Eddmac

You're not whinging buddy, simply being realistic, like I was.

vanity

Has anyone heard how BoC suggested negative rates is an option?

That is not going to help any of our "wishes"

Eddmac

lol, I have read this too. It just means that we won't get interest on our savings (in fact may have to pay the bank for having our money there)

Mortgage interest rates would also come down a bit, but this leads to the risk of people maxing out now and then being crucified when the rates go back up again. I would always recommend building in some breathing space when getting a mortgage (I took a mortgage of about 3/4 of what I could have got).

not2old

On those points JS, discussed previously your situation is one of healthcare subsidy for your wife, jobs & affordability.

On another thread suggestions made was for you to look at other parts of the country such as New Brunswick where property (duplex or triplex) could be bought for less than $150k.

This one for $100k

https://www.realtor.ca/Residential/S...unswick-E1C6B1

Given that a 5 year variable mortgage is in the 2% range, that with a small deposit you'd be able to afford your own place, supplemented income from renting one half of the duplex to pay in part the mortgage, property taxes & maintenance. Maybe a higher interest rate mortgage along the lines of a CHMC insured mortgage or cash back 100% mortgage may work for you also?

Condo IMO is not the way to go given all of the issues & the add-on costs

vanity

Looks like Canadian economy might really be in doldrums next year

Shard

Were they asleep 7 years ago (2008)...prices were down 20%.

scrubbedexpat091

I know other regions are cheaper, the issue is our income will decrease a great deal in Atlantic Canada or any province since each province has different rules and benefits for disability and still working on if we could survive and be any better off.

BC is pretty generous to the disabled compared to the other provinces, and while she is in remission right now, it's a cycle, and it's only a matter of time before she relapses and goes manic again, and that takes her out of commission on average for 6 months to 1 year work wise.

No matter what we do, we are still 3-5 years, so plenty of time to research and see if it's doable, it's just not easy to obtain information as provinces just can't tell you much without applying first, and well you can't apply for services until a resident of the new province, which does make planning a head difficult.

Bristol has sent a lot of info that has really helped, and it's all a work in progress. Nothing has been ruled out. We are taking a conservative approach and not rushing into anything.


Just have to figure out worst case scenario if we lose her income completely, if we could live off 11-12/hr average which seems to be the going rate for most of the jobs I could get from looking online at various job websites.

scrubbedexpat091

How high were they though? A 20% in say Vancouver would still leave house prices insanely high. A 50% drop would still be averaging 500,000.

Shard

Say £400K ($800K) back then. 50% drops are not going to happen.

scrubbedexpat091

I agree it won't. Just even with so called crashes, some places have such high prices that even with the "crash" prices are still out of this world.