HDB flats will never go to ZERO.

[nayr69sg]

what a stupid fucking moron u are, to say shit. What has Cananda to do with HDB

I also find it hard to compare Canada with Singapore.

Especially when it comes to Alberta. Almost all residential sold in AB is freehold. Also the price equivalent is about 5 times cheaper.

There is no national or even provincial savings plan for retirement that you can use like CPF to help pay for your property. It is your savings and cash. All mortgages are through banks. There is the CMCH mortgage insurance that you can buy as insurance against defaulting your morgage but it means you have to put a bigger downpayment as well as pay more per month to this insurance on top of your mortgage payments. Most people in good financial standing will opt NOT to buy the CMCH mortgage insurance.

My personal residence that I live in has been paid off fully. We used the money from the CPF we withdrew when we renounced our SG citizenship to pay the mortgage off. But our house value has decreased since 2013. Bought at $760k now only worth $650k.

I think you guys in Singapore much better with housing assets always rising with time. Even HDB!

I doubt SG HDB flats wil ever go to 0 as well because it will have ripple effects on the entire Singapore financial system.

If it does go to 0.....then yeah I am way better than you guys even if I am in Alberta because my house wont go to 0 lah. Again if it did will cause massive ripple effect on financial system.

 

[Papsmearer]

what a stupid fucking moron u are, to say shit. What has Cananda to do with HDB

This thread which u started is titled HDB flats will never go to zero. I never mention anything about Canada, u fucktard. Why are u bring it up?

 

[Papsmearer]

I also find it hard to compare Canada with Singapore.

Especially when it comes to Alberta. Almost all residential sold in AB is freehold. Also the price equivalent is about 5 times cheaper.

There is no national or even provincial savings plan for retirement that you can use like CPF to help pay for your property. It is your savings and cash. All mortgages are through banks. There is the CMCH mortgage insurance that you can buy as insurance against defaulting your morgage but it means you have to put a bigger downpayment as well as pay more per month to this insurance on top of your mortgage payments. Most people in good financial standing will opt NOT to buy the CMCH mortgage insurance.

My personal residence that I live in has been paid off fully. We used the money from the CPF we withdrew when we renounced our SG citizenship to pay the mortgage off. But our house value has decreased since 2013. Bought at $760k now only worth $650k.

I think you guys in Singapore much better with housing assets always rising with time. Even HDB!

I doubt SG HDB flats wil ever go to 0 as well because it will have ripple effects on the entire Singapore financial system.

If it does go to 0.....then yeah I am way better than you guys even if I am in Alberta because my house wont go to 0 lah. Again if it did will cause massive ripple effect on financial system.

U bought in the wrong place, that is your problem. My friends in Toronto and Vancouver doing very well on their properties. Appreciate like crazy. those that bought 20 years ago, have seen their house triple in value.

 

[Papsmearer]

Canada CPP is very little. A little over $1k a month. Not enough for retirement. The CPP is a real pension. You contribute then everyone gets the amount set out depending what age you retire. Not paid as a lump sum either. You can do whatever you wish with the money. But I doubt most retiree use that to buy property when fhey are in their late 60s. Home should be already fully paid for at that age. Maybe paying rent if not own?

I do feel that CPF is more like RRSP or TFSA where you contribute money to a savings account. RRSP advantage is deferred income tax on what you contribute. TFSA is no capital gains taxes for investments through that account. There are linits set for how muxh you can contribite to RRSP and TFSA.

As far as I know you cannot use TFSA or RRSP money to buy property.

My toronto friend used his RRSP to buy his first house. U are a canadian, and I think u don't know shit about your own pension rules. don't be lazy and look it up, I am not interested in spoon feeding you.

 

[Papsmearer]

I doubt SG HDB flats wil ever go to 0 as well because it will have ripple effects on the entire Singapore financial system.

If it does go to 0.....then yeah I am way better than you guys even if I am in Alberta because my house wont go to 0 lah. Again if it did will cause massive ripple effect on financial system.

HDB flats in singapore can and will go to zero at the end of the 99 year lease. Its a guarantee. Its written into the lease agreement that the flat reverts back to HDB at the end of the lease for no compensation.

 

[shittypore]

Don't lose sleep over such agreement, 99.9% of Sinkies won't live to 99 yrs PAP Jolly well knows it when the agreement was written.

 

[cocobobo]

New law in 2016 to link the cpf brs to hdb. Too bad. it cannot be reversed, this is something many people missed.

I'm sure it can. Just kicking the can down the road

 

[Papsmearer]

Don't lose sleep over such agreement, 99.9% of Sinkies won't live to 99 yrs PAP Jolly well knows it when the agreement was written.

Yet another uneducated comment, no wonder sinkies get fucked by the PAP over HDB all the time. Very few sinkies will live to 99, that is stating the obvious. But one of the best feature of a HDB lease is the right of succession. If you die, you can will your flat to your immediate family like your daughter or son. In that manner, the 99 year lease can be in theory fully utilize without leaving your family's possession.

What the PAP knows and will not tell sinkies is that the flats are not designed to last 99 years. nothing to do with the lifespan of the sinkie, but the lifespan of the flat.

 

[nayr69sg]

My toronto friend used his RRSP to buy his first house. U are a canadian, and I think u don't shit about your own pension rules. don't be lazy and look it up, I am not interested in spoon feeding you.

You dont understand the purpose of RRSP lah.

I checked. There is a limit of $25 to 35k that can be used. And only on principal residence.

There is a reason why very few people use RRSP these days when you talk of buying principal residence.

It's ok. You are not Canadian and frankly nobody gives a fuck about Canada when talking about HDB flats. But you chose to bring Canada up.

Ask your friend again about whether people use RRSP to buy their own homes these days.

 

[nayr69sg]

HDB flats in singapore can and will go to zero at the end of the 99 year lease. Its a guarantee. Its written into the lease agreement that the flat reverts back to HDB at the end of the lease for no compensation.

We will see.

I would really like to see what happens if indeed millions of flats start to become worthless as assets. How the banks will react when people apply for mortgages with 35 years lease left if this starts happening.

No joke if you have a whole block of flats all valued at $500k each unit 30 years ago now and today worth $0.

It will be curious fun for me to see what happens. But i doubt they will let it happen because the consequences will be far reaching and negative.

You are probably right though. HDB flats will go to $0 at the end of 99 years. And this will have no impact whatsoever on private condo prices or landed prices or banks or the financial system.

 

[nayr69sg]

Yet another uneducated comment, no wonder sinkies get fucked by the PAP over HDB all the time. Very few sinkies will live to 99, that is stating the obvious. But one of the best feature of a HDB lease is the right of succession. If you die, you can will your flat to your immediate family like your daughter or son. In that manner, the 99 year lease can be in theory fully utilize without leaving your family's possession.

What the PAP knows and will not tell sinkies is that the flats are not designed to last 99 years. nothing to do with the lifespan of the sinkie, but the lifespan of the flat.

How long are condos designed to last for?

Bro you are rhe authority on this topic. I can attest to that.

 

[nayr69sg]

HDB flats in singapore can and will go to zero at the end of the 99 year lease. Its a guarantee. Its written into the lease agreement that the flat reverts back to HDB at the end of the lease for no compensation.

Yes legally it is all written as such. You are right.

 

[nayr69sg]

U bought in the wrong place, that is your problem. My friends in Toronto and Vancouver doing very well on their properties. Appreciate like crazy. those that bought 20 years ago, have seen their house triple in value.

Yes you are correct. Toronto and Vancouver property is doing very well. I bought wrong place.
Actually if I has bought where I live 20 years ago house value more than doubled although not triple. But i only came to Canada in 2010. Even if i had bought in 2006 it would have doubled through to 2008. So just missed by 4 years. Sigh.

 

[nayr69sg]

My toronto friend used his RRSP to buy his first house. U are a canadian, and I think u don't shit about your own pension rules. don't be lazy and look it up, I am not interested in spoon feeding you.

The way RRSP works for buying property is like borrowing the money from your RRSP to max of $25k? And then have to pay it back in 15 years. What for? The RRSP is meant to let you invest and get returns on it.

I dont blame you cos you dont understand it as you are not Canadian.

https://alpinecredits.ca/using-rrsp...ng Your RRSP for,are taxed as ordinary income.

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  • 2 years ago

Is It A Good Idea To Use Your RRSP For A Downpayment On A House?​

One of the biggest hurdles you have to overcome when planning to buy a home is coming up with the downpayment. With average house prices starting at $520,000, you will be looking at at least a 20% downpayment. The Home Buyer’s Plan (HBP) is a federal plan that was created to help first-time home-buyers get into the real estate market. Those who qualify are able to withdraw up to $25,000 from the RRSP accounts tax-free for the downpayment. For couples buying together, they can pool together their withdrawals and put forth $50,000 towards their new home. However, accessing retirement funds is no easy feat and comes with regulations, which means that not every buyer qualifies.
If you are considering using the HBP, here are some things that you should know:

• While the HBP is marketed toward first-time criteria, the true rule is that the applicant cannot have owned a property within the past four years or, if purchasing with a partner, cannot have lived in a home that their partner had owned.
• The applicant must be planning to live in the home for at least a year of purchasing or building.
• Funds must be in an RRSP account for at least 90 days before the applicant can withdraw them tax-free.
• The withdrawal of the funds must be within 30 days of getting ownership of the home.

Prioritize Your Current Finances​

For people first starting their careers, their primary focus should be their short-term and mid-term financial goals. Those in their 20’s who have a tax rebate (ie. tuition) should start saving via their TFSA to protect their investment earnings from being taxed. After building contribution rooms, withdraw those funds and put them in an RRSP, taking advantage of the additional funds from the tax rebate.

Paying Back Your RRSPs​

It is important to know that while taking out your RRSPs is a great way to come up with a downpayment, that any funds that you take out have to be paid back within 15 years, or they will be taxed as a personal income. Unlike mortgages, they can be repaid as a lump-sum without penalty, over the given 15-year timeframe.

The Downside of Using Your RRSP​

The downside of withdrawing from your RRSP for a downpayment is the loss of 15 years of compounded interest unless the funds are paid back immediately.
If you are looking to buy a home in Edmonton and are interested in learning more about the options available to you, look no further than Collin Bruce. We have the knowledge and experience to help you come up with the best home-buying plan for you.

 

[SalahParking]

CPF allows your monthly contribution to go directly into home equity of HDB flat. which no other pension plan does. The fucking moron arsehole PaPsmear brought up canada CPP and then denies.

And because the HDB flat was funded by your pension contributions, it becomes part value of your pension calculations if pledged for BRS when you turn 55. and payouts at 65. The law was changed in 2016. That amount is 88k and will rise with inflation.

 

[Papsmearer]

We will see.

I would really like to see what happens if indeed millions of flats start to become worthless as assets. How the banks will react when people apply for mortgages with 35 years lease left if this starts happening.

No joke if you have a whole block of flats all valued at $500k each unit 30 years ago now and today worth $0.

It will be curious fun for me to see what happens. But i doubt they will let it happen because the consequences will be far reaching and negative.

You are probably right though. HDB flats will go to $0 at the end of 99 years. And this will have no impact whatsoever on private condo prices or landed prices or banks or the financial system.

U really need to come back to singapore, u are talking shit about matters u don't know. U think banks are so stupid? They will not amortize the housing loan for a longer period then what is left on the lease. eg. if there is 20 years left on the lease, u think the bank will give u a 30 year housing loan? At the worse, the banks will match the amortization of the housing loan to the what's left on the 99 year lease. So that at the end of the lease, the housing loan is fully paid to the bank. SO, bank gets their interest and capital fully returned. The HDB will then take over the flat as per the lease agreement. They can tear the block down and redevelop. The only loser is the flat dweller who has nothing now.

 

[Papsmearer]

Yes you are correct. Toronto and Vancouver property is doing very well. I bought wrong place.
Actually if I has bought where I live 20 years ago house value more than doubled although not triple. But i only came to Canada in 2010. Even if i had bought in 2006 it would have doubled through to 2008. So just missed by 4 years. Sigh.

One of the crowd I used to run with, the father is a somebody and well known in S'pore. He left for Toronto almost 20+ years ago. I think he said he bought his first house in missisauga for $200k or something like that. Its close to $2 million today

 

[Papsmearer]

CPF allows your monthly contribution to go directly into home equity of HDB flat. which no other pension plan does. The fucking moron arsehole PaPsmear brought up canada CPP and then denies.

And because the HDB flat was funded by your pension contributions, it becomes part value of your pension calculations if pledged for BRS when you turn 55. and payouts at 65. The law was changed in 2016. That amount is 88k and will rise with inflation.

U stupid fucktard cunt. what home equity in your HDB flat are you talking about? Since when does the tenant have equity in the place they are renting? Equity can only belong to the owner of the flat, and they don't own the flat. Like that also u don't understand? Stop going to the dorm and swallowing bangla sperm, its affecting your brain.

 

[Papsmearer]

The way RRSP works for buying property is like borrowing the money from your RRSP to max of $25k? And then have to pay it back in 15 years. What for? The RRSP is meant to let you invest and get returns on it.

I dont blame you cos you dont understand it as you are not Canadian

Yes, u are right about that. I am not canadian. But based on what I have been told and what you have been saying about housing prices rising in Toronto and Vancouver, it seems to me that you have to get in the game any which way u can. If this thing called RRSP can help you do it, even if its $25K (can it be double that if you have a spouse?), then why the hell wouldn't you use it?

 

[Papsmearer]

How long are condos designed to last for?

Bro you are rhe authority on this topic. I can attest to that.

Condos are designed to last forever, However, the determinant of how long they can actually last is not based on the design. Things like quality of construction, construction method, and land factors all play a part in that. In NYC for example, condos build 50 -60 years are still good. They are anchored on bedrock which I think is granite. In singapore, u are on top of an extinct volcano, and with the hot and humid weather, and thinks like concrete rot and rebar rust etc, I don't expect them to last as long.