Should I buy a house?

[Hoops]

I live in Vanc and want to buy here.
I've been out of the housing market for a while after selling about a year ago.

I know that prices are still high, but rates are still ridiculously low. They say rates will go up slowwwwly over the next year. When will variable rates go to 5%? 6%?

I'm gettin tired of renting and not gaining any equity.

Should I buy now or continue renting?

 

[Ray]

In Canada, one has to qualify for a mortgage, to show that one can make payments with your present income.
For this reason, house prices won't collapse. There won't be masses of people walking away from mortgages because they woke up and realized they can't afford payments, which is what happened in the US.
There will be market fluctuations, based on supply and demand, but no collapse.
There will always be demand, because everyone from other parts of Canada and the world want to move to the Lower Mainland.

 

[sonoman]

I know that prices are still high, but rates are still ridiculously low. They say rates will go up slowwwwly over the next year. When will variable rates go to 5%? 6%?

Can mortgages be diversified so that part is paid at a fixed rate and the other variable?

 

[hunsperger]

Can mortgages be diversified so that part is paid at a fixed rate and the other variable?

your question is poorly worded...

however, to answer your question as best I can...

a mortgage cannot be diversified, but mortgages can...

banks do it all the time...

 

[hunsperger]

I live in Vanc and want to buy here.
I've been out of the housing market for a while after selling about a year ago.

I know that prices are still high, but rates are still ridiculously low. They say rates will go up slowwwwly over the next year. When will variable rates go to 5%? 6%?

I'm gettin tired of renting and not gaining any equity.

Should I buy now or continue renting?

there is no right answer to this question...

it depends on a number of factors...

you have not provided enough information about yourself to answer this question in a responsible way...

that said, if I can give you one piece of salient advice...

do not turn to anonymous members of an escort review board for any financial planning or investing advice...

 

[Hoops]

Thanks for the replies guys.
I am asking for general views on the subject, however, to be more specific, I've got about $400k as a downpayment, but I'm still looking at a $400-$500k mortgage!

 

[InTheBum]

how much in general r u usually putting in percentage for downpayment?

For me its min 80% or nothing...

 

[mimi]

Thanks for the replies guys.
I am asking for general views on the subject, however, to be more specific, I've got about $400k as a downpayment, but I'm still looking at a $400-$500k mortgage!

............Marry me...............

 

[joho]

Even though it is very pricey, the real estate value is rock solid around UBC area.

 

[InTheBum]

Tell me about this nothing option. I take it that you squat in vacant buildings or live in your mother's basement...

Nope...would rather rent, than pay a huge mortgage, and make the banks rich! Not to mention, the asshole you bought your overpriced Vancouver home from...

If I won 30 million, I still wouldn't buy a house in this shithole...

 

[HubbaHubba]

Nope...would rather rent, than pay a huge mortgage, and make the banks rich! Not to mention, the asshole you bought your overpriced Vancouver home from...

If I won 30 million, I still wouldn't buy a house in this shithole...

That's what I love about you InTheBum, your positive outlook on everything..

 

[jmmk]

Should I buy a house?
Yes you should, wait no you shouldn't, er I don't know.

 

[Hoops]

............Marry me...............

If only life were that easy...

 

[InTheBum]

If its such a shithole then why the fuck are you still living here???!!! Seems to me your a sucker for punishment and primo for puerility !!

Because if I move to Thailand, I am out of the family will...

 

[marsvolta]

buying is fine... but i suggest you wait. the bull market is over and you have time on your side. be patient and wait for the market and the economy to become stable.

 

[lenny]

I live in Vanc and want to buy here.
I've been out of the housing market for a while after selling about a year ago.

I know that prices are still high, but rates are still ridiculously low. They say rates will go up slowwwwly over the next year. When will variable rates go to 5%? 6%?

I'm gettin tired of renting and not gaining any equity.

Should I buy now or continue renting?

Would you live in the house you buy? Live in one now?

How many people would be in it?

Are you prepared to do all the work necessary to take care of it,
as opposed to renting or buying an apartment?

Reasons to rent and not buy:

http://www.howtodothings.com/real-estate/a2602-how-to-take-advantage-of-renting-over-buying.html

http://shine.yahoo.com/channel/life/10-advantages-to-renting-over-buying-2387492/

Renting vs buying calculator:

http://www.cs.sfu.ca/~ggbaker/personal/rent-buy

 

[storm rider]

..lol....what a p*ssy!! So you won't go do what you want to do because of the pay down the road?......Money ain't everything InTheBum. You have a life to live and need to do what makes you happy. No wonder your miserable.

That is a pretty bold statement...considering you dont know ITB's situation.....perhaps he is looking at a 10 year time frame and in that time comes into some serious money...think 5+ million.....if ITB is in his mid to late 30's and in 10 years he gets that kind of money he can live like a king in Thailand just off the interest and enjoy a bliss filled early retirement.....not a bad option IMO.

SR

 

[*emmanuelle]

I keep misreading this thread as "should I buy a horse" and thinking "well of course you should!"

 

[HubbaHubba]

That is a pretty bold statement...considering you dont know ITB's situation.....perhaps he is looking at a 10 year time frame and in that time comes into some serious money...think 5+ million.....if ITB is in his mid to late 30's and in 10 years he gets that kind of money he can live like a king in Thailand just off the interest and enjoy a bliss filled early retirement.....not a bad option IMO.

SR

I don't need to know his stituation SR to make this "bold statement". So if he doesn't make it to 10 yrs. down the road was it worth it? You can't sit and bitch about how shitty a place is and not be willing to step out and follow your dreams? You don't know how long you have on this planet SR, so I suggest you make it happen while you can. If you're gonna sit back and wait for something to be handed to you, fine but don't sit and bitch about it.

 

[*Sven*]

If you're gonna sit back and wait for something to be handed to you, fine but don't sit and bitch about it.

Ed-Fucking-Zackly.