Mortgage rates going up (again)

Most of the major banks have announced mortgage rate increases, 5 year posted rate is now at 5.54%. That’s the one you have to get qualified on right?

Most other special and fixed rates at the banks were also going up between 0.10 and 0.15 percentage points. Fixed-rate mortgage rates are affected by the cost of borrowing in the bond market, where banks finance their home loan lending.

From the Globe and Mail.

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Derp Derp
Derp Derp
9 years ago

@space889:

I mean when your ancestors came, Canada didn’t have things like must have English or French, must have this number of points and such requirement. It work well didn’t it? Why not do it again except instead of Europe, this time do it with Asia?

——–

dude, in the 1880s they were even racist towards different kinds of whites. if you were irish or ukranian or even german you had to fight for respect.

it sounds like you want an open door.

Derp Derp
Derp Derp
9 years ago

@Troll:

chinese trolls are not very sophisticated – all bluster no irony

Derp Derp
Derp Derp
9 years ago

@space889:

Since China is such a shithole with so many poor people there wanting a good life that they can never have, why not spread some of that famous Canadian values and compassion and let those poor hard working people come to Canada to build a better life like your ancestors did all 50, 100, 200 years ago?

because when 2 million irish and scottish immigrants came here in the 1860s-1880s

that was like 50% of their national populations.

there are 700 million chinese living on <$1000 a year.

if you like canada, you have to restrict membership, sorry.

Derp Derp
Derp Derp
9 years ago

@space889:

see you're getting all sensitive

look at it objectively:

"japan, at the height of it's boom, only invested 35% of it's GDP in infrastructure – china is at 70%"

and it's local party member corruption

we're not slagging chinese people, we're slagging the party

it's up to YOU to tell your family what we've told you. now go and topple that entity.

Anonymous
Anonymous
9 years ago

#106,

sound like you are jealous of your rich sister. suck to be you!

rp1
rp1
9 years ago

#106 @Patiently Waiting: There's nothing to be gained by saying anything. They're all committed to the plan, and it makes sense to them. It's not a bad idea in general, although bringing housing into it is weird.

People like spending time with their grandkids. And older people make good babysitters because they often place fewer unrealistic expectations on their time, and on the kids. And they have a different (probably better) perspective on life as well. Not so wrapped up on the small (adult) things, which are completely irrelevant to kids. Can be more engaged in the small things that ARE relevant to kids. There is a world of difference between that and a typical babysitter.

Troll
Troll
9 years ago

@space889: Here's a tip from a Troll. If you want to troll you need to keep your posts shorter, nobody wants to read a 4 page diatribe. Keep it short. Nice anger though.

space889
space889
9 years ago

@Best place on meth: What you did is equivalent of visiting Vancouver with a preconceived notion of what it is, stayed in a SRO in DTES for a few months and never venture outside of it, and then go home proclaim Vancouver is exactly as you thought it is, a shithole that's the den of human misery. All that gleaming glass towers a few blocks down in Vancouver downtown? That's nothing more than a fascade put on by Vancouver to showcase what a great city it is even though it really is just a piece of shit city. You are absolutely right, I am an idiot who blabs and flab garbage and don't know what I'm talking about. I had thought Canadians with an university education can actually think critically, go check out something with an open eye and mind,… Read more »

Patiently Waiting
Patiently Waiting
9 years ago

If you are a native Vancouverite, you can never escape the real estate insanity even if you opt-out yourself. I'm steaming mad right now. My sister and BIL just bought a more expensive house. From what I understand, their mortgage jumped from a managable quarter million to a more difficult half million. They are both quite successful so I thought nothing at first. They also have two young children, aged three and one. I recently just got a panicked call from my 65-ish Mom. She needed me to come over to watch the kids because my 65-ish Dad had a medical appointment (I'm on vacation, so she knew I was available). Uhhhh, why are my parents taking care of my rich sister's children? I don't know how much FREE babysitting their doing, but it is up to 20 hours a… Read more »

jesse
9 years ago

New post

space889
space889
9 years ago

@YLTN @ Work: Hmmm and where do you think the money and resources will come from to feed the people and provide plumbing if China stuck to dirty highways and rundown roads instead of building state of the art infrastructures that provide jobs to tens of millions of migrant workers, allow for easier transportatino of goods across the country, boosting economic competitiveness, etc? Without sacrificing and investing the money in modern infrastructure how can China hope to grow its economy the way it has over the last 3 decades which in turn generates the money and job opportunities for the rural workers who turns around and spend the money in their home village to build better housing and such? Oh wait, I forgot, China should have just stuck to the agarian economy and providing cheap slave labour for the West,… Read more »

gordholio
9 years ago

So today we see Royal LePage claim the housing market has peaked – a story picked up by every mainstream media news outlet in the country. Just a few days ago, we see those very same mainstream media headlines scream the word "bubble." Just a few weeks ago, Flaherty stopped just short of uttering the dreaded bubble word while warning once again that Canadians are hopelessly in debt. And just after that, we see changes to the immigrant investor program. In the meantime, the Richmond epicenter has substanitally cooled (in excess of 2100 listings at the moment), the greater Vancouver periphery has cracks the size of the Grand Canyon, and we haven't heard from hell's own realtor, Cam Good, in what seems like forever. Throw into the mix Tuesday's mortgage rate increases – minor though they were – and Paul… Read more »

Anonymous
Anonymous
9 years ago

@VanRant:

Wish Carney had the stones to do it too. Our economy is in better shape than Europe's so what excuse does he have now?

VanRant
VanRant
9 years ago

ECB raised interest rates by .25 this morn!

Anonymous
Anonymous
9 years ago

woah never thought I'd see this headline

"Royal LePage says housing market has peaked"

http://www.cbc.ca/news/canada/british-columbia/st

real_professional
9 years ago

Meanwhile, in a separate report Thursday, realtor Royal LePage said its survey of house prices showed a “sizable year-over-year price increases in the second quarter of 2011, but high house prices are concealing early signs of a moderating market.”

“The market has seen its near-term peak in house price appreciation, and a slower second half of the year is expected. Still, by the end of 2011, the national average house price is expected to be 7.7% higher than it was at the end of 2010,” it said.

Blood of the housing bubble is on Carney's hands now rates should be 3 x higher already.

real_professional
9 years ago

Among the 21 metropolitan regions surveyed, 6 posted 12- month price declines in May, led by Windsor (-4.4%) and Victoria (-1.7%).

http://www.bloomberg.com/news/2011-07-07/canada-m

fixie guy
fixie guy
9 years ago

@84 No Way Pauly Says: "Late? Late for what? Late to feed your non-clients? How about feeding yourself? Got any listings? Sales?"

Wow, 'shoot the messenger', that takes me back to the glory days before headcase #1 on RET was was forced to abandon his favourite sock puppet: Johnny Horton. Thanks for the memories and congrats on lowering the bar as only some members of the BCREA seem capable.

patriotz
9 years ago

Building Boom in China Stirs Fears of Debt Overload In the last few years, cities’ efforts have helped government infrastructure and real estate spending surpass foreign trade as the biggest contributor to China’s growth. Subways and skyscrapers, in other words, are replacing exports of furniture and iPhones as the symbols of this nation’s prowess. But there are growing signs that China’s long-running economic boom could be undermined by these building binges, which are financed through heavy borrowing by local governments and clever accounting that masks the true size of the debt… As municipal projects play out across China, spending on so-called fixed-asset investment — a crucial measure of building that is heavily weighted toward government and real estate projects — is now equal to nearly 70 percent of the nation’s gross domestic product. It is a ratio that no other… Read more »

Anonymouse
Anonymouse
9 years ago

@space889:

Disagree with BPOM, get voted down. Them's the rules here.

kansai92
kansai92
9 years ago

If it takes an article to the Vancouver Sun to tell the world that the city is "world class", isn't that the same as someone telling everyone that they are cool?

The problem is, when you're cool, everyone knows it already.

That's the whole point of being cool.

Phil
Phil
9 years ago

@No Way Pauly, since you know Pauls identity and feel compelled to trash talk him, you should be a human being and reveal your identity.. You fucking coward.

Derp Derp
Derp Derp
9 years ago

http://www.chinasmack.com/2011/stories/woman-save… this is a great story and it's received huge media play. the chinese are very clever people, they are genetic ectomorphs (probably similiar situation to the dutch after ww2) and as such, are naturally cerebral. they can also be extremely funny and impish, as you can see by the recent photo shops of the 'levitating' officials inspecting a road in Huili County – they have been to the moon, under the sea, met obama, etc. etc. hilarious. i think any thinking chinese wants to live in a more just society, however without any knowledge of the western experience with all forms of totalitarianism, from the european monarchies, the soviets, to run of the mill fascism on to corporatism and now our fine tuned and insanely controlling 'inverted totalitarianism' that we enjoy today – it can be very difficult to… Read more »

Derp Derp
Derp Derp
9 years ago

@YLTN @ Work:

if we leave, it's a capitulation

let's all start re-addressing our homes with the number 4

and license plates with all number 4s

and be sure to write their names in red ink – they HATE that

No Way Pauly
No Way Pauly
9 years ago

Quote from paulB's site:

Paul ensure you don't keep looking in the rear-view mirror, but are looking forward to tomorrow…even more than yesterday's market, its tomorrow's market that counts.

Unfortunately we all know Paul cheers on the Bear side which means that looking forward for him means looking forward to a crash which means NO one will buy with him. Not even you, Anonymous. Not for many many years to come… at which point he will be a fireman (or at least aspires to be).