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Can people amortize their variable loan to say 35+ years and then renegotiate when interest rates (in their mind) come down again?
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Feb 20, 2023 16:01
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| # ¿ Apr 27, 2024 06:29 |
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If TD bank for example is continuing to offer longer and longer amortization periods - aren't they in effect 'buying' a ton of properties? Forgive me as I'm kind of new but: If the bank offers you a loan for a million bucks and says you have 40 years to repay it but the interest is going to slowly grow to the point to an unsustainable level - isn't that just rent? So they own your home (that you have to do all the upkeep and repairs on) and you pay them an interest fee for letting you live there, and if you have to leave at any point..you still owe them the accumulated interest after you manage to sell?
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May 1, 2023 18:08
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Oh I mean it's an interesting strategy for combating the big property buying corporations out there imo
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May 1, 2023 19:02
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I think you could develop neighbourhood standards for development, so that look/feel of all new development / builds / renos would have to match a certain aesthetic - and the neighbourhood would have a yay/nay say on whether the proposals match said aesthetic ? In Toronto what we have now is just a swatch of wildly different looking and feeling buildings all over the place, where instead they could be tailored to be more pleasing to the eye. The block style building zoning in Barcelona comes to mind as well - where zoning is done so that each 'block' has pedestrian quiet zones, commercial areas.
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May 19, 2023 19:20
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You could pass a law that would give small businesses a break by putting some rules on the books as far as rent for commercial spaces (rent controls basically) as well as passing a vacant commercial property tax that have retail/hospitality areas as particularly punishing. This would unlock a lot of new vacant commercial units in the new condos downtown - and would bring people back into the city to work / shop. Neighborhoods with vacant rental properties in specific areas could put out RFPs for commercial tenants - so they could choose how to shape the retail/atmosphere of the neighborhood instead of allowing a free for all of cannabis stores and cheque cashing places..
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May 20, 2023 15:57
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Yah we should charge an insane per square foot commercial vacancy tax, with the tax rate in the city being higher or lower depending on the vacancy rate. If the rate is low, the taxes are low, if the rate is high the taxes will be 10% of the value of the property or more
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May 20, 2023 17:06
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If a lot of jobsites are being cancelled it frees up a lot of land and supplies and workers for the government to hire directly to build housing. Why fiddle with developer incentives when incentivising developers at the expense of public housing is what got us into this mess to begin with.
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Jun 18, 2023 15:27
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This is still the govt basically saying 'whoa there banks it looks like you're betting that we're going to bail you out when the inevitable happens, let's work together to make sure that isn't as painful as it could be' instead of the govt saying 'hey cut it out' Not sure how I feel about it, obviously when the first regulator starts poking around that's when the house of cards collapses right? So this could be seen as a progressive 'gentle' prodding to start shoring up the resources needed for the eventual flop. Did that make sense at all?
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Jul 12, 2023 05:08
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How many of those Canadians have second or third (or fourth) properties that are mortgaged to the tits I wonder
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Jul 25, 2023 02:02
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Wondering when a rent strike will happen in Toronto Can you imagine how good it would be for everyone if a rent strike happened with the main goals being: 1 - rent reduced by half for every renter in the GTA 2- - rent control extended afterwards to every unit in the GTA forever If they won, oh man: It would totally fix all the problems we have right now, the banks and housing industries would take a haircut but the gov't would have an opportunity to snap up that extra labour to build new housing A few young people that over leveraged to buy in the last few years would go bankrupt, but they could rent for a reasonable price and their credit would eventually recover, over the long run it would be better financially for them Anyone with investment properties would take a huge hit but they're most likely to survive it without modifying their standard of living (outside of needing to get a real job) All that extra money in renters pockets would fix the commercial bleeding in Toronto, and probably supercharge local municipal tax hauls for the next few years I know it's pie in the sky stuff but it's really the right thing to happen
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Aug 17, 2023 22:24
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Rent strikes have happened before, it's not unprecedented.
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Aug 18, 2023 18:19
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It would be great if condo prices plunged so the people holding onto their homes despite not having any dough for old age care could downsize and have a couple of hundred thousand to pay for their care until they die but alas
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Sep 14, 2023 14:21
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there have been a lot of posts online about immigration being left or right I think it's important to note what kind of immigration we're talking about my view of this: -targeted immigration based on economic 'need' and racism (refugees from Ukraine vs those from the Congo, or Gaza, etc), basically anyone that can be economically coerced into accepting low wages (for the area) to serve the people that already live here = right/center right -all of the above but also refugees = liberal, center left -open borders, the more the merrier, we have a rich society and should share it with everyone that shares the earth with us, economic justice for all = left wing
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Nov 2, 2023 20:58
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Is removing the stress test during renewal just a 'kick the can down the road until things are better' decision or does it really bail out homeowners?
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Nov 22, 2023 04:38
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Purgatory Glory posted:Its for insured mortgages, meaning they paid the high ratio fee, and the mortgage is backed by an insurer. So a bank isn't exposed by taking on the mortgage if it's just renewing and not adding more money. Small group, I would think. If they didn't stress test people wanting more money than they already have,then they are kicking the can. I guess it also means that desperate people can't try to refinance with a shady lender instead. The Canadian gov't has given big banks the green light (pretty much) to extend mortgages multiple generations to prevent evictions, maybe this is their way to keep the issue from 'looking bad' instead of 'being bad'
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Nov 22, 2023 16:43
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| # ¿ Apr 27, 2024 06:29 |
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Parking enforcement officers should have similar legal powers as Judge Dredd.
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Mar 26, 2024 20:38
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