Paying off mortgage early nets $25k fee
Movahed is an engineer who moved to Canada from Iran in 2006 and landed a job at BC Hydro. The following year, he and his wife bought a condo in North Vancouver with a mortgage of well over $400,000.
He had a child, found he couldn’t afford his mortgage and decided to sell. Scotiabank has charged him $25,000 for paying out his mortgage early.
Details in this article at CBC.
This post was submitted by Mansur al-Hallaj.
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March 29th, 2011 at 12:52 am
I tried to post this over the weekend but it didn't appear on the site. Let's see if it works this time.
A lot of talk on the site earlier about how much Vancouverites make. Dave asserted that many in this town make in excess of 250K a year
"So, how much do Canadians actually make?
Of the 24.5 million returns filed, 18 million Canadians reported total income of $50,000 or less. That’s not a typo. In other words, ignoring individuals who don’t file returns such as children, nearly 75% of tax-filing Canadians earned under $50,000 in total income in 2009.
Add another 5 million Canadians who reported total income of between $50,000 and $100,000 and you conclude that about 95% of individuals have income below $100,000 annually.
What about Canada’s highest income earners? 880,000 Canadians reported income in the range of $100,000 to $150,000, 333,000 reported incomes between $150,000 and $250,000 and a mere 174,000 of tax return filing Canadians or 0.7% had income over $250,000."
http://www.nationalpost.com/news/much+Canadians+m…
Using that data we can extrapolate that only 4,046 Vancouverites earn more than 250k a year (0.7% X 578,000 [2006 census]).
March 28th, 2011 at 11:36 pm
The Conservatives even absorbed the Reform party which was seen to have a questionable stance on immigration and among many immigrants was seen as the “Nazi Party of Canada”.
Liberals yes! Conservatives no!
___________
Lol! The Conservatives let in the greatest number of immigrants in a year – 280,000 this year – amidst a recession. Yes, clearly they are anti-immigrant and full of old Reform Party Nazis:)
March 28th, 2011 at 10:51 pm
Conservatives stance on social issues?
What social issues? What have they done – I can't think of anything.
The liberals had their green shift platform in the last election and could be seen as the more environmentally friendly.
The Conservatives even absorbed the Reform party which was seen to have a questionable stance on immigration and among many immigrants was seen as the "Nazi Party of Canada".
Liberals yes! Conservatives no!
March 28th, 2011 at 2:53 pm
Did I miss the cue for the sock puppets? *cough* Li Kai Shing *cough* NoFrills *cough*
March 28th, 2011 at 2:20 pm
I am curious why do so many post to vote Liberal?
Will the Liberals abolish CMHC or something?
The Liberals would if anything try to prolong the bubble even more than Harper's Conservatives.
For the record I am not a Conservative mainly because of their stand on social issues
March 28th, 2011 at 2:11 pm
@No Frills
The market actually did crash in 2008 – and then interest rates were cut to generational lows and liquidity was injected into the global economy like never before.
Stupidity usually goes further and farther than rational thought would expect… it has gone further and farther than anyone has expected. Even bulls a few years ago would have never expected what has taken place.
All I know is that the majority of total return on the US housing market on the five decades prior to their market crash came from rental yield and not capital appreciation. Cap rates here suck and have been dropping – Therefore, how much further could you possibly expect housing prices to go? Even if there isn't a sudden crash – there is definitely no upside!
March 28th, 2011 at 2:03 pm
@No Money Down: Nice. Thanks for posting this!
March 28th, 2011 at 1:35 pm
Bwahahahahha
meth man miss again
I send Odd Job to find you
bwahahahahahaaha
PS can you lend me $1000K till payday ?
March 28th, 2011 at 1:28 pm
Ha Ha, “ Dave” remember pimps, Bill Slut and Rennie talking the best real estate in the world- price no object- the richest from all over the world would snap it up pronto quick?
Local incomes don’t matter they explained.
Bridge 1616 Columbia # 1005 originally $3,999,900 now $2,999,900
Kayak 1633 Ontario # 1273 originally $1,630,900 now $999,900
March 28th, 2011 at 1:01 pm
Oh meth man
You veddy veddy bad mayor of Carnegie Center trying to shoot down my 747 Cathay Pacific prane full of HAM-sters.
You want a condo cheap…I heppa yu round eyes!!!
PS good thing you veddy bad shot….maybe load gun next time you plick !!!
March 28th, 2011 at 12:50 pm
I have posted Bob's note and a couple of photos in the Forum.
http://vancouvercondo.info/forum/topic/bobs-note#…
It is more poignant than I remembered.
I have noticed many people stopping to look at the "sold" sign and I feel an explanation is due.
I have lived here for 60 years and found it a wonderful area to grow up in.
We knew every person in the hood and to this day I still have many friends that I grew up with in this area.
Unfortunately, time marches on, and these huge houses have replaced the bungalows that once dominated the block.
I don't know one person that lives in them, and I'm not sure if I have ever actually seen anyone in them.
To me that is not a neighbourhood.
It is not their fault as I have said times have changed.
It is now time for me to move to a small town on the west side of Vancouver Island.
I hope to regain the warm and friendship that I once had here.
Here's hoping.
Bob <i />
March 28th, 2011 at 12:35 pm
Hey Best Place on Meth,
A little quiet now? How about those couple of dozen sales you cited? I guess 142 sales is a dozen or so in bear language.
How about that super low list sell ratio? Watch out, the collapse is coming with a 50% list sell ratio.
As I said, when the bears start growling that then end is near, you know that Vancouver has another leg up.
Thanks BPOM, your constantly wrong predictions have given me continued belief in the strength of the market.
Hmmmm…10 days after the 18th and sales are still good.
March 28th, 2011 at 12:35 pm
@VHB: How much does the high sales day skew the average? what happens with a 10 day MA?
March 28th, 2011 at 11:18 am
This is a bit distorted because we are missing 6 days and the 5 day MA includes the big 334 sales day last week, but anyway.
March 2011 month-end projections
Days elapsed so far 14
Days missing 6
Days remaining 3
5 Day Moving Average: Sales 174
5 Day Moving Average: Listings 266
SALES
Sales so far 2363
Projection for rest of month (using 5day MA) 1564
Projected month end total 3927
NEW LISTINGS
Listings so far 4071
Projection for rest of month (using 5day MA) 2394
Projected month end total 6465
Sell-list so far 58.0%
Projected month-end sell-list 60.7%