Just like in 2009, it could be a good opportunity to buy provided your income is secure.

I read that real-estate lags behind the economy by around 6 - 18 months

I wonder if the COVID-19 virus will ripple and affect commercial real estate too.

It should hit Commercial before Residential

Rate cut is providing a temporary boom in the RE market which is why I think it's a good time to unload any investment property that might be risky long term.

Commercial is harder to qualify but there's been a lack of inventory in Vancouver and is a good long term investment if you got the cash.

Rates will be going lower. Another .75% cut

In my opinion and it's just an opinion is the reality of the economic fallout from this pandemic hasn't affected people yet so most just see rates are low, time to jump into the market and get that home they couldn't get a few months ago.

Once the the economic fallout becomes reality the market will literately stop on a dime and start to decline. There's a small window where you can unload an investment property that maybe you wanted to sell anyways and make some good money but that window is small.

Is it still a seller's market right now? When is a good time to buy?

https://mobile.twitter.com/richard68...27650957791232

Another .75% rate cut as predicted. Thankful I chose variable.

It's another 0.5% rate cut, meaning after the cut, the BoC benchmark rate is now sitting at 0.75%.

1997.

No one can tell you when a good time to buy is, only when it was.
It’s the time to buy when YOU can comfortably afford a down payment, and a monthly payment that could go up with a rate hike.

well while the rest of the outfall of this shit storm as been negative....another drop in rates will help my upcoming renewal

^ Likewise as mine is up for renewal July 1st. I check ratespy daily as I would like a 3 yr mortgage under 2%. HSBC has a 1.99% 3 yr but it's for high ratio only.

I am at the beginning of my renewal. July 1 is my maturity date. Td approved my 2.49% 5 yr fix my advisor suggested I wait she said it will get lower. What do you think. Should I ask her to submit a offer for 2.39 and if approve just renew at that rate. I’m just worry once this epidemic is over in a couple weeks it just jumps up

Me thinks the pandemic isn't gonna be over in the couple of weeks, esp when it comes to Canada and the US. Looking at the patterns in terms of how many new cases are popping up, we are literally in the start of the rapid phase of the exponential uptick.

Always do variable.

I get you don't have a fiduciary duty to back up your statement on money advice here but at least provide a reason why you would tell someone "Always"....

Historically variable always comes out ahead

However with these low rates lately some of my friends in banking who have been traditionally going with variable have been locking in because of how low the rate is and future uncertainty

It can’t really get lower unless the bank is giving free money, so I’d think locking in is pretty smart.

It could go to 0%. Hell, maybe even negative interest for the first time in history.

Your crystal ball and my crystal ball are giving conflicting information I guess.

Denmark has a negative interest rate! I wouldn't say it's not possible.

Nothing is impossible, I’m just saying it’s unlikely.

The peak over the last 50 years was 21.46% in the early 80's according to the Globe and Mail. The way I look at it, especially when things are as turbulent as they are now, the range is somewhere from -1% up to 21% (either extreme being unlikely but possible). If the rate available right now is 2.5% there's a lot of room for it to go up and very little for it to go down.