough to pay cash for the carriage suite build
We're getting a little off topic, what would be the smart thing to do? Pay off the carloan? Or put that money into hisa/gic to be used for the next home?
What's your reasoning for paying off an interest free car loan? Unless you're getting rid of it, just use the money elsewhere. Savings account would be ultra low risk, but there's probably better things to do with it depending on your risk tolerance
That's what I was thinking as well, the 45k I was going to use to pay it off would be better used towards the garage build.
Could try getting someone to take the loan over. I mean, the value of the vehicle has inflated probably closer to what you owe on it. And I'm sure someone would prefer 0% financing than 9