30 year mortgages are back - beginning of another HOUSING CRASH? ☄️

[@ktsinghsehra3621]

You didn't include closing costs, advocate, commission etc. Plus new construction may require additional set up costs.

[@growwithnav]

💯

[@jasdeepkaur2268]

Buy primary home, build equity, sell, and leave is not a bad option.

[@chetankalani]

You presented a good diff betwen 25 yr and 30 yr which clients don’t realize in my experience

[@growwithnav]

Yes they don’t… that’s exactly why I recommend my clients to take a 30 year mortgage but make 1 additional payment per year to keep the interest low.

[@143gurmukh]

Ok that started to make sense why they building Cando every where because no house is under 1million .so this deal helps Cando developers to sell the product to new generation 😮

[@vancouverdiaries738]

Loved it sir!

[@growwithnav]

I'm glad!

[@AG-hl1ni]

Pay more interest nooooo thanksssss.... this doesn't help affordability

[@PriyankaSharma-ve1oy]

Very informative video

[@growwithnav]

Thank you 😊

[@ShehryarKhanNSFW]

I don’t get the hate some are giving in the comments. Loved the video, Nav!

[@growwithnav]

Thank you

[@relliable1]

I am the first who liked this video.

[@growwithnav]

😍

[@FitnessGuruMantra345]

Lifetime slavery trap

[@growwithnav]

So is money 😀 Go to college Take a job Pay taxes Slavery trap.

[@rohanutep81]

@@growwithnavyes that what’s we crave materialistic life

[@Enncore]

Good one, thank you 🙏

[@prasanjeetchoudhary126]

Great information. Thanks for sharing in such a simple manner!

[@growwithnav]

🙌🙌

[@kishanakbari9378]

I think this new rule with make more people eligible to buy houses. Now since its only applicable for pre-cons, there will be more competition in this segment. Ultimately builders and Banks would win here, unless government ease up regulations resulting in skyrocketing supply of pre-cons. I guess builders wont pace up the supply of pre-cons because they want to leverage this situation.

[@growwithnav]

Exactly… and hence another gimmick… 🤷‍♂️

[@abhishek8587]

I think it all comes down to sticking to the basics of financial planning. Rule of 35, having enough savings as backup, etc, no matter how lucrative the government or anyone tries to make it for you to stretch and buy more. :)

[@growwithnav]

💯

[@zionluka9549]

Thank you nav. Love these examples. Such a great way of explanation

[@growwithnav]

🙌🙌

[@guryashdhall9529]

Great Content and Presentation! Exactly what i needed.

[@growwithnav]

I am glad!!!

[@LoveSandhu-Reloaded]

Looks like a bailout for builders!!

[@growwithnav]

Yup!!

[@AG-hl1ni]

RRSP is not meant to buy homes.

[@growwithnav]

Only first home.

[@inderpreetbindra1975]

Numbers dont lie and when you marry that with a simple, succinct presentation you get a "Grow with Nav video", bravo! Keep them coming brother...

[@growwithnav]

Thank you 🙌

[@viveknegi13]

At the end you talked about exit plan. I think there is a Departure tax on the capital gain when you leave Canada. I hate that

[@growwithnav]

Do read about it in detail and talk to an accountant about it. Ask him what happens if you sell your primary home, move to a rental property for a year or 2 and then leave canada.

[@ranahusain336]

Very informative!

[@growwithnav]

Thank you 😊

[@vj711JU]

It’s open loan anyways you won’t live in the home for 30 years anyways… keep the Purchase price the same and pay less payments for 30 years. Save that extra from 25 to 30 for rainy days.

[@growwithnav]

I agree. But it’s for precons only.

[@vj711JU]

@@growwithnav you mean 30 year amortisation wasn’t available on ready homes before ?

[@7966016]

Great advice!! Good to see!

[@growwithnav]

🙌

[@contactkashif]

Can I ask Navjot - is everything ok? Potato Talkies has been very quiet.

[@growwithnav]

Focusing here :) All good 😊

[@contactkashif]

@@growwithnav Happy to know.

[@rohanutep81]

They are busy making 💰💰💰💰

[@nakulsridhar]

I'm curious how many people from Canada and US retire in India

[@growwithnav]

Immigration is too new to have a good stat on that.

[@rohanutep81]

After 65 you can sell the house and retire in India

[@messierthirtyone777]

Thanks for the video Nav. I'd like to know your opinion on this. Average salary of a person in Canada is $65k ~40% tax (when you factor in gst and provincial sales taxes, provincial and federal taxes, municipal housing tax, carbon tax) 20% car loan, insurance and fuel 10% food and groceries (thanks to inflation) 40% rent and utilities (rent not mortgage as a person in this salary bracket will never be able to save up for a down payment on a house) Well if you've done the math, we are already exceeding 100% of income. Which means you are in an eternal cycle of debt. You could take on a personal line of credit instead of depriving yourself of travel, leisure, eating out, and not shopping for new clothes and shoes. You live your whole life loathing in Canada. Matters become worse if you're in the GTA or vancouver. How can one get out of this situation and begin to save for a house?

[@growwithnav]

The only way is to improve income. That’s it. Most people buying homes in Ontario have a household income of 150K+ There are just 15M homes in canada and 40M people. Not everyone is buying because many can’t afford.

[@messierthirtyone777]

@@growwithnav Thank you for your response. Much appreciated. Yes I agree with you. From what Iv'e seen the best way to tackle the househoid income problem are: - Team work. Co-operative hardworking spouse aligned with your financial goals is a dream come true for many. - Unity is strength. Staying in a joint family if you have siblings in Canada helps on saving and accumulating money until you've all saved enough to start branching out. - Squaring up. While handling two jobs may not be ideal for everyone, going the extra mile while you are young is something one can consider. - Eliminating unnecessary expenditure to build equity. Penny saved is penny earned. Buying Luxury/fancy cars for flaunting is the quickest way to become poor.

[@growwithnav]

@@messierthirtyone777 💯

[@akhere4279]

​@growwithnav 40M includes kids and spouse too.. so On average if there are 4 people in family then 40M population would need only 14M homes.. so how does it make sense that you say only 15M homes are there for 40M people.. there are many families where are more than 4 members.. some families with 2 or 3 members also so that's why average.

[@growwithnav]

@@akhere4279 average family size per household as per recent estimates by census is 2.6 - so we need 16M homes as of today. Which is why CMHC said we are short of 2M homes.. that’s where their calculation comes from :) At this rate, we will be short 4M homes by 2030 - their estimates again.