Quote:
Originally Posted by greyshep
Exactly! This is the first time we have ever gone variable. Wife is super conservative and we have always done 5yr fixed. I finally had her agree to make the switch. Groan.
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In hindsight we can always look back and think of mistakes. I'm sure you have investments you wished you sold at the peak as well.
I don't regret whatsoever going to variable during the start of pandemic and breaking my fixed rate early and absorb the penalty. We feared the worst of losing jobs with the uncertainty and tried to secure new terms. This turned out to be an amazing decision both at the time and in hindsight.
I also had variable on my 2nd property that I got in 2018 when rates were being touted to go up and up, needless to say that variable was a godsend there as the rates dropped to historical lows. Both saved us tons of money at the time we needed the most.
Increase in rates suck for sure and in hindsight I should have gone fixed last year but last year personal situation was also very different where it made zero sense to lock in. Life happens.
Yet at the same time, property value has gone up at least 50-100k in the past year. It's a wash in the end.
Look at these crazy numbers.
Market Report Summary for June 2023
Updated July 4th, 2023
Calgary home prices reached a new record high while the pace of rise in prices slowed.
At 3,146, Calgary’s number of sales saw an 11% yearly rise and a 0.8% monthly increase in June 2023.
Detached home average price increased by 9.4% year-over-year to $730k.
Semi-detached home average price increased by 16.0% year-over-year to $628k.
Townhouse average price increased by 15.8% year-over-year to $409k.
Condo apartment average price increased by 7.9% year-over-year to $302k.