New fee from the MNR!

[jimmer]

I wonder how many other people on here can say that Lew (voting against the Libs)? I still can't believe they got a majority!

I have always watched my nickel and dimes and had my house paid off by the time I was 50. However, I am very concerned about being able to maintain it once I retire. This provincial Government just thinks we have bottomless pockets; plain and simple.

[Terry]

I don't blame or begrudge anyone who is set with a good retirement income but I just wanted to say I know quite a few that do not

 

"Nearly 1.3 million workers in Ontario do not have access to any type of employer-sponsored workplace pension. In Canada’s private sector, only one person in five has a workplace pension"

[Steve]

government sector employee's and union employee's get fat retirement benefits....

 

the rest do not (unless they contribute 100% to it).

 

one thing that folks forget when talking about paying off mortgages is average income vs average house costs.

 

in the 70's the average house cost was 1.5 factor to the average house hold income.

in the 80's the average house cost was 2.0 factor to the average house hold income.

in the 90's the average house cost was 3.0 factor to the average house hold income.

in the 2000's the average house cost was 3.5 factor to the average house hold income.

in the 2010's the average house cost is a 4.0 factor to the average house hold income.

 

that should be basic enough to understand why it was MUCH easier to buy and pay off a home in the 70's and 80's than it is today.

 

My parents bought our first home in 1986 for $55K. Dads income was $40K annual. (mom didn't need to even work).

 

Today my parents house is worth $265K (here in Hamilton). Dad makes $50K annual (trades) and Mom makes $45K annual (retail). 3x's house hold income to buy the same house that once was basically 1:1 household income vs cost of home (and that was just a single income).

 

so again, before you comment on how it was to pay off a home compared to today, please understand the difference is the value of homes vs average house hold income.

 

geez.

Edited November 18, 2014 by Steve

[dave524]

I bought my house in 84 for 55 thou , but the interest rates were 11% for a five year mortgage. Want housing prices to come down, raise the interest rates to double digits and there will be lots of homes on the market , real cheap. I think the biggest factor in high housing prices were the lowering of interest rates. You could ask more cause people could handle a mortgage at the rates of today. I recall when still renting, guys in the late 70's at work weighing the question, " should I go 1 years at 17 1/2 % or take a 5 years at 16%" , people would be suicidal if they hit that today.

[Big Cliff]

I bought my house in 84 for 55 thou , but the interest rates were 11% for a five year mortgage. Want housing prices to come down, raise the interest rates to double digits and there will be lots of homes on the market , real cheap. I think the biggest factor in high housing prices were the lowering of interest rates. You could ask more cause people could handle a mortgage at the rates of today. I recall when still renting, guys in the late 70's at work weighing the question, " should I go 1 years at 17 1/2 % or take a 5 years at 16%" , people would be suicidal if they hit that today.

And the banks would go bust because no one could afford the interest and they would just start walking away from their homes.

[crappieperchhunter]

I bought my house in 84 for 55 thou , but the interest rates were 11% for a five year mortgage. Want housing prices to come down, raise the interest rates to double digits and there will be lots of homes on the market , real cheap. I think the biggest factor in high housing prices were the lowering of interest rates. You could ask more cause people could handle a mortgage at the rates of today. I recall when still renting, guys in the late 70's at work weighing the question, " should I go 1 years at 17 1/2 % or take a 5 years at 16%" , people would be suicidal if they hit that today.

I remember those days. Bought my 1st house that year for about the same as you. Assumed the previous owners mortgage at 12.25% with one year left on it. At that time Debbe worked at Canada Trust and staff got a discount on all loan rates. In the next year rates dropped a little and when we reapplied we got 5 years with her discount for under 8%. What a difference.

 

I'm not sure higher mortgage rates would be the answer. But the opposite of that is back in those days you where earning way more interest on your savings. I wish I was newly retired and getting interest like that...I could afford the good ketchup...the dijon ketchup.

[crappieperchhunter]

government sector employee's and union employee's get fat retirement benefits....

 

the rest do not (unless they contribute 100% to it).

 

one thing that folks forget when talking about paying off mortgages is average income vs average house costs.

 

in the 70's the average house cost was 1.5 factor to the average house hold income.

in the 80's the average house cost was 2.0 factor to the average house hold income.

in the 90's the average house cost was 3.0 factor to the average house hold income.

in the 2000's the average house cost was 3.5 factor to the average house hold income.

in the 2010's the average house cost is a 4.0 factor to the average house hold income.

 

that should be basic enough to understand why it was MUCH easier to buy and pay off a home in the 70's and 80's than it is today.

 

My parents bought our first home in 1986 for $55K. Dads income was $40K annual. (mom didn't need to even work).

 

Today my parents house is worth $265K (here in Hamilton). Dad makes $50K annual (trades) and Mom makes $45K annual (retail). 3x's house hold income to buy the same house that once was basically 1:1 household income vs cost of home (and that was just a single income).

 

so again, before you comment on how it was to pay off a home compared to today, please understand the difference is the value of homes vs average house hold income.

 

geez.

Please reread my response.I was commenting on my folks and another couple in exactly the same situation at the same time. My folks had a house AND a cottage paid off by age 40. This other couple had no cottage and STILL had an unpaid mortgage on there home at retirement at age 65. I was using the situation to illustrate my point about the 2 couples vastly different spending/saving habits.

 

I am well aware of the differences in mortgages today and back then.

[TJQ]

Im not opposed to a bit more.. if it actually goes where ots supposed to... like reaseach and CO's.. however I dont think that 2 bucks a licence will do much.

[Big Cliff]

True TJ but it is:

$2.00 on my out door card

$2.00 on my deer licence

$2.00 on my small game licence

$2.00 on my Migratory Bird License

$2.00 on my bear licence

$2.00 on my moose licence

$2.00 on my fishing licence (if they get their way)

 

And if I spend any more money on hunting and fishing there will be another $2.00 on the divorce licence! (oh wait, they haven't started that one yet

 

$14.00 a year EXTRA income. Where is all the money I already pay for licences going?

Edited November 19, 2014 by Big Cliff

[jimmer]

We should all just throw up our hands and surrender to the couch. LOL

[Big Cliff]

Jimmer. Come over have a beer/coffee/smoke some dope/whatever/ and tell me that is a good solution! Alright I was just kidding. I don't do beer .

 

Seriously this is an issue that needs to be addressed. Is there a solution?

 

PS, would love to share a "Beverage" with you!

[TJQ]

 

PS, would love to share a "Beverage" with you!

 

LOL.. The typical caanadian winterfest, have a beer and whine about the government... tis the season!!!

[Bill Shearer]

Beer and whine, is indeed a Canadian pastime.

An option is the OH Canada.

50/50 Canadian Maple Syrup, and 40 Creek Rye, over ice.

Relives the pain faster, but the tongue gets thicker, quicker as well. lol

[jimmer]

That was tongue and cheek Cliff. And I would love to share a beverage with you at some point. We have met in the past. I bought a fish finder off you and am still using it.

I'm not sure there is a solution with this present Government in control.

[Mister G]

Every dollar collect by any government agency means more money wasted.