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03-19-2020, 06:22 AM
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#15426 | | RS Veteran
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Keep an eye on ratepspy.com
It tracks the lowest rates in Canada and provides commentary multiple times per day. Rates are not in free fall. Definelty run the calculator if you are considering refinancing.
I put a 30 day hold on Tangerine 2.19% fixed 3 yr.
BoC is widely expected to drop the target rate by another 50 bps either April 15th or sooner.
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Last edited by TouringTeg; 03-19-2020 at 06:53 AM.
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03-19-2020, 06:24 AM
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#15427 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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ya i emailed my lender asking if rates were dropping any further and she replied no more changes at this time....so 2.49% is what I'm looking at right now. Same as my current term.
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03-19-2020, 06:58 AM
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#15428 | | I came, I saw, I conquered.
Join Date: Mar 2005 Location: Vancouver
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Wow how did you manage to get 2.19% 3 year fixed lol
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03-19-2020, 11:14 AM
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#15429 | | y'all better put some respeck on my name
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Coronavirus is already taking its toll on Canada's real estate market Quote:
The real estate frenzy in Canada’s biggest markets is headed for a chill as anxiety rises over the economic fallout of the coronavirus.
A call for social distancing means far fewer people will be opening up their homes to potential buyers.
RE/MAX wants its realtors in Ontario, the Atlantic provinces and Western Canada to cancel open houses until COVID-19 is under control.
“While almost all real estate brokerage firms have embraced digital tech and realtors are able to utilize signature platforms and other tools to conduct business, once showings, open houses and other in-person business is restricted, there will definitely be a drop off in transactions,” John Lusink, president and broker of record at Right at Home Realty, told Yahoo Finance Canada.
“We expect to see a drop in sales but this will take a month or two to filter through into the actual results.”
Buyers will also likely put their plans on hold.
“Obviously there has been an immediate pause in market activity as everyone tries to figure out what happens next,” Steve Saretsky, realtor and author of real estate blog Vancity Condo, told Yahoo Finance Canada.
“We are seeing buyers move to the sidelines and sellers put some of their listing plans on hold.”
But that doesn’t mean the end result will be more affordable homes.
“The way I see it the housing market is basically frozen... no buyers and no sellers,” Benjamin Tal, deputy chief economist at CIBC Capital Markets, told Yahoo Finance Canada.
“That in a way will limit or even eliminate any notable downward risk to prices. Simply the number of sales will go down dramatically.”
Measures to shore up the market
The Bank of Canada announced two interest rate cuts in March, which led the country’s 6 biggest banks to lower their prime rates that determine variable mortgage rates.
Lower interest rates can serve as rocket fuel for home prices, but that won’t likely be the case this time.
“Low interest rates are not helping here much since we have reached a point in which reduced confidence takes over improved affordability,” said Tal.
The Bank of Canada also announced new measures to ensure liquidity during the COVID-19 pandemic.
Canada’s 6 biggest banks saw their lending margins increased and say they will cut clients some slack, including allowing the deferral of mortgage payments.
"Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19," the banks said in a statement.
"This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products."
Saretsky says he expects borrowers to take the banks up on their offers.
Effects across sectors
Jivan Sanghera, president at Circle Mortgage Group, says he’s getting ready to close his office and work from home.
“I have a feeling it's just a couple more days work and we won't have much to do,” Sanghera said.
“I can't see why people would even consider listing their homes for sale currently with the risk that strangers bring.”
Housing starts data will tell us how badly the homes that were supposed to be under construction will be hit. Tal says the effects are already being felt.
“The main damage will be in the new construction. We are already hearing about cancellations of pre sales as developers are unable to get the financing due to weak demand that will continue, so expect notable slowing in housing starts.”
A slowdown in that part of the market means that, along with realtors and mortgage brokers, construction workers will take it on the chin too. But there is some light at the end of the tunnel.
“We have to remember that this crisis has an end game, a vaccine. So knowing that is shaping the reaction curve of governments,’ said Tal.
“You just try to ride the wave until we reach that point which will take a while.”
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
Download the Yahoo Finance app, available for Apple and Android.
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Last edited by Harvey Specter; 03-19-2020 at 11:27 AM.
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03-19-2020, 01:36 PM
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#15430 | | RS Veteran
Join Date: Nov 2001 Location: An Island
Posts: 14,400
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| Quote:
Originally Posted by Slifer  Wow how did you manage to get 2.19% 3 year fixed lol | Tangerine 2.19% It has been posted for a few weeks but they raised it to 2.39% today! Wow. Rates changing fast.
Edit: the next day 3 yr fixed went to 2.69% Rates rising very quickly. Everyone looking for credit. https://www.tangerine.ca/en/products...erine-mortgage
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Victoria Car Assessments - Condition assessments (test drive, photos, deficiencies and summary). RS member references available. IG @touringteg
1998 Acura Integra Type R #0635
2017 Honda Civic Type R #01818
Last edited by TouringTeg; 03-25-2020 at 09:10 PM.
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03-25-2020, 01:42 PM
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#15431 | | 2013, 2016, 2017 & 2018 NHL Fantasy RS1 Champion
Join Date: Aug 2005 Location: Vancouver
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Does anyone know if property tax can be deferred this year due to COVID-19?
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03-25-2020, 01:51 PM
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#15432 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
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Originally Posted by HonestTea Does anyone know if property tax can be deferred this year due to COVID-19? | I haven't heard anything yet hopefully they can lower it as well. With so many people out of a job this could be a hard hitter for them.
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03-25-2020, 03:12 PM
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#15433 | | HELP ME PLS!!!
Join Date: Nov 2005 Location: vancouver
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I think i read somewhere they are deferring it for a later time this year
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03-26-2020, 10:05 AM
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#15434 | | I subscribe to Revscene
Join Date: May 2001 Location: Vancouver
Posts: 1,980
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anyone go through the process of paying penalty and refinancing with the new rates we've been getting?
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03-26-2020, 11:30 AM
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#15435 | | Where's my RS Christmas Lobster?!
Join Date: Sep 2004
Posts: 890
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Rates went back up today
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03-26-2020, 03:53 PM
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#15436 | | RS has made me the bitter person i am today!
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Best rate I got quoted was 2.64% for 3-year fixed and 2.99% for variable.
Anyone else get a better 5 year rate?
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03-26-2020, 07:07 PM
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#15437 | | Where's my RS Christmas Lobster?!
Join Date: Sep 2004
Posts: 890
Thanked 326 Times in 112 Posts
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I locked a week ago 2.49 for 5 years my advisor said it will go up soon and she was right. But it doesn’t mean it won’t come back down again tho.
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03-27-2020, 06:56 AM
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#15438 | | I answer every Emotion with an emoticon
Join Date: Apr 2004 Location: Vansterdam
Posts: 7,972
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| Quote:
Originally Posted by DA9ve anyone go through the process of paying penalty and refinancing with the new rates we've been getting? | Yup, for some reason with mine the penalty is waived ($6k) I ain't gonna complain!
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03-27-2020, 07:13 AM
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#15439 | | ninja edits your posts without your knowledge
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03-28-2020, 12:07 AM
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#15440 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
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Wooo 1.4% variable with 3 years remaining. Keep the cuts coming.
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03-28-2020, 05:07 AM
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#15441 | | HELP ME PLS!!!
Join Date: May 2002 Location: vancity
Posts: 5,734
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Whoa where did you get 1.4%?
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03-28-2020, 07:10 AM
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#15442 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
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| Quote:
Originally Posted by DragonChi Whoa where did you get 1.4%? | Couple years ago signed 5 year variable at prime -1.05%. I knew low rates were going to stay for the foreseeable future.
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03-28-2020, 07:13 AM
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#15443 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
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| Quote:
Originally Posted by DragonChi Whoa where did you get 1.4%? | Couple years ago there was a deal. 1.15% discount off prime rate on variable for 5 years.
edit ludepower beat me to it. I too also signed it at my renewal
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03-28-2020, 01:14 PM
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#15444 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
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@Harvey: Any troubles selling your units? I remember you mentioned you were going to offload some 1br a few threads back.
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2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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03-28-2020, 02:09 PM
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#15445 | | I subscribe to the Fight Club ONLY
Join Date: Apr 2004 Location: BC, HK, USA
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Van Sun today says some owners are still "forcing" the realtor to do showings when MLS is suggesting not to... "if you don't do showing, i'll just find another realtor" wow... what a dip shit owner...
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03-28-2020, 05:05 PM
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#15446 | | Revscene.net has a homepage?!
Join Date: Dec 2003 Location: Richmond
Posts: 1,231
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| Quote:
Originally Posted by Ludepower Wooo 1.4% variable with 3 years remaining. Keep the cuts coming. | Damn, I thought my 1.72% was low. I got over 4 years remaining on mine. Prime -0.88%
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03-28-2020, 05:55 PM
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#15447 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
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double post.
Last edited by Harvey Specter; 03-28-2020 at 06:02 PM.
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03-28-2020, 06:00 PM
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#15448 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
Posts: 18,225
Thanked 9,244 Times in 2,359 Posts
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Originally Posted by Gerbs @Harvey: Any troubles selling your units? I remember you mentioned you were going to offload some 1br a few threads back. | Didn't end up listing because of the lock down. I'm looking to list in May, my realtor said the the market right now is on ice plus he said he can't do open houses so no point of having the listing sit for a month.
I'll post how things go, my realtor is still confident I'll get a good price but things are changing everyday so at this point it's anyone's guess what happens with prices. Quote:
Originally Posted by 6793026 Van Sun today says some owners are still "forcing" the realtor to do showings when MLS is suggesting not to... "if you don't do showing, i'll just find another realtor" wow... what a dip shit owner... | I believe some sellers are also telling realtors there's a small window to unload their properties before prices drop so they're in panic mode and don't give a crap about the lock down. Idiotic.
MLS has also removed the open house feature on listings and they're advising realtors not to do showings.
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03-28-2020, 06:05 PM
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#15449 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
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No visitors or parcel deliveries in my building. You need to meet them at the front door. So that's a hard no trying to sell your unit at this time.
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03-28-2020, 06:31 PM
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#15450 | | RS.net, helping ugly ppl have sex since 2001
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It is virtual showings from now on. I suspect major subject to’s to include in person showing.
What’s the going rate for selling commission these days? Last two realtors say 7% on first 100, and 2.5 or 3 on the remaining.
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Last edited by hud 91gt; 03-28-2020 at 06:47 PM.
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