Is a 2.64% (5 year fixed rate) good for today's market based on the BoC rate increase earlier this month?

it's a bit high, but could be worse?

not sure how to answer that.

Just wondering, since the rate increase from BoC, it seems that most banks are offering 2.99 or 3.09 for 5-year fixed. Coast Capital's lowest rate is 2.89% I thought 2.64% is competitive for the current market (yes, earlier this year you could likely have gotten lower), but wanted to know others opinions.

^ you can get 2.59 easily. have you walked into a back or just reading on print

My friend literally walked into a bank and got 2.3 - I think it was RBC.

^

What Term though?

When? he didnt on a 5 year fixed in the last few months. A good buddy of mine is head of a branch of RBC DS and he recently reupped on a 5 year fixed at 2.4X, branch + employee rate

We got 2.34 back in October through a good friend private mortgage broker.

At this point it seems like you'd be lucky to get 2.3X on a variable and 2.3 on a variable when banks are setting their lines at 2.8/2.9 is pretty dicey

2.59 on a 5 year fixed? Or are you talking about a variable rate? I would really like to know where if you are talking fixed.

I've been dealing with a mortgage broker, plus doing my homework on the side, and 2.64% at 5 year fixed seems to be the best option at present time, but would like to be proven wrong.

We've been shopping around and my fiancé is an RBC employee. We locked in 2.69% and I'm pretty happy with that. Seems like it's 3.0 and up everywhere else we checked. Rates will go up again in September, and multiple times in 2018 so I think you are solid with 2.64%

2.64% is a great rate for a 5 year fix. I believe HSBC is doing a promotion for a 2.59% five year fix. Anything lower is probably a variable rate.

Our mortgage broker came back to us with a 3.09% 5 yr fixed with Scotia, citing that's as good as it gets. We did some research after, and either this guy is trying to play or just not very good at his job....

Its odd because the rate he got us a couple years back on our current variable was competitive, though not rock bottom

^

I just checked with my bank and RBC is offering me 2.89% today on a 5 year fixed, again not the best but typically big banks are not the cheapest. I really don't mind paying a bit of a premium for convenience so if I was renewing today I'd sign it but I have to wait until September to hit my 120 days.

I had a real bad experience with Scotia about 5 years ago, ended up paying a penalty and pulling my mortgage and every investment we had there out after being a customer for almost 20 years. It was still cheaper in the long run to leave, they tried to bend me over on a fixed rate.

I had hedged at the time, had half my mortgage locked in and half was open variable. When I went to lock in my open variable they wouldn't come close to matching what everyone else was offering, I want to say they were 0.75% higher. They figured since I had half my mortgage locked they could do whatever they wanted and I'd have to pay it. I got a spreadsheet and showed them that if I paid the penalty, left and locked in down the street I'd actually be saving money over 5 years. They told me to pound sand so I came in later that week and pulled everything out, Mortgage, RSP's, RESPS, savings every penny my wife and I had. At that point they wanted to negotiate and keep my business. I told you exactly what I was going to do you didn't believe me and now that I'm doing it you want to talk? Yeah fuck you.

Yea that's fuckery. We also checked with scotia last week and they offered us 3.05% @ 5 year fixed...said the same thing: best they could offer.

hope you gave 'em one of these on the way out

http://stream1.gifsoup.com/view4/205...dertaker-o.gif

since 2012 i was at 3.09%, renewed at 2.39 last month fixed @ 5. and last week for pre approval (same bank) i was offered 2.59 @ 5.

it depends on ur down/ salary/ equity and history with the bank (i only have mortgage w/ this bank, nothing else). im sure if i walked into another bank, id prob. get 2.69 minimum. that said. stress test will be done at a higher percentage point, which i think is awesome.

More insider info from someone who sees this day in/day out.

HSBC offers the best rate out of big banks. Should be 2.3-2.4% even on fixed 5 years.

CIBC has decent rental income if you have basement/laneway homes.
TD/RBC take aggressive discounts on rental income.

Seems like Port Moody really gaining traction. For those who can afford to wait - Onni's Grande project has sold 50% in a few weeks but averaging $750/ft for fairly high end finishings. Should be a good addition to Suter Brooke.

-Daily Shit article about Metrotown as possibly being demolished and redeveloped as a condo development. :heckno:


Metropolis at Metrotown shopping mall could be redeveloped under Burnaby's approved master plan | Daily Hive Vancouver

Can you back that up? Seems highly unlikely. I have never seen 2.3% on a 5-year, and rates are certainly higher now than they were say 3 months ago. I work for one of the big banks and my staff rate for a 5-year is 2.59% today.

-Mark

Walked into HSBC the other day, 2.59% @ 5 year fixed. Still the best out there of the big banks.

what he said is true. its been 2.3ish% on 5 year for awhile. Even staff rate before the hike was 2.34% (and this was not with HSBC).

HSBC is still the best rate right now for the public

when I went to hsbc two years ago they offered .3 lower than vancity.

in the end I went with vancity, but it still makes me wonder how theyre able to offer lower races still.

New REBGV stats for July. Sales are down, listings are up, but prices are still higher.

Metro Vancouver sees fewer home sales and more listings in July | Real Estate Board of Greater Vancouver

Cliff on trading property in Canada... is it possible and does it need to be the principle home ect to avoid tax?

Trade Properties To Keep The Tax Man At Bay
https://www.forbes.com/2010/02/24/tr...ance-swap.html

The main way the hard core speculators are evading taxes is by purchasing property through a bare trust company, and then selling the company from person to person rather than the property itself.

That way they don't have to pay land transfer taxes, technically the ownership of the property never changes, only the owner of the company. They also don't have to pay capital gains even though the property has gone up in value, similar to how you don't pay taxes on stocks until you actually sell them and realize the gains.

There is a huge grey market for this in Vancouver, and I've heard a lot of these properties are listed on Chinese only sites to evade detection and never actually hit MLS.

**Disclaimer: Hearsay only!**

It has been highlighted in the news before though;
http://bc.ctvnews.ca/real-estate-loo...axes-1.2874603

I did find this quote amusing, kind of makes me think I should buy my next property through a trust, lol

I would say a majority of sellers and RE agents are living in 2015 because no one is paying $2m for a tear down or even $1.5m for that matter so listings will continue to increase and sales will continue to sag until sellers wake up to the new reality and start pricing homes to match current market conditions.