Comments by "Winston Smith" (@winstonsmith935) on "Housing crisis: Here’s what $1 million buys you in Canada’s big cities" video.
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Well, my house was paid for 10 years ago, now I’m selling, building a New retirement home, with an attached Coach House on 3 acres, to live in for the rest of my retirement.
Told my son to sell his 5 bedroom home in Chilliwack, and we will pool my cash and his equity, and Pay off 75% of the Mortgage on the new house on 3 acres. I told him why would he wait till I die to get his inheritance, he has 2 children, which costs money for babysitting, my wife and I can do the babysitting, and they both work for the same company in Chilliwack. It’s a winning situation all around all round.
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The global financial crisis that began in 2007 dragged much of the world economy into recession, and Canada was not spared. Although the effects on Canada were milder than on the United States and in Europe, the Canadian recession of 2008–09 was still severe enough to generate sharp declines in output and employment and to require significant responses by Canadian policy-makers.
Guess what, it’s coming again, a little different, but when your Mortgage Payments exceeds 30% of your income, individuals will not stand the stress, inflation on food and fuel, is not going to help.
I guess people don’t remember 15% to 18% mortgage rates, luckily at the time I had locked in at 6.25%.
10 years ago I built my own Retirement Home in the Okanagan, cut out the developer and the Realtor, saved a fortune, and paid off the Mortgage in 8 years. Building your own home is not difficult, ( as an Engineer it’s not) cutting 65% out of the equation that saves the money,. Developers and Realtors is where you loose. Cut them out and and you save a fortune.
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You didn’t get the Memo.
Looking at a history of housing market crashes. During sub-prime crisis of 2007/2008, which triggered a protracted global recession, a sudden jump in interest rates for many buyers, who were forced to foreclose on homes, proved the market was irrationally inflated.
I bought 4 homes in North Vancouver (foreclosures), rented them out , and sold in 2018, 65% profit. Built my Retirement home in the Okanagan for Cash and retired, you must of been asleep, or plain missed the whole episode. Pay attention next time, which is coming soon.
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@dees900 When I sold my retirement house , I had $520,000 cash in the bank. All I needed was short term bridging loans to pay my Contractors. The first time I did this was back in 1980 on Vancouver Island I built a lodge for $560,000 on Riverfront property. Sold it in 1984 for $1.6 million. Built of retirement home in the Okanogan for $270,000. That’s what I’ve just sold at $520,000.
Having done this before with the bank, they know what I am capable of doing ,as an engineer in construction it’s dead easy.
You save a lot of money by cutting out the Developer and the realtor, more than 60%, you also save a bundle on Legal fees.
As an engineering auditor, I know where all the money disbursements go.
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@dees900 I take out Bridging loans for each Stage of the house ( I have $520,000 Cash from the sale of my retirement home) to pay my contractors, by the time the house is finished , I have paid off all the short term Bridging loans, I am left with 0% mortgage. The first House I built was a lodge on Vancouver Island. Land and Building on river frontage $650,000, sold 10 years late , $1.6 million? Moved to the Okanargan, Built my retirement house for my wife and I , 3 bedrooms, on 2 acres, 2011, land and building, $270,000, paid off the mortgage in about 5 years. ( at the time I was travelling to Alberta working for Suncor Energy/ Petro Canada. Was Mortgage Free in 2016 and retired.
Told my son we should build a large House with an attached Coach House, for my Wife and I, and the Main House 5 bedrooms for His wife and 2 children, on 5 Acres, as We grow lots of veggies. I sold my retirement house for $520,000 (mortgage free), my son’s house in Chilliwack was valued at $950,000, his equity in the house is $600,000. So my wife and I moved to Chilliwack to live with him while the new House was being built, I was the Main Contractor. I said to him no point in waiting for me to die, for your inheritance, let’s do all this now. So we built the New Large house , with attached Coach House and bingo, he and his wife who both work for the Same company in Chilliwack now he has a $50,000 mortgage on a 4,000 sq ft house., and we live in the Coach House, and babysit the grandkids when required. Like I said why wait till I die! You can have the cash now and make the money work.
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