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#8054544 - 01/21/15 09:20 AM Bank of Canada cuts rate by 1/4%
TheRealCSnapper Moderator Offline
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to shield canadians from the economic downturn as we're hit with low oil prices...

oy vey

so what does all the arm chair economist on here have to say about this?

http://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-rate-cut/article22548417/





The Bank of Canada announced a surprise quarter percentagepoint cut to its key interest rate Wednesday – a move it calls “insurance” against the potentially destructive effects of the oil price collapse.

The reduction in the bank’s overnight rate to 0.75 per cent from 1 per cent – its first move since September, 2010 – comes as a precipitous drop in the price of crude slams Canada’s oil-dependent economy.

The oil shock will be “negative for growth and underlying inflation in Canada,” the bank warned in a statement.

Bank of Canada Governor Stephen Poloz is expected to explain his dramatic decision at an 11.15 a.m. news conference in Ottawa Wednesday.

The rate move, which few analysts anticipated, is an attempt by Mr. Poloz to shield highly indebted Canadian households from an oil-induced hit to their jobs and incomes – signs of which are already evident in Alberta.

The rate cut is a signal to private-sector banks to lower their own rates on mortgages and other loans.

It’s also likely to accelerate a slide in the Canadian dollar, now at roughly 83 cents (U.S.).

Cheaper crude, while good for the U.S. and global economies, is unequivocally bad for Canada.

The bank warned that lower oil prices would take a sizeable bite out of economic growth in 2015, delay a return to full capacity and hurt business investment – a trend that has already triggered mass layoffs and production cuts in Alberta’s oil patch.

But the effects could spread further, threatening financial stability as a result of possible losses to jobs and incomes, according to the central bank.

“The oil price shock increases both downside risks to the inflation profile and financial stability risks,” the bank acknowledged. “The Bank’s policy action is intended to provide insurance against these risks.”

The bank’s new forecast assumes a price of “around” $60 per barrel for Brent crude, more $10 above where it is now. But the central bank said prices “over the medium term are likely to be higher” than $60.

As recently as June, oil was selling for $110 a barrel.

The bank also lowered its bank rate and the deposit rate by a quarter percentage point Wednesday, to 1 per cent and ½ per cent, respectively. And it removed any indication of which way rates might go next.

The bank’s decision coincides with a much more pessimistic economic forecast than the bank issued just three months ago.

Following the lead of most private-sector forecasters, the bank slashed its GDP growth forecast to 2.1 per cent this year (from 2.4 per cent), before rebounding to 2.4 per cent in 2016. The worst effects of the oil collapse will be felt in the first half of this year, when the bank expects annualized growth of 1.5 per cent, nearly a full percentage point lower than its October forecast.

The Canadian economy grew at an estimated rate of 2.4 per cent in 2014.

The bank said the economy won’t return to full capacity until the end of 2016, several months later than its previous estimate of the second half of next year. Among other things, the central bank pointed to significant “labour market slack.”

Crude’s effects on the economy will be broad and profound, the bank warned. Investment in the oil and gas sector will decline by as much as 30 per cent this year, while lower returns on energy exports will eat into Canadian incomes, wealth and household spending.

The bank also hinted at a possible spread to other parts of the country of a real estate slump already underway in Alberta. “The extent to which the downturn already evident in Alberta will spill over into other regions remains to be seen,” the bank pointed out in its monetary policy report.

“The ramifications of the oil-price shock for household imbalances will depend importantly on the impact of the shock on income and employment,” the bank added.

The bank also expressed growing angst about the impact that oil could have on inflation, which it said has been propped up by temporary effects, such as the “pass-through” effect of the lower Canadian dollar.

Consumer price increases, now running at roughly 2 per cent a year, are “starting to reflect the fall in oil prices,” the bank said.

The bank’s new forecast calls for overall inflation to fall well below its 2-per-cent target this year, averaging just 0.6 per cent. Core inflation, which strips out volatile food and energy prices, is expected to average 1.9 per cent in 2015.

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#8054597 - 01/21/15 09:37 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
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makes sense. if anything given what happend in 08-09, of course they're gonna play it 'safe'. but given our Gov, it wouldn't surprise me they have an underlying agenda.
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#8054631 - 01/21/15 09:53 AM Re: Bank of Canada cuts rate by 1/4% [Re: Screamin Type ARGH!]
Euphoricuck Offline
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dddddddddd..d.d.d.d.d.dd.eflation.

we are in for a world of hurt. fucking harper.
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#8054716 - 01/21/15 10:42 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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 Originally Posted By: Euphoric

we are in for a world of hurt. fucking harper.






This spring real estate market will be retarded, here come the bidding wars again hope not, but pretty sure people will go full retard if mortgage rates come down.

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#8054725 - 01/21/15 10:45 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Euphoricuck Offline
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did you read this shit?
http://www.theglobeandmail.com/globe-inv...rticle22496585/


Do you think our country is in good shape moving forward? snoopdogno.gif

http://www.theglobeandmail.com/globe-inv...rticle22549247/

Harper is scum class
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#8054728 - 01/21/15 10:46 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
SuPeR-MaRiO Offline
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 Originally Posted By: Rinky Business
This spring real estate market will be retarded, here come the bidding wars again hope not, but pretty sure people will go full retard if mortgage rates come down.

This.

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#8054745 - 01/21/15 10:53 AM Re: Bank of Canada cuts rate by 1/4% [Re: SuPeR-MaRiO]
Euphoricuck Offline
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average prices are already down across toronto....so it will be interesting to see what happens.
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#8054761 - 01/21/15 11:05 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
JEFFOS Offline
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A home in oakville was in a bidding war and sold for 90k over asking last Monday. Ridiculous and its off season too.
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#8054769 - 01/21/15 11:12 AM Re: Bank of Canada cuts rate by 1/4% [Re: JEFFOS]
TheRealCSnapper Moderator Offline
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 Originally Posted By: JEFFOS
A home in oakville was in a bidding war and sold for 90k over asking last Monday. Ridiculous and its off season too.


from your posts and talking to you, you're in a very specific space so overall market trends don't apply

i'm sure even in the heat of a recession, your segment will still be getting fucked.

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#8054773 - 01/21/15 11:16 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
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Yay more of my principle is being paid off with every payment. Thanks BoC!
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#8054778 - 01/21/15 11:19 AM Re: Bank of Canada cuts rate by 1/4% [Re: LNXGUY]
Euphoricuck Offline
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Youre poorer than you think. -scotiabank
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#8054804 - 01/21/15 11:34 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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Yay, home prices here keep going up!!!
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#8054814 - 01/21/15 11:37 AM Re: Bank of Canada cuts rate by 1/4% [Re: Hatorade]
Senor Eduardo_82 Offline
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Meanwhile our dollar keeps tanking. I just paid $1.23 exchange for USD.


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#8054820 - 01/21/15 11:40 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
LNXGUY Moderator Offline
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 Originally Posted By: Euphoric
Youre poorer than you think. -scotiabank


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The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8054864 - 01/21/15 11:57 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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 Originally Posted By: Euphoric
did you read this shit?
http://www.theglobeandmail.com/globe-inv...rticle22496585/


Do you think our country is in good shape moving forward? snoopdogno.gif

http://www.theglobeandmail.com/globe-inv...rticle22549247/

Harper is scum class


Still don't see the connection to Harper.

 Originally Posted By: LNXGUY
 Originally Posted By: Euphoric
Youre poorer than you think. -scotiabank







 Originally Posted By: JEFFOS
A home in oakville was in a bidding war and sold for 90k over asking last Monday. Ridiculous and its off season too.


I guess i fail to understand why that surprises you. Desirable areas have always remained high, you are going against people with the your income level and then some not peasants. Leaside as an example was always expensive, during the recession it barely even moved, then you look at a place like Scarborough and it was a firesale


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#8055055 - 01/21/15 12:49 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Euphoricuck Offline
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^it wasnt meant to point out a connection to Harper...it was just a ridiculous feature.




Harpers economic action plan = oil sands. ooops
I don't see this as making us more competitive or bringing back manufacturing jobs to Ontario. I see it as a political move for Harpers west.
Poloz is in harpers back pocket.



Anyone who voted for Harper should be embarrassed.
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#8055149 - 01/21/15 01:19 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
JEFFOS Offline
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 Originally Posted By: Rinky Business
 Originally Posted By: Euphoric
did you read this shit?
http://www.theglobeandmail.com/globe-inv...rticle22496585/


Do you think our country is in good shape moving forward? snoopdogno.gif

http://www.theglobeandmail.com/globe-inv...rticle22549247/

Harper is scum class


Still don't see the connection to Harper.

 Originally Posted By: LNXGUY
 Originally Posted By: Euphoric
Youre poorer than you think. -scotiabank







 Originally Posted By: JEFFOS
A home in oakville was in a bidding war and sold for 90k over asking last Monday. Ridiculous and its off season too.


I guess i fail to understand why that surprises you. Desirable areas have always remained high, you are going against people with the your income level and then some not peasants. Leaside as an example was always expensive, during the recession it barely even moved, then you look at a place like Scarborough and it was a firesale



Oakville and south Mississauga don't work like that normally - always going for near asking or at the worst 10k over.

90k is nuts (and was way overpriced) for that house.
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#8055205 - 01/21/15 01:39 PM Re: Bank of Canada cuts rate by 1/4% [Re: Senor Eduardo_82]
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 Originally Posted By: eddie _82
Meanwhile our dollar keeps tanking. I just paid $1.23 exchange for USD.



Credit card purchase will be 1.26 \:\(
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#8055218 - 01/21/15 01:43 PM Re: Bank of Canada cuts rate by 1/4% [Re: JEFFOS]
Euphoricuck Offline
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It has to be this because there has been NOTHING else like it in the past week of stuff being posted.

Some sales were even as low as 80% of asking.

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#8055234 - 01/21/15 01:47 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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^ that looks like childs play in comparison to East York. Nice home, decent price. Taxes are little high though.
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#8055243 - 01/21/15 01:50 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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 Originally Posted By: Euphoric
average prices are already down across toronto....so it will be interesting to see what happens.


down compared to when?

everything ive seen in recent treb reports is still positive growth

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#8055246 - 01/21/15 01:51 PM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
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Down compared to this time last year. lol treb
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#8055254 - 01/21/15 01:52 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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do you have an actual report or tracking of this?

or are you just saying it anecdotally based on mls (managed by treb....) sold listings

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#8055273 - 01/21/15 01:59 PM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
Euphoricuck Offline
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 Code:
Detached 2014	  Sales	   VYA	  Average Price	         VYA	 	 	 
City of Toronto ("416")	   122	7.0%	$859,672	-4.2%	 	 	 
Rest of GTA ("905")	   487	14.6%	$621,872	-2.5%	 	 	 
GTA		           609  13.0%	$669,510	-3.4%	 	 	 
 	 	 



Despite the fact that treb makes up bullshit stats and changes past figures...the fact they even reported a dip in pricing is interesting...even if they attempt to sugar coat it.


http://www.century21.ca/donald.lum/Blog/Mid_Month_January_2015_Resale_Home_Sales
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#8055613 - 01/21/15 04:07 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Lafora Offline
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 Originally Posted By: Rinky Business
 Originally Posted By: Euphoric

we are in for a world of hurt. fucking harper.






This spring real estate market will be retarded, here come the bidding wars again hope not, but pretty sure people will go full retard if mortgage rates come down.


you think it'll wait till the spring?

the bidding wars were retarded last year and the year before, and the year before

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#8055677 - 01/21/15 04:51 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
spd-dmn Offline
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 Originally Posted By: Euphoric
 Code:
Detached 2014	  Sales	   VYA	  Average Price	         VYA	 	 	 
City of Toronto ("416")	   122	7.0%	$859,672	-4.2%	 	 	 
Rest of GTA ("905")	   487	14.6%	$621,872	-2.5%	 	 	 
GTA		           609  13.0%	$669,510	-3.4%	 	 	 
 	 	 



Despite the fact that treb makes up bullshit stats and changes past figures...the fact they even reported a dip in pricing is interesting...even if they attempt to sugar coat it.


http://www.century21.ca/donald.lum/Blog/Mid_Month_January_2015_Resale_Home_Sales



hmm interesting

youre right in the sense that its difficult to trust the numbers...

is that report based on C21's own sales?

i looked at the december HPI and year-over-year most of toronto was up 6-10% for single family detached


i think there will definitely be some more heat in the market very soon

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#8055728 - 01/21/15 05:35 PM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
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 Originally Posted By: spd-dmn
 Originally Posted By: Euphoric
 Code:
Detached 2014	  Sales	   VYA	  Average Price	         VYA	 	 	 
City of Toronto ("416")	   122	7.0%	$859,672	-4.2%	 	 	 
Rest of GTA ("905")	   487	14.6%	$621,872	-2.5%	 	 	 
GTA		           609  13.0%	$669,510	-3.4%	 	 	 
 	 	 



Despite the fact that treb makes up bullshit stats and changes past figures...the fact they even reported a dip in pricing is interesting...even if they attempt to sugar coat it.


http://www.century21.ca/donald.lum/Blog/Mid_Month_January_2015_Resale_Home_Sales



hmm interesting

youre right in the sense that its difficult to trust the numbers...

is that report based on C21's own sales?

i looked at the december HPI and year-over-year most of toronto was up 6-10% for single family detached


i think there will definitely be some more heat in the market very soon



Those C21 stats are straight from the TREB website. Keep in mind last January '14 we had one of the biggest YoY increase in average price from '13 to '14 it was ~16.5% price increase for detached...that was mostly due to a "shortage" of listings.

Listings now in the first two weeks of '15 seems to have normalized or are at least higher than last year (outlier year) so looks like it's just normalized, still a huge increase from '13 for example even if you factor in the minor decrease now.

If I had to guess, based on that alone and provided listings are slightly above last year, aka more normalized to trend then we shouldn't see any more price growth for detached. Then you have this interest rate decrease so who knows if people will go full retard or realize it doesn't mean they can spend an extra 100k.

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#8055762 - 01/21/15 06:00 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
spd-dmn Offline
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yeah def, that is a bad mindset to have.

this news hasnt changed my budget a bit. all it would be is just a nice "on top" to put into principal

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#8055767 - 01/21/15 06:02 PM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
spd-dmn Offline
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on the other hand.. the one consideration this has changed is opting for variable rate.....

kind of wondering if it makes sense now, given that any rate increase would be even further now than orig planned

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#8055836 - 01/21/15 06:39 PM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
Lafora Offline
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6 years ago when i was applying for a mortgage, from the stuff i've been reading on said 99% of the time you'll be better off with variable.

most variable will let you shift over to fixed anyhow.

Last mortgage was var; current one still var.

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#8056120 - 01/21/15 11:42 PM Re: Bank of Canada cuts rate by 1/4% [Re: Lafora]
ehko Offline
Quit being gay...
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You guys need to swing up to Barrie and join LNXGUY, Cee_Mon and I!
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#8056122 - 01/21/15 11:47 PM Re: Bank of Canada cuts rate by 1/4% [Re: ehko]
JEFFOS Offline
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 Originally Posted By: ehko
You guys need to swing up to Barrie and join LNXGUY, Cee_Mon and I!


http://youtu.be/8jPj5YOWEH0
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#8056195 - 01/22/15 07:10 AM Re: Bank of Canada cuts rate by 1/4% [Re: ehko]
LNXGUY Moderator Offline
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 Originally Posted By: ehko
You guys need to swing up to Barrie and join LNXGUY, Cee_Mon and I!


It's fucking party time!
_________________________
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The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8056293 - 01/22/15 09:00 AM Re: Bank of Canada cuts rate by 1/4% [Re: LNXGUY]
Euphoricuck Offline
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Barrie? Im in
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#8056338 - 01/22/15 09:28 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
LNXGUY Moderator Offline
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Bro, just bypass Barrie and head right up to Wasaga Beach \:\)
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The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8056444 - 01/22/15 10:24 AM Re: Bank of Canada cuts rate by 1/4% [Re: LNXGUY]
iamfob Offline
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Is there any night scene in Barrie?
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#8056447 - 01/22/15 10:27 AM Re: Bank of Canada cuts rate by 1/4% [Re: iamfob]
LNXGUY Moderator Offline
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 Originally Posted By: iamfob
Is there any night scene in Barrie?


Lots of places to go, Brandons place is my fav.
_________________________
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The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8056477 - 01/22/15 10:45 AM Re: Bank of Canada cuts rate by 1/4% [Re: iamfob]
Screamin Type ARGH! Offline
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 Originally Posted By: iamfob
Is there any night scene in Barrie?


yeah, when the one black guy in barrie comes out, it causes a scene.


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#8056552 - 01/22/15 11:15 AM Re: Bank of Canada cuts rate by 1/4% [Re: LNXGUY]
TheRealCSnapper Moderator Offline
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 Originally Posted By: LNXGUY
 Originally Posted By: iamfob
Is there any night scene in Barrie?


Lots of places to go, Brandons place is my fav.


is "Bend Overs" still around?

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#8056556 - 01/22/15 11:17 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
LNXGUY Moderator Offline
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 Originally Posted By: c_snapper
 Originally Posted By: LNXGUY
 Originally Posted By: iamfob
Is there any night scene in Barrie?


Lots of places to go, Brandons place is my fav.


is "Bend Overs" still around?


Yup.
_________________________
-Bill
The GN would OWN you, your children and your children's children.
'09 E90 335d

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#8056573 - 01/22/15 11:28 AM Re: Bank of Canada cuts rate by 1/4% [Re: LNXGUY]
Euphoricuck Offline
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"Night scene"
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#8057334 - 01/22/15 05:58 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
ehko Offline
Quit being gay...
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A ton of people come up from Toronto to party up here... the nightclub game is cheap compared to the city. $80 bottles, $3-4 drinks... there's too much competition for the amount of people out so the slow places discount the crap out of everything.
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#8057459 - 01/22/15 07:35 PM Re: Bank of Canada cuts rate by 1/4% [Re: ehko]
TheRealCSnapper Moderator Offline
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 Originally Posted By: ehko
A ton of people come up from Toronto to party up here... the nightclub game is cheap compared to the city. $80 bottles, $3-4 drinks... there's too much competition for the amount of people out so the slow places discount the crap out of everything.



and then what, drive home for an hour and a half drunk at 4am....

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#8057470 - 01/22/15 07:51 PM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
Euphoricuck Offline
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a ton go ok. cowboy boots and all.
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#8057479 - 01/22/15 07:59 PM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
ehko Offline
Quit being gay...
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Loc: Barrie, Ontario
 Originally Posted By: c_snapper
 Originally Posted By: ehko
A ton of people come up from Toronto to party up here... the nightclub game is cheap compared to the city. $80 bottles, $3-4 drinks... there's too much competition for the amount of people out so the slow places discount the crap out of everything.



and then what, drive home for an hour and a half drunk at 4am....


Shit ya! Why not?! I'm assuming people have DD's... I've never really asked anyone.

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#8058722 - 01/23/15 03:09 PM Re: Bank of Canada cuts rate by 1/4% [Re: ehko]
Simon_the_Pieman Offline
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we should hit a colts game and get wasted
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#8058930 - 01/23/15 04:36 PM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
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 Originally Posted By: c_snapper
 Originally Posted By: ehko
A ton of people come up from Toronto to party up here... the nightclub game is cheap compared to the city. $80 bottles, $3-4 drinks... there's too much competition for the amount of people out so the slow places discount the crap out of everything.



and then what, drive home for an hour and a half drunk at 4am....


That's why you crash at uncle bil!!
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#8059542 - 01/24/15 12:40 AM Re: Bank of Canada cuts rate by 1/4% [Re: Simon_the_Pieman]
iamfob Offline
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 Originally Posted By: Simon_the_Pieman
we should hit a colts game and get wasted


at a local bar in T.dot or drive down to Lucas Oil Stadium?
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#8059694 - 01/24/15 11:20 AM Re: Bank of Canada cuts rate by 1/4% [Re: Simon_the_Pieman]
LNXGUY Moderator Offline
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 Originally Posted By: Simon_the_Pieman
we should hit a colts game and get wasted


You fuckers can sleep downstairs on the couch/love seat with the cats
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#8066780 - 01/29/15 08:11 AM Re: Bank of Canada cuts rate by 1/4% [Re: LNXGUY]
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Banks dropped prime for mortgages. Checked sales, yep bidding wars
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#8066787 - 01/29/15 08:18 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
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 Originally Posted By: Rinky Business
Banks dropped prime for mortgages. Checked sales, yep bidding wars


lol, well that didn't take long. this city is fucked for pricing but $$$ flows as expected.
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#8066793 - 01/29/15 08:21 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
spd-dmn Offline
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haha but only 15 basis points

= like 200 bucks a year saved

bid bid bid bid


(also, bidding wars have been happening already anyway)


One place in markham off wooten way listed for 550 and sold for 588, detached (basement link), 160-ft deep, older house but great neighbourhood

same house across the street sold in june for 547


yep.. 7.5% increase in 8 months


dat crash doe

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#8066817 - 01/29/15 08:40 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
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Markham village is great. Lots of nice hidden gems there.
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#8066906 - 01/29/15 09:36 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
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 Originally Posted By: spd-dmn
haha but only 15 basis points

= like 200 bucks a year saved

bid bid bid bid


(also, bidding wars have been happening already anyway)


One place in markham off wooten way listed for 550 and sold for 588, detached (basement link), 160-ft deep, older house but great neighbourhood

same house across the street sold in june for 547


yep.. 7.5% increase in 8 months


dat crash doe


I think there was an issue with that house (if we are talking about the same house). It was listed forever and when it finally *sold* I think it fell through, the one right on wooten way right? That thing was tiny.

Last night's sales, again off wooten way, listed $848k sold for $904k.


DId you look at this one, it fits your specs no? Fairly priced too and some updates.

http://www.realtor.ca/propertyDetails.aspx?PropertyId=15246692

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#8066964 - 01/29/15 10:12 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Euphoricuck Offline
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sales and avg prices are down gta wide compared to last january.
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#8066994 - 01/29/15 10:29 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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 Originally Posted By: Euphoric
sales and avg prices are down gta wide compared to last january.


but that one house in *insert desireable neighbourhood* went into a bidding war. WHAT DAT CRASH DO DOE /EVERY CSI Ontario Post

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#8067000 - 01/29/15 10:33 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
spd-dmn Offline
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Risky, nah not right on wooten way it was on dewitt
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#8067003 - 01/29/15 10:33 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
spd-dmn Offline
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84 ramona has 9 offers on it lulz

it'll sell for 650+ i bet

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#8067017 - 01/29/15 10:36 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
Euphoricuck Offline
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 Originally Posted By: spd-dmn
9 retards bid on 84 ramona lulz

it'll sell for 650+ i bet


seems about right.
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#8067019 - 01/29/15 10:37 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
Euphoricuck Offline
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 Originally Posted By: c_snapper
 Originally Posted By: Euphoric
sales and avg prices are down gta wide compared to last january.


but that one house in *insert desireable neighbourhood* went into a bidding war. WHAT DAT CRASH DO DOE /EVERY CSI Ontario Post

what that selection bias do doe.
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#8067192 - 01/29/15 11:28 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
4age Offline
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 Originally Posted By: Euphoric
 Originally Posted By: c_snapper
 Originally Posted By: Euphoric
sales and avg prices are down gta wide compared to last january.


but that one house in *insert desireable neighbourhood* went into a bidding war. WHAT DAT CRASH DO DOE /EVERY CSI Ontario Post

what that selection bias do doe.


Selection bias is irrelevant if the person is shopping in the areas with bidding wars to begin with. If it's a hot area + they are buying in a hot area, then the comments on bidding wars is absolutely relevant to what that person is shopping for.

BUT if you are talking about generalities, then yes, of course the GTA is not doing so hot. But also, if you are going to take a macro approach, most places in the GTA are shit compared to listings brought up by someone with a "selection bias".

You can't exactly compare like, lawrence park to brampton doe amirite.
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#8067238 - 01/29/15 11:48 AM Re: Bank of Canada cuts rate by 1/4% [Re: 4age]
Euphoricuck Offline
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 Quote:
Factor in land transfer tax to buy plus commission to sell, and it’s lost 12%



Properties over 1 mil has been floundering for a while now. So a place like brampton is more likely to see increases than Lawrence park would.

So you can keep blinders on over a specific 300 meters of a street, but it won't do much when the ball roles south ;\)
No area is immune.

So its not irrelevant. The whole area matters. The whole point was people continually bring up some "hot area" as if its indicative as to what is happening in the overall market place.
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#8067257 - 01/29/15 11:57 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
4age Offline
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so when are you gonna rent my house?
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#8067259 - 01/29/15 11:58 AM Re: Bank of Canada cuts rate by 1/4% [Re: 4age]
Euphoricuck Offline
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the area is too nice. I can only afford to live in shit.
plus you only have a single garage. wtf is that?
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#8067272 - 01/29/15 12:03 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
4age Offline
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\:\( only ballers can afford more than 1 garage or something.
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#8067385 - 01/29/15 12:48 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
JEFFOS Offline
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Registered: 01/27/00
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 Originally Posted By: Euphoric
 Quote:
Factor in land transfer tax to buy plus commission to sell, and it’s lost 12%



Properties over 1 mil has been floundering for a while now. So a place like brampton is more likely to see increases than Lawrence park would.

So you can keep blinders on over a specific 300 meters of a street, but it won't do much when the ball roles south ;\)
No area is immune.

So its not irrelevant. The whole area matters. The whole point was people continually bring up some "hot area" as if its indicative as to what is happening in the overall market place.


To a degree you're right and wrong.

300 meters or a specific street? Sure.

If it's an entire location or city? It will be more resilient - example I don't see actual detatched houses in Toronto being affected even close to the amount or even as quickly as other areas. Oakville will be more resilient than Brampton. South mississauga will be more resilient than North etc.

We won't see a crash just a slower appreciation or no appreciation.


Houses on the upper end of the $? Like 1.5 M and up you have more sitting because there is a smaller market and people are looking for specific things and have specific tastes for that money - it's more than just a roof over your head. Less competition more opportunity to be picky.


Then we have foreign money and investors - who knows where that is going to go.
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#8067405 - 01/29/15 01:02 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
Risky Business Offline
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Registered: 05/17/10
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 Originally Posted By: Euphoric
 Quote:
Factor in land transfer tax to buy plus commission to sell, and it’s lost 12%



Properties over 1 mil has been floundering for a while now. So a place like brampton is more likely to see increases than Lawrence park would.

So you can keep blinders on over a specific 300 meters of a street, but it won't do much when the ball roles south ;\)
No area is immune.

So its not irrelevant. The whole area matters. The whole point was people continually bring up some "hot area" as if its indicative as to what is happening in the overall market place.




Logic level: Toronto Sun home delivery subscriber

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#8067430 - 01/29/15 01:12 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Euphoricuck Offline
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I cant afford the sun \:\(
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#8067485 - 01/29/15 01:36 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
4age Offline
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Jeff nailed it. Dingdingdingdingding
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#8067574 - 01/29/15 02:10 PM Re: Bank of Canada cuts rate by 1/4% [Re: JEFFOS]
Euphoricuck Offline
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 Originally Posted By: JEFFOS





who knows where that is going to go.


apparently you do

 Quote:
We won't see a crash just a slower appreciation or no appreciation.


;\)
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#8067606 - 01/29/15 02:25 PM Re: Bank of Canada cuts rate by 1/4% [Re: JEFFOS]
Screamin Type ARGH! Offline
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Registered: 02/20/01
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 Originally Posted By: JEFFOS
 Originally Posted By: Euphoric
 Quote:
Factor in land transfer tax to buy plus commission to sell, and it’s lost 12%



Properties over 1 mil has been floundering for a while now. So a place like brampton is more likely to see increases than Lawrence park would.

So you can keep blinders on over a specific 300 meters of a street, but it won't do much when the ball roles south ;\)
No area is immune.

So its not irrelevant. The whole area matters. The whole point was people continually bring up some "hot area" as if its indicative as to what is happening in the overall market place.


To a degree you're right and wrong.

300 meters or a specific street? Sure.

If it's an entire location or city? It will be more resilient - example I don't see actual detatched houses in Toronto being affected even close to the amount or even as quickly as other areas. Oakville will be more resilient than Brampton. South mississauga will be more resilient than North etc.

We won't see a crash just a slower appreciation or no appreciation.


Houses on the upper end of the $? Like 1.5 M and up you have more sitting because there is a smaller market and people are looking for specific things and have specific tastes for that money - it's more than just a roof over your head. Less competition more opportunity to be picky.


Then we have foreign money and investors - who knows where that is going to go.


pretty much.

as for your last comment, yeah see BC (certain areas), shit's INSANE asking for shacks. it's redonk.
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#8067702 - 01/29/15 03:02 PM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
JEFFOS Offline
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Registered: 01/27/00
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 Originally Posted By: Euphoric
 Originally Posted By: JEFFOS





who knows where that is going to go.


apparently you do

 Quote:
We won't see a crash just a slower appreciation or no appreciation.


;\)


I dont know where foreign investment is going to go but as mentioned in BC the main reason it's so overpriced is people coming from Asia with tons of money that just pay whatever it takes to get the place they want.

I've been in a lot of open houses where someone walks in and basically just asks the selling agent "what price do I need to pay to get this house?" At that point there is pretty much no point in even trying with a realistic price. If that slows down it should get better but the demand is still there. It's all because of Toronto.

Most going on there, most money in Canada, most opportunity and business, most popular city in Canada from outside looking in.

Calgary? Now that's powered entirely by oil - that's a problem and I can very much see a crash there in housing and cost of living (just as quickly as it skyrocketed) if prices don't turn around.
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#8070431 - 01/31/15 12:59 PM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
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 Originally Posted By: spd-dmn
84 ramona has 9 offers on it lulz

it'll sell for 650+ i bet


Drove by 5 mins ago, sign is up, sold over asking

Can't wait to see the level of retard once it's on tosolds

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#8070697 - 01/31/15 05:57 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
spd-dmn Offline
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Registered: 11/24/04
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$700,800

13% over asking


l.e.l.

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#8071355 - 02/01/15 11:54 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
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That house is similar to mine, except mine is a 4 bedroom and on a small street. Four years ago they were selling for 4xx

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#8071814 - 02/01/15 06:47 PM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Screamin Type ARGH! Offline
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Can someone check 2 Olympus Dr in Richmond Hill? Nothing special single I saw while walking the dog, small too, Asian sellers. I think it was asking 1.05mil??? Sold in 3wks...which is awhile LOL
Like everywhere it's just silly.
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#8072367 - 02/01/15 10:17 PM Re: Bank of Canada cuts rate by 1/4% [Re: Screamin Type ARGH!]
Hatorade Offline
pheggit
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Registered: 11/05/99
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3 bdrm end unit TH in my area sold for 800k...W T F
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#8072514 - 02/02/15 12:08 AM Re: Bank of Canada cuts rate by 1/4% [Re: Hatorade]
iamfob Offline
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^ Jesus Christ, we are catching up to Vancouver for the most un-affordable city to live in the world
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#8072647 - 02/02/15 08:02 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
c2k Moderator Offline
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 Originally Posted By: Rinky Business


That house is similar to mine, except mine is a 4 bedroom and on a small street. Four years ago they were selling for 4xx


as soon as it hit a million bucks, you'll probably sell and cash out.
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#8072654 - 02/02/15 08:10 AM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
4age Offline
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update! TD did drop prime (I guess???).
My mortgate rate is now 2.0%.
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#8072684 - 02/02/15 08:34 AM Re: Bank of Canada cuts rate by 1/4% [Re: 4age]
c2k Moderator Offline
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Registered: 05/21/00
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 Originally Posted By: 4age
update! TD did drop prime (I guess???).
My mortgate rate is now 2.0%.


nice!

are you going to do additional lump-sum to pay down a bit more?
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#8072694 - 02/02/15 08:39 AM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
Euphoricuck Offline
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nope. Going to buy mawds for car. He deserves it.
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#8072698 - 02/02/15 08:41 AM Re: Bank of Canada cuts rate by 1/4% [Re: Hatorade]
Screamin Type ARGH! Offline
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 Originally Posted By: Hatorade
3 bdrm end unit TH in my area sold for 800k...W T F



wtf.


the ones just north of you i know were already low to mid 700's.
and they're even newer and possibly bigger?

there's a new set of homes starting just a bit further up woodbine bypass this spring as well, behing the new enbridge building. starting at mid 600's....again i think it's towns and maybe semis =\
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#8072714 - 02/02/15 08:57 AM Re: Bank of Canada cuts rate by 1/4% [Re: Hatorade]
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 Originally Posted By: Hatorade
3 bdrm end unit TH in my area sold for 800k...W T F



Which day did it sell? Just checked last 3 days worth of sales in R hill and townhomes/semis are max 650ish, with one or two exceptions. 650k+ was detached.

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#8072725 - 02/02/15 09:09 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
spd-dmn Offline
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yeah if it sold this weekend it will be in tomorrows report probably


this market is depressing as fawk \:\(

dat pickering life?

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#8072736 - 02/02/15 09:17 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Hatorade Offline
pheggit
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Registered: 11/05/99
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 Originally Posted By: Rinky Business
 Originally Posted By: Hatorade
3 bdrm end unit TH in my area sold for 800k...W T F



Which day did it sell? Just checked last 3 days worth of sales in R hill and townhomes/semis are max 650ish, with one or two exceptions. 650k+ was detached.
it was last week, wife showed me. I'm in Markham not rhill btw. Screamin my cousins lives on the north side of Elgin in the TH. Since the summer they were selling in the mid 700's.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#8072772 - 02/02/15 09:32 AM Re: Bank of Canada cuts rate by 1/4% [Re: Hatorade]
c2k Moderator Offline
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where you guys are getting the reports from?
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#8072783 - 02/02/15 09:35 AM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
Euphoricuck Offline
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so who is going to sell?
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#8072809 - 02/02/15 09:42 AM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
Wildout Offline
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Registered: 11/26/07
Posts: 1767
 Originally Posted By: c2k
where you guys are getting the reports from?


Tosolds

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#8072838 - 02/02/15 09:51 AM Re: Bank of Canada cuts rate by 1/4% [Re: Wildout]
SuPeR-MaRiO Offline
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Registered: 06/28/01
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Mine dropped to under 2.0%

On that note, what are current competitive rates? Trying to help someone renew their mtg

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#8072848 - 02/02/15 09:55 AM Re: Bank of Canada cuts rate by 1/4% [Re: SuPeR-MaRiO]
spd-dmn Offline
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they dropped the discount for the mostpart from what i can see

-0.8 is not as widely published as it was, but it is still out there

a few -.7s

http://www.ratehub.ca/best-mortgage-rates/5-year/variable


some of the best rates though are a cashback, so it's kind of cheating. and some also require high ratio mortgages


5-year fixed are getting good too, as bond rates have also dropped substantially over the past month

less than 0.6%-pt spread between var and fixed

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#8072935 - 02/02/15 10:34 AM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
4age Offline
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 Originally Posted By: c2k
 Originally Posted By: 4age
update! TD did drop prime (I guess???).
My mortgate rate is now 2.0%.


nice!

are you going to do additional lump-sum to pay down a bit more?


Yup - we do lump sum payments every year.
This will only help!

Euphoric - already bought mods doe XD
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#8072941 - 02/02/15 10:41 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
Risky Business Offline
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Registered: 05/17/10
Posts: 44789
 Originally Posted By: spd-dmn
yeah if it sold this weekend it will be in tomorrows report probably


this market is depressing as fawk \:\(

dat pickering life?


Dat sucks mang \:\(

MV could use another csier, only 2 of us here and about 4 more within 3km radius

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#8072946 - 02/02/15 10:44 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Screamin Type ARGH! Offline
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Registered: 02/20/01
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gonna sell the place, go RV'ing
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#8073049 - 02/02/15 11:13 AM Re: Bank of Canada cuts rate by 1/4% [Re: 4age]
iamfob Offline
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Registered: 09/06/02
Posts: 24697
Loc: Out There
 Originally Posted By: 4age
update! TD did drop prime (I guess???).
My mortgate rate is now 2.0%.


Mine is currently 2% too
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#8076970 - 02/04/15 11:02 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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 Originally Posted By: Euphoric
sales and avg prices are down gta wide compared to last january.



Tell me more plz...

 Quote:

TORONTO, February 4, 2015 -- Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent.

"The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs," said Mr. Etherington.

The average selling price for January 2015 home sales was up by 4.9 per cent year-over-year to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5 percent compared to January 2014.

"Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well," said Jason Mercer, TREB's Director of Market Analysis.



Markham leads york region with highest average and median price for detached homes at 989k avg and 896k median \:o

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#8076995 - 02/04/15 11:10 AM Re: Bank of Canada cuts rate by 1/4% [Re: Risky Business]
Euphoricuck Offline
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Registered: 11/05/03
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things really turned around in the latter half of the month ...OK

treb is about as reliable as a trabant.
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#8077991 - 02/04/15 07:18 PM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
zaius Offline
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Registered: 04/30/05
Posts: 8583
Loc: Toronto
 Originally Posted By: c2k
where you guys are getting the reports from?


+1
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2003 dc5 typeS.
looks stock.

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#8078074 - 02/04/15 08:16 PM Re: Bank of Canada cuts rate by 1/4% [Re: zaius]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
 Originally Posted By: zaius
 Originally Posted By: c2k
where you guys are getting the reports from?


+1


a few posts up...

http://tosolds.ca/
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#8086074 - 02/10/15 10:14 AM Re: Bank of Canada cuts rate by 1/4% [Re: c2k]
Euphoricuck Offline
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Registered: 11/05/03
Posts: 92703
Loc: Canadistan
why would they do this?

http://www.thestar.com/business/2015/02/...ut-of-town.html
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#8086115 - 02/10/15 10:32 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
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Registered: 02/20/01
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 Originally Posted By: Euphoric


hrm, odd.

my guess is that the board know that realtors are using any/all MLS data they can to show the increased comparative selling prices of homes in their area.
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#8086118 - 02/10/15 10:34 AM Re: Bank of Canada cuts rate by 1/4% [Re: Euphoricuck]
TheRealCSnapper Moderator Offline
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Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
 Originally Posted By: Euphoric


probably to take the information out of the hands of people NOT wanting to work with a Realtor (R)

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#8086133 - 02/10/15 10:39 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
spd-dmn Offline
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Registered: 11/24/04
Posts: 2271
^^ ding ding

it's an archaic vision, trying to close information to the public and protect the "industry"


in many areas the full mls is fully open to the public

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#8089401 - 02/12/15 07:49 AM Re: Bank of Canada cuts rate by 1/4% [Re: spd-dmn]
Screamin Type ARGH! Offline
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Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
hold on let me move with a baby to markham...

http://www.citynews.ca/2015/02/11/markha...ijuana-grow-op/

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#8089408 - 02/12/15 08:09 AM Re: Bank of Canada cuts rate by 1/4% [Re: Screamin Type ARGH!]
TheRealCSnapper Moderator Offline
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Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
i'm sure a good deal could be had for a surrounding house if you don't mind the smell...i guess i will be moving to markham after all

lay ho ma!!!

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#8089436 - 02/12/15 08:47 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
Euphoricuck Offline
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Registered: 11/05/03
Posts: 92703
Loc: Canadistan
They have done similar stories around all the gta.

Lots of businesses complaining about it if their neighbour is doing this. non news story imho.
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#8089576 - 02/12/15 10:01 AM Re: Bank of Canada cuts rate by 1/4% [Re: TheRealCSnapper]
iamfob Offline
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Registered: 09/06/02
Posts: 24697
Loc: Out There
 Originally Posted By: c_snapper
i'm sure a good deal could be had for a surrounding house if you don't mind the smell...i guess i will be moving to markham after all

lay ho ma!!!


It's about time you move back home. Imagine all the Chinese foods you have access to doe!
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FTMFW!!!

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#8089688 - 02/12/15 10:55 AM Re: Bank of Canada cuts rate by 1/4% [Re: iamfob]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
 Originally Posted By: iamfob
 Originally Posted By: c_snapper
i'm sure a good deal could be had for a surrounding house if you don't mind the smell...i guess i will be moving to markham after all

lay ho ma!!!


It's about time you move back home. Imagine all the Chinese foods you have access to doe!


keung delight FTW. It's funny how Im a minority when Im eating there.
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#8089719 - 02/12/15 11:11 AM Re: Bank of Canada cuts rate by 1/4% [Re: iamfob]
TheRealCSnapper Moderator Offline
Post Master Supreme


Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
 Originally Posted By: iamfob
 Originally Posted By: c_snapper
i'm sure a good deal could be had for a surrounding house if you don't mind the smell...i guess i will be moving to markham after all

lay ho ma!!!


It's about time you move back home. Imagine all the Chinese foods you have access to doe!


lol i rather have access to good non-chink food regularly and make the drive up north once in a while for dumplings lol

but DAT SKUNKY WEED DOE!!!!

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