Worry over rates and prices

According to this article in the Globe and Mail, a majority of Canadians are fretting over fears of rising mortgage rates and high prices. Some going so far as to lose sleep over the issue.

Meanwhile, as many as one-third indicate that talk of rising house prices and higher interest rates has influenced their buying decisions, according to a Bank of Montreal survey conducted by Harris-Decima.

“There’s definitely a sense of urgency among home buyers,” said Lynne Kilpatrick, senior vice-president of personal banking at BMO.

The same survey found 71 per cent of current and future homeowners think house prices are too high. It also found about 33 per cent of respondents complained they have lost sleep due to the stress of trying to buy a new home.

On Tuesday, Bank of Nova Scotia forecast in its real estate trends report that home sales are expected to rise 10 per cent to 510,000 this year, while average prices are expected to jump 8 per cent to a record $345,000.

Like most economists’ expectations, Scotiabank said the housing market in the spring should see a flurry of activity, particularly ahead of new sales tax regimes in Ontario and British Columbia and tighter qualifying criteria for insured mortgages.

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arit
10 years ago

C-Note,

"58 and 59 ain’t me."

Then I retract my response to it. It's unfortunate some people use other people's nicknames. Consider registering it and then people will not be able to use it.

Patriotz:

I know the wall is a very sensitive topic. I prefer to leave the middle east arguments back in the middle east. I am not the 'defender of Israel', and I come here for the real estate and economics topics. I was asked a question, and I answered it, but the last thing I want is to turn VCI into a 'Middle east politics' forum. There are enough of those already and they are useless. Angry pixels on a computer monitor, nothing more.

Regards

arit

C-Note
C-Note
10 years ago

58 and 59 ain't me.

dorker
dorker
10 years ago

"Such a simple cycle"

Sound too good to be true.

Boombust
Boombust
10 years ago

I didn't say I liked WHERE it was. I said it had to happen.

The suicide bombing mayhem has been reduced to practically ZERO because of it.

I wouldn't have wanted to be in a Tel Aviv shopping mall (circa 2002) worrying all the time about whether some crackpot was going to blow everything sky high.

patriotz
10 years ago

@Boombust:

The fence was/is a good idea, though. It had to happen.

How do you think Canadians would react if the Americans built a similar wall down 64th avenue in the Valley to combat drug smuggling or illegal immigration?

That wall was built outside the borders of Israel inside Palestinian territory. It was meant to establish a permanent occupation and de facto annexation of territory which the entire world, including Israel, recognizes is not part of Israel.

The Israelis have every right to build whatever barriers they want along their recognized borders, just like any other country. But not somewhere else.

Inventory
Inventory
10 years ago

************* 1/1/2010 / 3/26/2010 / % change Bowen Isld 46 / 92 / 100.00% _Bby East 68 / 141 / 107.35% _Bby North 345 / 624 / 80.87% Bby South 362 / 620 / 71.27% Coquitlam 531 / 946 / 78.15% Van.&Gulf 215 / 253 / 17.67% ___Ladner 65 / 133 / 104.62% MapleRidge 575 / 865 / 50.43% _New West 262 / 531 / 102.67% _North Van. 412 / 798 / 93.69% OutoTown 105 / 84 / -20.00% _Pitt Mead 121 / 184 / 52.07% _Port Coq. 237 / 429 / 81.01% PortMoody 213 / 364 / 70.89% _Richmond 893 / 1527 / 71.00% _Squamish 402 / 494 / 22.89% Sunshine C. 656 / 968 / 47.56% _Tsawssen 98 / 166 / 69.39% __Van East 767 / 1192 / 55.41% _Van West 1396 / 2702 / 93.55% _West Van… Read more »

Dan in Calgary
Dan in Calgary
10 years ago

Sez a certain blogger … "Obviously, the world economy is recovering …"

Said blogger would do well to acquaint itself with a well known quote from Paul Lazarsfeld, 1949, viz., "Obviously something is wrong with the entire argument of 'obviousness'."

Inventory
Inventory
10 years ago

March Inventory listings 1995-2010

1995 = 18669

1996 = 18615

1997 = 17879

1998 = 19488

1999 = 16395

2000 = 15037

2001 = 14522

2002 = 11370

2003 = 9794

2004 = 8781

2005 = 10376

2006 = 8522

2007 = 10343

2008 = 11856

2009 = 15263

2010 = 14446 ** March 26

Anonymous
Anonymous
10 years ago

@scullboy:

You are stupid!

Sculldick
Sculldick
10 years ago

@scullboy:

You are stupid!

Sculldick
Sculldick
10 years ago

Arit,

You make no sense!!!!

superhappytime
superhappytime
10 years ago

Very simple bears. Sales up, listings up since it's spring time. Once summer is hear sales down, listings down and everyone happy. Buy and sell every spring, have fun party all summer with the big profits. It's such a simple cycle I don't understand why you bears just rent.

Woodenhorse
Woodenhorse
10 years ago

Reasonfirst:

Sorry…I meant to start with "I agree" the whole "I can write this off so its like….free!" argument is silly.

Woodenhorse
Woodenhorse
10 years ago

@Reasonfirst:

The best way to think of a write off is to think "This item I can write off, I'm paying what the sticker prices says. Every other thing I buy, I'm paying MORE than the stick price says."

Let me explain: Let's say I'm self employed and you're a T4 employee. We go shopping for a TV. I'll be using the TV for my business and you'll be using it for personal reasons. We both buy a $1000 TV. I can write off the TV, I'm only out of pocket $1000 as I don't have to pay taxes. You however, have to earn roughly $1300 (pre-tax) in order to have $1000 in your pocket to buy the TV.

When you view 'write offs' in that light…it's not the free lunch that people think it is.

XXX
XXX
10 years ago

Arit

I don't know you but I like your reasoning.

My brother in law is Palestinian (christian) and his family are all multiple degreed smarty pants. His father actually worked for the U.N. until the late 60's when he decided with one significant difference what you decided. Your both right – BUT – for the foreseeable future your gang has bigger guns. They moved to Vancouver and like you have thrived and prospered.

Good luck my friend

Kite towards moon
Kite towards moon
10 years ago

"I got tired of exploding buses"

But dream never die right?.

Arit,what did you post here last year?

Here is a reminder:That post was regarding fire sales but in the background all the condo towers were burning in the fire.

How did you get access to post as adminstrator?

"I like it here, very much."

I hope your demantia is totally under control now.

"welcome to best place on earth" buy your dream condo tomorrow.

best regards

ktm.

Boombust
Boombust
10 years ago

"Reminds me of Eugene Levy in the old SCTV skits; “so tell me, how did you get here? did you drove or did you flew??”

And you remind me of Edith Prickley.

Boombust
Boombust
10 years ago

I was in Israel a number of years ago. Too tense for me.

I didn't care for being frisked as I entered a movie theatre in Tel Aviv or a Supersol in Naharriya.

The fence was/is a good idea, though. It had to happen.

I am FROM here. I know this RE market very well. Smart you to figure it out so early, unlike many of the other people who were born and raised here.

It is very sad that the "promise" of Israel hasn't turnd out well for so many people. Especially Sabras.

Kite towards moon
Kite towards moon
10 years ago

@Animal Spirit:Listings blip is seasonal from January to September but the bad news for bear is that sales response is very very positive,Which is enough to pull more and more buyers in the market.

jesse
10 years ago

@Animal Spirit: Vancouver-Victoria price correlation is high. That's the dirty little data that need to be explained.

Sometimes we forget how much of provincial GDP originates from government expenditures.

arit
10 years ago

Boombust, "From Israel are you? What brings you here?" It smells like a trick question, but I'll play along. What brings me here: 1. I got tired of exploding buses (now they don't have exploding buses anymore since they built the wall which some refer to erroneously as 'apartheid wall' but I don't want to turn this into a political argument). 2. My tailbone really hurt from carrying my sig-sauer on me 24-7. After many years of sitting on it I decided I want to live in a country where I don't need to carry a gun on me all the time. 3. Suddenly being called to reserve duty one-two months every year didn't seem so heroic. Maybe it was having my first child, but most likely it was the understanding that no matter how many wars arit fights, there… Read more »

3700
3700
10 years ago

Almost a 25% inventory increase (1838-1472)/1472*100 in Ottawa from February 26 to March 26.

Comfy_renter
Comfy_renter
10 years ago

Anyone know what the average interest rate would be over the past 30year, if so can you link a source? thanks

in advance.

Chilled
Chilled
10 years ago

@Boombust:

77

X Boombust Says:

March 25th, 2010 at 7:48 pm

Arit,

From Israel are you?

What brings you here?

+++++++++++++++++

Reminds me of Eugene Levy in the old SCTV skits; "so tell me, how did you get here? did you drove or did you flew??"

Animal Spirit
Animal Spirit
10 years ago

Let's see 18% inventory increase (14440-12250)/12250 *100 in Vancouver March 1 to 25. Victoria SFH (which I track) is at 21% increase in listings in the same time period.

Two different places, one with Olympics, one with not. Guess that Olympics didn't cause the listing increase in Vancouver.

So what could be the cause?