Three lessons in my incomplete 2019 mortgage application in RBC bank

May 18, 2022

Introduction

I just checked the cheapest condo in Chilliwack went up from $150,000 Canadian dollars to $270,000 dollars. I tried to get mortgage in 2019, and visited RBC branch in 2019. But somehow I did not complete the application. 

2019 January | RBC specialist 

Three lessons learned 

I should understand that it is important to get a loan and have a small condo in Chilliwack. If inflation is really a big problem, then the condo price should go up over 80%. 

At that time, I did not have a lot of savings in my checking account. I think that I only have $35,000 dollars. I did not invest on stock market at all from 2010 to 2019. I did not invest on anything. 

Three lessons:

1. Do not shy away from condo market. Specially smallest and cheapest one can bring me a best tool to hedge against inflation; 
2. I should learn how to get mortgage quickly, and it is important to purchase early. I was 53 year old in 2019. I should get mortgage early when I have a full time job. 
3. RBC specialist told me that it is still possible for me to get a loan even though I cannot drive to home from Chilliwack everyday. 
4. The reason I chose to visit RBC is that RBC can loan money using USA home as an asset to borrow from. 

$100,000 Canadian dollar opportunity loss | 2019 -> 2022, price went up over $100,000 dollars

 Other Condos For Sale in 45749 Spadina Avenue, Chilliwack | 2019 $150,000 -> 2022 $274,900, $120,000 dollars gain