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.

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Manna from heaven

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… Read more »


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:)


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!


Did I miss the cue for the sock puppets? *cough* Li Kai Shing *cough* NoFrills *cough*


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


@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!


@No Money Down: Nice. Thanks for posting this!

Li Kai Shing


meth man miss again

I send Odd Job to find you


PS can you lend me $1000K till payday ?

Keeping An Eye On Th

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

Li Kai Shing

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 !!!

No Money Down

I have posted Bob's note and a couple of photos in the Forum.… 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… Read more »


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.


@VHB: How much does the high sales day skew the average? what happens with a 10 day MA?


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 so far 2363

Projection for rest of month (using 5day MA) 1564

Projected month end total 3927


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%


Hey everybody, I recently tried my hand at spreading the good gospel of Garth. But not being The Great Bearded One, I may have gotten some things wrong. I want to post my advice here, and ask you guys if there's anything I've missed or gotten wrong. I mostly stay quiet these days because there are regular posters on this forum who know way, way more and its always worth reading what they say very closely (you know who you are – and thank you all). Anyway, here's my email – a friend is considering selling and renting for a while: "Sorry, just can't resist adding to the conversation earlier – regarding your point about investing the money from the sale of the townhouse: depending on how much of the 700,000 you have left over after paying what was still… Read more »


@Devore: "No mortgage contract I’ve ever seen is 20 pages, nor is it small print. I’ve read mine (when I had a mortgage), and I could understand all the clauses just fine. I could even do the IRD calculation myself"

Even if the contract were 1 paragraph it's not necessarily how complicated the language is, it's the implications of it. In this case the guy effectively bought an interest rate swap contract without really realizing it. It was never sold to him as a swap, and I'd argue most of the population would not recognize the clause as such. If people need to spend $1000 in legal fees to understand a mortgage every 5 years, maybe the system isn't as efficient as it should be.



Vancouver All Areas*

New Listings – 304

Back On Market Listings – 2

Price Changes – 129

Sold Listings – 142

Price changes have been pretty quiet. Today was the highest number I've seen in a while.

HAM Sham

Dailies – List | Sold

Vancouver East & West*

New Listings – 84

Back On Market Listings – 0

Price Changes -30

Sold Listings – 45

Vancouver All Areas*

New Listings – 304

Back On Market Listings – 2

Price Changes – 129

Sold Listings – 142

*Attached & Detached – Date: 03/28/2011 Time:17:43 Pacific REBGV. Data believed to be accurate but is not guaranteed.


i dont feel sorry for the guy. read the fine print and ask question.

does the bank call and ask for more interest when rate goes up?

Mister Obvious

The Americans, still our biggest trading partner, has essentially entered a depression. Their interest rates are in the toilet and probably will remain there for a few years yet (think Japan). Given that reality, Canada has little room to move. Raising rates now would be very problematic for our economy even though our debt levels and housing prices are seriously out of hand. This is what you call being stuck between a rock and a flailing superpower. (Note: Flaherty's feeble 30-year-max amortization rule did SFA to remedy the situation). In the meantime, the drunken Canadian 'house party' continues. It might come to a crashing halt within a few months but it will have to be for some reason other than interest rates if its to happen any time soon. Perhaps when there's triple the number of housing units available than… Read more »


@Nofrills: "you fund me through bailouts and I start my speculating in another sector."

Unless you are a bank you will not get any bailouts. In case you have not noticed, individual homeowners never get bailouts ever in any country.

Here is what you will get if you declare bankruptcy: most of what you own will be siezed and sold to pay the bank and other creditors. You get to keep something like $4000 in clothes and household items. Have fun speculting with your old sneakers and your ikea kitchen table. .

Royce McCutcheon


Of course, you're right – my mistake.



"I will just declare bankruptcy if prices fall too much"

Does declaring bankruptcy stop your creditors from pursuing you in the future? Genuine question – I've heard of anecdotes in the UK where people have declared bankruptcy and been surprise when several years later they realise that it wasn't a Get Out Of Jail Free card.


@Royce McCutcheon:

"On the one hand, ~70% of people are home owners and will care about property values. "

70% of households are owned. That's not the same as 70% of the voting population being owners.