Flaherty warns of rising rates
Flaherty is cracking the bullwhip again and warning that recent mortgage rate increases by TD, RBC and CIBC are just the beginning. If certain Canadian cities were to experience a downturn in their housing markets both Flaherty and Carney are now firmly set up for the ‘we warned you’ speech.
All three banks have increased the posted rate for a five-year closed mortgage by a quarter of a percentage point, to 5.44 per cent.
RBC also raised its special fixed rate offer for a five-year closed mortgage by the same percentage amount, to 4.39 per cent.
Finance Minister Jim Flaherty said he’s not surprised.
“The recent increase by a couple of the banks is exactly what we expected,” Flaherty told reporters in the foyer of the House of Commons.
And more increases should be coming, Flaherty predicted, since lending rates have been hovering close to historic lows.
“We’re likely to see higher interest rates as we go forward because interest rates are still very low.”
February 12th, 2011 at 12:44 pm
@LT: Two words….bond market. Educate yourself.
February 12th, 2011 at 11:51 am
DOes nobody see the real picture here??? Bank of Canada rates stay the same… TD Bank raises its rates thereby making .25% more instantly. Government applauds the increase. The government can't raise rates because ti would cause the Canadian dollar to rise. They want rates to rise so they encourage the banks to do it on their own and no-one thinks this is criminal or at least tragically greedy? Let's take some offense to the TD raising rates and deal with any bank WHO DOES NOT raise rates!!!
February 12th, 2011 at 2:14 am
I have two observations about the whole Chinese people ensuring house prices in Vancouver stay high FOREVER:
1. Why haven't they bought in the Olympic Village? Nice homes, new build, nice area… perhaps price IS important to them after all, meaning they will buy in San Diego, San Fran, Miami, etc instead.
2. I know a few Chinese people in their 20s whose parents moved here – they all dream of Australia as the place to be. I know a few more who moved to Hong Kong. Sorry to disappoint the cheerleaders but Vancouver is not the only pleasant place in the world to buy a house.
February 11th, 2011 at 3:25 am
4444 Says:
LY please fuck off, now remember I asked you politely
Saying BS is not asking politely. Perhaps uneducated people like you should be the one to F off.
February 11th, 2011 at 12:35 am
@CRASH JPMorgan-Chase – Buy Silver:
Canada is a multiculture Nation not a white basement.
In the future Chinese will be the majority and Beijing-type Mandarine should be the first official language.Don’t forget China has over three thouand billions foreign reserve and 3.6 million in active arm force plus 20 million in reserve,and the largest economy.Who can stop the rolling tank.Beijing model is a superior political and economic model.Canada needs China to repel future American invasion and future economic growth.China is Canada’s largest customer and protector.
February 11th, 2011 at 12:05 am
There are obviously too many Chinese real estate agents on this board. No self respecting white person would vote my posts down unless of course they are traitors to their own children who probably will never be able to afford a home here thanks to their politically correct bleeding heart cowardice
February 10th, 2011 at 11:24 pm
@Anonymous:
lol, really?
Even at 30% off, they’re still overpriced. Wonder how sales will go vs all the new development around it and in Yaletown/downtown.
February 10th, 2011 at 6:52 pm
@Re-diculous:
Note again that it is Chinese-Canadian realtors who are taking the leading role in fueling resentment and envy of ethnic Chinese by the rest of the population.
Anything for a buck.
February 10th, 2011 at 4:07 pm
159 CRASH JPMorgan-Chase – Buy Silver Says:"Attn Chinese Invaders.."
^^^Lol, another realturd with late Cayenne payments.^^^
Try a larger helicopter next time.
February 10th, 2011 at 4:07 pm
what's with the hate?
February 10th, 2011 at 3:56 pm
Attn Chinese Invaders
Multiculturalism has failed, says French president
http://news.yahoo.com/s/afp/20110210/wl_afp/franc…
PARIS (AFP) – French President Nicolas Sarkozy declared Thursday that multiculturalism had failed, joining a growing number of world leaders or ex-leaders who have condemned it.
"My answer is clearly yes, it is a failure," he said in a television interview when asked about the policy which advocates that host societies welcome and foster distinct cultural and religious immigrant groups.
"Of course we must all respect differences, but we do not want… a society where communities coexist side by side.
"If you come to France, you accept to melt into a single community, which is the national community, and if you do not want to accept that, you cannot be welcome in France," the right-wing president said.
more…………
February 10th, 2011 at 2:51 pm
update:
February 2011 month-end projections
Days elapsed so far 8
Days remaining 12
5 Day Moving Average: Sales 135
5 Day Moving Average: Listings 273
SALES
Sales so far 1137
Projection for rest of month (using 5day MA) 1622
Projected month end total 2759 +/- 601
NEW LISTINGS
Listings so far 2248
Projection for rest of month (using 5day MA) 3274
Projected month end total 5522 +/- 429
Sell-list so far 50.6%
Projected month-end sell-list 50.0%
MONTHS OF INVENTORY
Inventory as of February 10, 2011 11889
MoI at this sales pace 4.31
February 10th, 2011 at 2:46 pm
@REIC is watching us:
Sorry – misread your post.
February 10th, 2011 at 2:45 pm
@REIC is watching us:
CBC opted out.
February 10th, 2011 at 2:24 pm
Holy smokes, the realtoons are spinning out trying to paint this forum as white-power trash. The market must be hurting fierce.
February 10th, 2011 at 2:22 pm
This was expected from GlobalTV. They are known to be corrupt. Its CTVBC that I'm disappointed in. CBC almost did it too.
February 10th, 2011 at 2:20 pm
@Extremely rich Van house owner.:
Nope it is to suck in stupid people like you to buy real estate in White Rock as prices are tanking.
February 10th, 2011 at 1:54 pm
So just read Garth's blog this evening.In regards to the Global helicopter story was complete and utter bullshit:
"…Too bad it was a ruse. The “Chinese realtors” that Key promoted to the media and on its web site were actually local Vancouver real estate agents and brokers. The two featured in Global’s report – Lu Wei and Chris Chan – work and live in Burnaby and downtown Vancouver, for Regent Park and Coldwell Banker. And the helicopter ride was not about showing Mainland Chinese investors other parts of the Lower Mainland to consume, but rather just to flog a single new 17-storey condo in White Rock which Key Marketing was hired to promote for presales…."
Wow….how is this allowed?