Interest rates up, prices down
That’s right, the Bank of Canada just DOUBLED the overnight rate, which would be oh so much more impressive if we weren’t starting at .25%
The overnight rate is now one half of a percentage point. Was it in anticipation of these new dramatically higher interest rates that the Average Vancouver house price dropped by about $45,000 last month?
And how are the banks reacting? By dropping mortgage rates to give you “one last chance” at the easy money. But Check out Mr. Mark Carney, he’s all “caution this and caution that“. Rock bottom rates may be with us for some time yet!
I know many bears out there are dreaming of the American bubble situation, where house prices plummet AND interest rates stay near record lows. Could it happen in Vancouver?
June 3rd, 2010 at 1:31 am
June 2009 (from PaulB's stats)
Sales: 4298
- Daily Avg: 195
- Daily Min: 121
- Daily Max: 253
Listings: 5227
- Daily Avg: 238
- Daily Min: 191
- Daily Max: 289
June 2008
Sales: 2497
Listings: 6613
So today we had more listings than the highest listing day in June 2009, and fewer sales than the slowest sales day in June 2009.
June 3rd, 2010 at 1:26 am
Thanks girlbear for uncovering the sham. No one could make that kind of mistake, not even an ESL idiot
$5,899,000 i/o $899,000
June 3rd, 2010 at 12:17 am
#99 GB, right, it's like trying to describe the variations of 'insane'. 5 mill for a cat box, that's a good price. I'm only hoping Soupnutz is getting his beauty sleep for tomorrow so he can buy treeeeeeeeeeeeeeeeee and his mom can buy treeeeeeeeeeeeeeeeeeee !!!!! Because we all know the dim sum joints are rocking.
June 3rd, 2010 at 12:17 am
With lots to talk about i'm a bit suprised everyone is impostering others. Anyway, i'm going to be Browntown.
June 2nd, 2010 at 11:57 pm
you're right, rich asians don't watch CBC. They watch the chinese news on Fairchild Network. Once it hits the news there, every grandma in the grocery stores will be talking about it.
June 2nd, 2010 at 11:34 pm
"I agree with one thing: rich Asian foreigners don’t watch CBC."
Do Canadians watch the CBC?
Flagship news program The National is now getting fewer than 500,000 viewers a day, down some 40% and about a third of CTV.
Since the CBC has about a $1 billion annual budget I propose giving those half million viewers a one off payment of $2000 to forever stop watching. All future savings to the taxpayer can be allocated to the pending foreclosure crisis.