| Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum. |
 | | 
03-19-2020, 07:22 AM
|
#15426 | | RS Veteran
Join Date: Nov 2001 Location: An Island
Posts: 14,400
Thanked 5,024 Times in 1,083 Posts
Failed 4 Times in 4 Posts
|
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.
__________________
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; 03-19-2020 at 07:53 AM.
| 
|  | |
03-19-2020, 07:24 AM
|
#15427 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
Posts: 3,668
Thanked 761 Times in 384 Posts
Failed 150 Times in 49 Posts
|
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.
| 
| | |
03-19-2020, 07:58 AM
|
#15428 | | I came, I saw, I conquered.
Join Date: Mar 2005 Location: Vancouver
Posts: 1,881
Thanked 585 Times in 176 Posts
Failed 88 Times in 33 Posts
|
Wow how did you manage to get 2.19% 3 year fixed lol
| |
| | |
03-19-2020, 12:14 PM
|
#15429 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
Posts: 18,408
Thanked 9,464 Times in 2,439 Posts
Failed 393 Times in 159 Posts
|
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.
|
Last edited by Harvey Specter; 03-19-2020 at 12:27 PM.
| |
| | |
03-19-2020, 02:36 PM
|
#15430 | | RS Veteran
Join Date: Nov 2001 Location: An Island
Posts: 14,400
Thanked 5,024 Times in 1,083 Posts
Failed 4 Times in 4 Posts
| 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
__________________
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 10:10 PM.
| |
| | |
03-25-2020, 02:42 PM
|
#15431 | | 2013, 2016, 2017 & 2018 NHL Fantasy RS1 Champion
Join Date: Aug 2005 Location: Vancouver
Posts: 7,056
Thanked 1,286 Times in 594 Posts
Failed 65 Times in 37 Posts
|
Does anyone know if property tax can be deferred this year due to COVID-19?
| |
| | |
03-25-2020, 02:51 PM
|
#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
Thanked 2,191 Times in 1,131 Posts
Failed 929 Times in 340 Posts
| Quote:
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.
| |
| | |
03-25-2020, 04:12 PM
|
#15433 | | HELP ME PLS!!!
Join Date: Nov 2005 Location: vancouver
Posts: 5,988
Thanked 1,380 Times in 479 Posts
Failed 51 Times in 26 Posts
|
I think i read somewhere they are deferring it for a later time this year
| |
| | |
03-26-2020, 11:05 AM
|
#15434 | | I subscribe to Revscene
Join Date: May 2001 Location: Vancouver
Posts: 1,980
Thanked 181 Times in 66 Posts
Failed 42 Times in 9 Posts
|
anyone go through the process of paying penalty and refinancing with the new rates we've been getting?
| |
| | |
03-26-2020, 12:30 PM
|
#15435 | | Where's my RS Christmas Lobster?!
Join Date: Sep 2004
Posts: 890
Thanked 326 Times in 112 Posts
Failed 24 Times in 14 Posts
|
Rates went back up today
| |
| | |
03-26-2020, 04:53 PM
|
#15436 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,875
Thanked 2,584 Times in 995 Posts
Failed 253 Times in 72 Posts
|
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?
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
| |
| | |
03-26-2020, 08:07 PM
|
#15437 | | Where's my RS Christmas Lobster?!
Join Date: Sep 2004
Posts: 890
Thanked 326 Times in 112 Posts
Failed 24 Times in 14 Posts
|
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.
| |
| | |
03-27-2020, 07:56 AM
|
#15438 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Apr 2004 Location: Vansterdam
Posts: 8,083
Thanked 1,819 Times in 944 Posts
Failed 85 Times in 24 Posts
| 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!
__________________
"back at the line to Babych.... LONG SHOT....Potvin had trouble with it....ADAM SHOOTS SCORES!!!!
GREG ADAMS!! GREG ADAMS!!"
| |
| | |
03-27-2020, 08:13 AM
|
#15439 | | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,997
Thanked 6,370 Times in 1,795 Posts
Failed 114 Times in 70 Posts
| | |
| | |
03-28-2020, 01:07 AM
|
#15440 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
|
Wooo 1.4% variable with 3 years remaining. Keep the cuts coming.
| |
| | |
03-28-2020, 06:07 AM
|
#15441 | | HELP ME PLS!!!
Join Date: May 2002 Location: vancity
Posts: 5,734
Thanked 722 Times in 364 Posts
Failed 40 Times in 26 Posts
|
Whoa where did you get 1.4%?
| |
| | |
03-28-2020, 08:10 AM
|
#15442 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
| 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.
| |
| | |
03-28-2020, 08:13 AM
|
#15443 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
Posts: 3,688
Thanked 627 Times in 358 Posts
Failed 20 Times in 17 Posts
| 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
| |
| | |
03-28-2020, 02:14 PM
|
#15444 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,875
Thanked 2,584 Times in 995 Posts
Failed 253 Times in 72 Posts
|
@Harvey: Any troubles selling your units? I remember you mentioned you were going to offload some 1br a few threads back.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
| |
| | |
03-28-2020, 03:09 PM
|
#15445 | | I answer every Emotion with an emoticon
Join Date: Apr 2004 Location: BC, HK, USA
Posts: 7,501
Thanked 2,424 Times in 1,018 Posts
Failed 166 Times in 73 Posts
|
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...
| |
| | |
03-28-2020, 06:05 PM
|
#15446 | | Revscene.net has a homepage?!
Join Date: Dec 2003 Location: Richmond
Posts: 1,231
Thanked 142 Times in 79 Posts
Failed 59 Times in 17 Posts
| 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%
| |
| | |
03-28-2020, 06:55 PM
|
#15447 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
Posts: 18,408
Thanked 9,464 Times in 2,439 Posts
Failed 393 Times in 159 Posts
|
double post.
Last edited by Harvey Specter; 03-28-2020 at 07:02 PM.
| |
| | |
03-28-2020, 07:00 PM
|
#15448 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
Posts: 18,408
Thanked 9,464 Times in 2,439 Posts
Failed 393 Times in 159 Posts
| Quote:
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.
| |
| | |
03-28-2020, 07:05 PM
|
#15449 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
|
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.
| |
| | |
03-28-2020, 07:31 PM
|
#15450 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
Posts: 8,344
Thanked 3,986 Times in 1,538 Posts
Failed 35 Times in 27 Posts
|
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.
__________________
Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
Last edited by hud 91gt; 03-28-2020 at 07:47 PM.
| |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 08:03 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
