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Old 03-19-2020, 07:22 AM   #15426
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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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Old 03-19-2020, 07:24 AM   #15427
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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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Old 03-19-2020, 07:58 AM   #15428
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Wow how did you manage to get 2.19% 3 year fixed lol
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Old 03-19-2020, 12:14 PM   #15429
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Coronavirus is already taking its toll on Canada's real estate market

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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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Old 03-19-2020, 02:36 PM   #15430
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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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Old 03-25-2020, 02:42 PM   #15431
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Does anyone know if property tax can be deferred this year due to COVID-19?
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Old 03-25-2020, 02:51 PM   #15432
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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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Old 03-25-2020, 04:12 PM   #15433
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I think i read somewhere they are deferring it for a later time this year
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Old 03-26-2020, 11:05 AM   #15434
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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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Old 03-26-2020, 12:30 PM   #15435
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Rates went back up today
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Old 03-26-2020, 04:53 PM   #15436
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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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Old 03-26-2020, 08:07 PM   #15437
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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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Old 03-27-2020, 07:56 AM   #15438
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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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Old 03-27-2020, 08:13 AM   #15439
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BoC rate just cut again to 1/4.

https://globalnews.ca/news/6740389/b...rest-rate-cut/
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Old 03-28-2020, 01:07 AM   #15440
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Wooo 1.4% variable with 3 years remaining. Keep the cuts coming.
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Old 03-28-2020, 06:07 AM   #15441
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Whoa where did you get 1.4%?
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Old 03-28-2020, 08:10 AM   #15442
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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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Old 03-28-2020, 08:13 AM   #15443
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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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Old 03-28-2020, 02:14 PM   #15444
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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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Old 03-28-2020, 03:09 PM   #15445
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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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Old 03-28-2020, 06:05 PM   #15446
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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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Old 03-28-2020, 06:55 PM   #15447
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double post.

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Old 03-28-2020, 07:00 PM   #15448
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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.
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.

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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...
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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Old 03-28-2020, 07:05 PM   #15449
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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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Old 03-28-2020, 07:31 PM   #15450
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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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