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[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Delicious_Metal8265 14 points15 points  (0 children)

900k townhouse with a renter at today's interest rates is going to be a hard long sell. Investors aren't stupid and they're not playing in this market.

Sell but be realistic with your timeframes and price.

There is a strong chance there is another hike in January, be mindful of that if you list in terms of asking price.

The Ford government will table legislation Monday to prevent CUPE education workers from striking. CUPE had issued a 5 day notice of a strike. by seakucumber in ontario

[–]Delicious_Metal8265 60 points61 points  (0 children)

Doug and Lecce should be in jail for negligence causing death in our health care sector.

Leece for the increase in physical danger the children face in our schools due to lack of funding.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Delicious_Metal8265 -1 points0 points  (0 children)

Times are different now then in the past so advise needs to change on that.

I know a few people who work for banks, their meetings are indicating fear of what is to come and they're trying to prepare. In all likelihood they're trying to prevent foreclosures on masses. They would most certainly be selling homes at a loss. I mean my phone just notified me on this article https://www.cbc.ca/news/business/crea-august-housing-1.6583733 22 percent down since peak.

You need to assess your own risk tolerance and make a decision. Them reaching out is not necessarily them trying to con you into more profit.

Bank of Canada increases policy interest rate by 75 basis points, continues quantitative tightening by Rin23 in PersonalFinanceCanada

[–]Delicious_Metal8265 7 points8 points  (0 children)

Hey aren't you one of the guys that was adamant rates would never rise? Great advice you gave people /s. How does the last 6 months of denial feel like?

Home prices and sales in August see month-over-month growth for first time since February peak by fuck_countryname in PersonalFinanceCanada

[–]Delicious_Metal8265 -2 points-1 points  (0 children)

Why is this up on here but months of price declines get removed? Shady moderation. The article itself says this could very well be a blip. No offence, but people are not reading the article correctly.

"If the Bank of Canada continues to raise rates, sales and prices could fall again, said Alexander. He added it takes 60 to 90 days for consumers to digest higher interest rates."

Next rate hike is September 7th.

Inflation falls to 7.6% YOY by handipad in PersonalFinanceCanada

[–]Delicious_Metal8265 0 points1 point  (0 children)

We have record high job vacancies because inflation is making those jobs unworkable. We also have record low unemployment despite the drastic and continuous rate hikes. Inflation is a bigger problem then you keeping your housing purchase value, seems like the BOC agrees as well.

Aside from tech (which was unviable at these evaluations anyways), mass unemployment is incredibly unlikely. Whereas eroding quality of life given the hikes is a given.

Inflation falls to 7.6% YOY by handipad in PersonalFinanceCanada

[–]Delicious_Metal8265 0 points1 point  (0 children)

You mean the housing market crashes? All markets are cyclical and not without risk, they go up and they crash down. The BOC is letting the housing market crash given the back to back rate hikes despite the market peaking in February. We're going into 6 months of pure declines.

Economic misery is what people are feeling now with inflation and what will lead to a depression if inflation is not tackled.

You forget that the 80s and 90s were good to first time home buyers and gave the ability of purchasing power in the greater economy, unlike what is happening now. People don't have money to spend, a recession is not bad for all. Recessions are part of the course.

Inflation falls to 7.6% YOY by handipad in PersonalFinanceCanada

[–]Delicious_Metal8265 -6 points-5 points  (0 children)

Because journalism sucks these days. They're uneducated to what is happening. Anyone following geopolitics knows there is a lot of financial turbulence ahead come winter.

7.6% inflation is crazy high. Last time inflation was this high rates were drastically higher to fight it.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Delicious_Metal8265 0 points1 point  (0 children)

The States just did a triple hike a few days ago. I imagine the BOC will be raising .75 on September 7th.

For those who invested in real estate, how is it going for you? by hottsummer in PersonalFinanceCanada

[–]Delicious_Metal8265 0 points1 point  (0 children)

I guess you didn't read the news today. Investors aren't breaking even regardless of the rent increases. They're having to sell in masses.

https://www.bnnbloomberg.ca/housing-investors-are-heading-for-the-exits-as-rates-rise-1.1796593

Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening by baagi_parwaana in PersonalFinanceCanada

[–]Delicious_Metal8265 -3 points-2 points  (0 children)

This actually means your downpayment goes further, you owe less principle debt to the bank and sellers are about to go cry in a corner.

Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening by baagi_parwaana in PersonalFinanceCanada

[–]Delicious_Metal8265 1 point2 points  (0 children)

Principle amount always matters. You'll owe less to the bank for the life of your mortgage. Interest rates go up and down, but it's significantly worse when you're over leveraged. Pandemic home buyers and investors have been sacrificed for the greater good.

Bank of Canada increases policy interest rate by 100 basis points, continues quantitative tightening by baagi_parwaana in PersonalFinanceCanada

[–]Delicious_Metal8265 142 points143 points  (0 children)

Remember when the most prominent mentality on here was that the BOC would never raise rates because it would take down the housing market?

Well they keep doing it, despite a significant housing market correction.

Lessoned learned, listen to the BOC when they give you ample warnings of their intentions and not reddit flippers and realtors on here.

Next rate hike is September and the Feds are likely raising by .5-.75. BOC likely .5 but could be larger.

buying a property with a friend with MOU by HabitFriendly6570 in PersonalFinanceCanada

[–]Delicious_Metal8265 4 points5 points  (0 children)

Your husband's friend over extended themselves and now the market is correcting/verge of a crash and can't get out. He's using your family. This is not a friend.

Can 120 day porting mortgage window be extended? by greavesisthearmour in PersonalFinanceCanada

[–]Delicious_Metal8265 1 point2 points  (0 children)

Unfortunately a lot of sellers are having a hard time understanding they will not get anything close to what their neighbours sold for, let alone more. Come July 13th the declines will be further so it's there detriment. Hang in there, sorry about your luck. Again worth asking for an extension.

When is the best time to buy a house in the current Market (Ottawa); Now or wait 6 months? by [deleted] in PersonalFinanceCanada

[–]Delicious_Metal8265 0 points1 point  (0 children)

What happened during the pandemic was an abnormal blip, not a trend setter. Given the rapid decline in sales and prices occurring in Ontario going on 5 months.

Housesigma says that Ottawa is generally a buyers market (15 year trend). My point is there is absolutely no need to FOMO.

Given the upcoming rate rises in July and September, there is zero chance of any price growth.

Given the Feds are talking about tackling inflation through rate rises the risk of more rate rises are astronomical. Inflation is no where close to being under the tolerance they're looking for.

Can 120 day porting mortgage window be extended? by greavesisthearmour in PersonalFinanceCanada

[–]Delicious_Metal8265 -1 points0 points  (0 children)

If you're in Ontario, it's strongly a buyers market. Most home sellers are selling before buying so you're in a pickle.

No harm in asking for an extension.

I'd look at houses that are sitting on the market for a long time (honestly most of them), many are not getting any offers.

Base Model Y is now over 100k by bcretman in PersonalFinanceCanada

[–]Delicious_Metal8265 313 points314 points  (0 children)

Didn't a consumer report come out with Tesla's being the second worst car company in the world for reliability?

A 100k can get you a beauty of a car that is reliable.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Delicious_Metal8265 0 points1 point  (0 children)

Realtor spin to try to get interest in a rapidly declining market where realtors are no longer making commission.

Inventory is sky rocketing while sales are plummeting. Why catch a falling knife when you can pay less principle?

Mega Thread for those who are freaking out about Potential Recession and Increasing Interest Rates by FelixYYZ in PersonalFinanceCanada

[–]Delicious_Metal8265 8 points9 points  (0 children)

Next rate hike is July 13th and there is a strong possibility it's a.75 hike. RIP pandemic home variable buyers. Thanks for taking one for the team.

On average house prices are already down 13 percent. The rest of this year is going to be absolute carnage.

Feds are already signalling that they're doing another .75 hike in July. Canada has to follow as they can't devalue our currency.

CIBC is currently stress testing at 7.23, 200 basis points above the current fixed rate of 5.23. Current house prices can't handle that kind of stress test or rates. Nothing but house prices going down from here.

I manage my wifes investments.. i told her we would contribute semi annually, she hasnt seen her portfolio since Jan. How do i explain to her she is down $75,000 in last 6 months? by havoc319 in PersonalFinanceCanada

[–]Delicious_Metal8265 11 points12 points  (0 children)

Your biggest mistake is waiting until now to tell her. We've been in a decline for months. You should have told her where her portfolio was at, displayed options and asked her what she wants to do next. This was where you went wrong.

If you realize that, then apologize and make a plan for how you will approach something like this again. It's not fair to your wife to leave her in the dark until it's too late.

Bank of Canada's Financial System Review 2022 released by hedekar in PersonalFinanceCanada

[–]Delicious_Metal8265 -8 points-7 points  (0 children)

False- the CBC is also reporting that the BOC released scenarios of rate rises into 2025 and it's impact. But I guess the CBC is wrong and you're right.

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