#8054544 - 01/21/15 09:20 AM
Bank of Canada cuts rate by 1/4%
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TheRealCSnapper
Post Master Supreme
Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
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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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#8054761 - 01/21/15 11:05 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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.
_________________________
-Jeff
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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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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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Yay more of my principle is being paid off with every payment. Thanks BoC!
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8054814 - 01/21/15 11:37 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Hatorade]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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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]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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Youre poorer than you think. -scotiabank
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8055149 - 01/21/15 01:19 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Risky Business]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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Still don't see the connection to Harper. Youre poorer than you think. -scotiabank 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.
_________________________
-Jeff
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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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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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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#8055254 - 01/21/15 01:52 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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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#8055677 - 01/21/15 04:51 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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]
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Lafora
Post Master Sr
Registered: 12/16/01
Posts: 4623
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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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#8056122 - 01/21/15 11:47 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: ehko]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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You guys need to swing up to Barrie and join LNXGUY, Cee_Mon and I!
http://youtu.be/8jPj5YOWEH0
_________________________
-Jeff
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#8056195 - 01/22/15 07:10 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: ehko]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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You guys need to swing up to Barrie and join LNXGUY, Cee_Mon and I!
It's fucking party time!
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8056338 - 01/22/15 09:28 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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Bro, just bypass Barrie and head right up to Wasaga Beach
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8056447 - 01/22/15 10:27 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: iamfob]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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Is there any night scene in Barrie?
Lots of places to go, Brandons place is my fav.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8056552 - 01/22/15 11:15 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: LNXGUY]
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TheRealCSnapper
Post Master Supreme
Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
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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]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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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 335 d
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#8057479 - 01/22/15 07:59 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: TheRealCSnapper]
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ehko
Quit being gay...
Post Master Sr
Registered: 10/16/01
Posts: 5398
Loc: Barrie, Ontario
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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.
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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#8058930 - 01/23/15 04:36 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: TheRealCSnapper]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
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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.
and then what, drive home for an hour and a half drunk at 4am....
That's why you crash at uncle bil!!
_________________________
Who cares
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#8059694 - 01/24/15 11:20 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Simon_the_Pieman]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
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we should hit a colts game and get wasted
You fuckers can sleep downstairs on the couch/love seat with the cats
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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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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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
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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.
_________________________
"Ban low performance drivers, not high performance cars"
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#8066793 - 01/29/15 08:21 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Risky Business]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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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#8067000 - 01/29/15 10:33 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: TheRealCSnapper]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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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]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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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]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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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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#8067257 - 01/29/15 11:57 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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so when are you gonna rent my house?
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#8067272 - 01/29/15 12:03 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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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]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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.
_________________________
-Jeff
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#8067405 - 01/29/15 01:02 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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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#8067485 - 01/29/15 01:36 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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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]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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who knows where that is going to go.
apparently you do
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]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
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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.
_________________________
"Ban low performance drivers, not high performance cars"
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#8067702 - 01/29/15 03:02 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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who knows where that is going to go.
apparently you do 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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-Jeff
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#8070697 - 01/31/15 05:57 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: Risky Business]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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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#8072654 - 02/02/15 08:10 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: c2k]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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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]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
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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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Who cares
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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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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
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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) '04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi) 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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#8072838 - 02/02/15 09:51 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Wildout]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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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]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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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]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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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]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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?
Dat sucks mang
MV could use another csier, only 2 of us here and about 4 more within 3km radius
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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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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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sales and avg prices are down gta wide compared to last january.
Tell me more plz...
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
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#8077991 - 02/04/15 07:18 PM
Re: Bank of Canada cuts rate by 1/4%
[Re: c2k]
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zaius
Post Master Sr
Registered: 04/30/05
Posts: 8583
Loc: Toronto
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where you guys are getting the reports from?
+1
_________________________
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]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
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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]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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#8086118 - 02/10/15 10:34 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: Euphoricuck]
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TheRealCSnapper
Post Master Supreme
Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
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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]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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^^ 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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#8089688 - 02/12/15 10:55 AM
Re: Bank of Canada cuts rate by 1/4%
[Re: iamfob]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
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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]
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TheRealCSnapper
Post Master Supreme
Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
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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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