Sweet Jesus I fucking hope so

https://vancouver.citynews.ca/2023/0...opping-report/

Edit: maybe not

"While most economists think the central bank might be done with those rate hikes for now, as inflation dropped to just below six per cent in January, RSM predicts a more aggressive stance. It believes continued hikes through the middle of 2023 are to come, with the key overnight rate peaking at 4.75 per cent keeping financial conditions tight"

In my opinion, the "baseline" assumption is that the Bank of Canada is done with rate hikes, but does not even entertain the idea of cutting rates until 2024. US Fed on the other hand is expected to continue to raise rates.

In terms of risk/probability beyond the baseline, the risk in Canada is more to the negative than positive in my opinion. BoC does not really WANT to raise rates much more as the consumer is in a much more precarious position on average in Canada due to our significantly higher debt levels. However, they will have no choice if either a) Canadian inflation numbers start to trend the wrong direction OR b) the US dramatically trends towards higher inflation at which point there will be a breaking point where the spillover risk and also currency differential cannot be ignored by BoC.

-Mark

Mostly agree except I suspect there's one more increase coming in March/May b/c of your 2nd point as the Feds expected to keep raising rates:

https://www.aljazeera.com/economy/20...ation-heats-up

If the Fed does 2-3 increases I think the BOC does one to sorta keep it close and possibly 2.

My unprofessional opinion is to not keep hopes up of rates getting cut in 2024 unless the economy takes a massive dump and the unemployment rate spikes.

In 6 months time if the job reports continue to blow out expectations, rates are heading to the moon.

I think with a hike of 0.50% in the US, BoC probably doesn't respond. If it's 0.75% or two hikes, gets more likely there is a response.

-Mark

Surprised no one is talking about this cov 10%+ tax hike but there's rent caps. :fulloffuck:

Canadurrrrr

Carbon tax going to be 30 cents a litre by 2030. On top of these “clean fuel” surcharges bla bla bla bla bla

Every cent that fuel/energy goes up, it’s not just your vehicle, it’s -everything- every single good or service you use will go up accordingly.

The only outcome that I can see is -- more landlords won't be able to cover their costs, so they are going to have to sell.

IIRC, the new buyer must either:

1) continue to rent to the same tenant at the same rent
2) move into the property themselves and evict the tenant

It is conceivable to expect sales of this type to carry a slightly lower price than the going market rate because it would only appeal to a smaller group of target buyers. At the same time, I guess it will also drive up rent?

Probably because Surrey's hike is 17.5%.

Meanwhile, Burnaby is going up 3.99% and possibly 7% the next year. I guess boring is good. :whistle:

Everything else is up by 10%, what's an extra 10$ a month in taxes for a 400k condo, or 100$ month for a 4mil detached home

Pocket change dawg

Correct. Only 1 increase per 12 month period.

Anyone have a recommendation for a roofer? Need repair on shingles for an area in the roof and maybe an assessment of shingle replacement overall.

Kerrisdale Roofing And Drains replaced my roof last year. It was an asphalt roof shingles job, and their crew had been excellent. But I am not sure whether they'd only repair an area though.

guy on my block has a 430, 911 and range rover

just renovated to have an airbnb suite

times are tough FeelsBadMan

Sell the Range Rover, and his savings from no longer having to pay the repair bills would be enough to offset the AirBnB revenues already LOL~

Canuck Roofing

Thoughts on the rate tomorrow? Word on the street is no subject and multiple offers are happening again.

It would be a very big surprise for anything other than staying unchanged tomorrow.

-Mark

Was listening to some analyst on the news yesterday (or maybe Sunday), and the person does not anticipate a rate change tomorrow. However, the US is really in quite a different economic situation with a lot more inflationary pressure, and the Fed has indicated that they will continue to raise rates to stay on top of the inflation situation. As that happens, BoC will have no choice but to follow suit to a certain extent.

So for the BoC rate announcement in April, all bets are off.

^^^hopefully none of you deal with a lot of US/CAD fx... It's going to be volatile AF if BOC doesn't raise rates.

https://www.bankofcanada.ca/2023/03/...se-2023-03-08/

BOC says no change this round. They seem to think inflation will drop to 3% by mid year while OTOH, if the US Fed keeps raising their rates (which they say they will) then the BOC might need to respond regardless.

Omg f Trudeau inflation and raising interest rates is all his and the libs fault.

take a day off

I'm not an expert in currency, but wondering if us is hiking rates so it can keep demand for it's currency to prevent collapse of their economy. They are already at their debt ceiling. Considering how much money they printed and the price of oil shouldn't cad be much higher:considered::suspicious: