It’s a bad time to have Canadian dollars

The Bank of Canada took another strike at driving down the Canadian dollar and cut the key interest rate by .25% to a slender .50%.

Canada’s central banker isn’t using the R-word – recession — but Stephen Poloz is cutting the Bank of Canada’s key interest rate by 25 basis points to 0.5 percent as he forecasts two back-to-back quarters of economic decline amid the crash in crude prices.

With Canadians carrying record-high debt loads and cheap money fuelling hot housing markets in Toronto and Vancouver, the 25 basis point rate cut will be seen as a risky play in some quarters, adding more fuel to the debt fire.

Read the full article over at BNN.

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crikey
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crikey

also @#67:
The article also didn’t say youre not a douchebag, so using your own twisted logic do you agree that it must be true that youre a douchebag since the article doesn’t say anything about it one way or the other? that is the gist of your hilarious logic. LOL

crikey
Guest
crikey
#67 said, ” won’t actually say whether or not you think use of the term “locust” is acceptable.” I said in my previous post that I have never and will never call anybody a “locust”. How much more clearer do you need things spelled out? Are you that much of an idiot? What other possible reason do you think I may have said that? do you think its because I am missing the keys on my keyboard to spell “locust”? since you obviously are dense, even spelling it out won’t help you but I’ll humour you anyways: No it is NOT acceptable to use the term ‘locust. ” You also ignored my other points, ” LOL! I You’re so lazy you just referred me to Garth’s site, and I’m supposed to run over there, read his arguments and come back here… Read more »
say whaaaa?
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say whaaaa?

@70

“All them blacks buying up properties in the expensive areas driving up prices.” ROFL

Shlomo
Guest
Shlomo

>I am curious, what are peoples opinion of Trump? Is he a racist?

Yes

>Is what he said racist? Is what he said much different than what is sometimes said here?

Yes, and no, because there are racists here

>Generalizations of a race and country as a personal opinion is that considered racist?

That would be the textbook definition, so yes.

Acid test: replace whatever you were thinking or saying about race/ethnicity __X__ with the race “black” and if you sound like a Klansman from the 40s, congratulations, you’re a racist! 🙂

Corrupt in Canada
Guest
Corrupt in Canada

I think if you ever upvoted a comment that includes locust, that pretty much makes you supportive of that behavior.

I am curious, what are peoples opinion of Trump? Is he a racist?
Is what he said racist? Is what he said much different than what is sometimes said here?
Generalizations of a race and country as a personal opinion is that considered racist?

I truly am curious.

Shut It Down Already
Guest
Shut It Down Already

“Next interest rate cut: 0.25, then 0%”

You guys are really good at extrapolation based on recency biases. A bit like the title of this thread, really. Only a few months ago you all said that interest rates had nowhere to go but up. Two cuts later and you’ve decided the trend is now downward. And with the dollar reaching towards $0.75 it’s suddenly a good time to sell CAD and buy USD?

Shut It Down Already
Guest
Shut It Down Already

48, I never said it was anything to do with you, but you did imply that all accusations of racism are unjustified. You also ignored my other points, and won’t actually say whether or not you think use of the term “locust” is acceptable.

Corrupt in Canada
Guest
Corrupt in Canada

I love Macleans and all but they are absolutely the worst about calling the Canadian bubble burst.

They literally have an issue every year calling for the bubble to pop.

Their facts are there, but bubbles are all psychological, we have defied gravity for so long we are really testing the limits, but I still feel it will be a psychological shift and not interest rates/mortgage rules that finally pops this sucker.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

On Van West, only SFH price is up (wealth holding). Other types not much:

Duplex, 5978 Chancellor Blvd.
Assessed: $2,412,000 Asking: $1,788,000 (3 years on the market?)

Duplex, 6082 Chancellor Blvd.
Assessed: $2,342,000 Asking: $1,999,000 (2 years on the market?)

southseacompany
Member
southseacompany

“How Canada’s economy went from boom to recession so fast”, Maclean’s magazine

http://www.macleans.ca/economy/economicanalysis/how-canadas-economy-went-from-boom-to-recession-so-fast/

“While Canadian consumers have so far helped offset the damage by their seemingly unending willingness to borrow and spend, the resulting debt that households have piled on now represents an economic risk in its own right—particularly if job and wage growth weaken. Moreover, much of that borrowed cash has been sunk into real estate, a relatively non-productive sector of the economy, resulting in home prices that are as much as 63 per cent overvalued, according to Deutsche Bank. No wonder some believe Canada is tiptoeing around the edge of the abyss. “You have a resource economy that’s been blown apart sitting on top of a housing bubble,” says Marc Cohodes, a well-known Wall Street short seller who’s betting against Canadian mortgage lenders. “That’s a toxic mix.””

southseacompany
Member
southseacompany

“Bank of England Gov. suggests interest rates could rise this year”, CTV News

http://www.ctvnews.ca/business/bank-of-england-gov-suggests-interest-rates-could-rise-this-year-1.2472792

“Bank of England of Gov. Mark Carney is suggesting that interest rates could rise from their record low of 0.5 per cent as soon as the end of the year as Britain’s economic recovery continues to gather strength.”

“Carney added several factors may affect the timing and scale of the rate increases. Those include shocks to the economy and the potential impact on household borrowing in the “heavily-indebted post-crisis economy.””

w
Guest
w

With banks following Bank of Canada’s rate cut, consumer loans could become even cheaper

Toronto-Dominion Bank was the first to cut its prime lending rate, slicing off 10 basis points to 2.75 per cent. Later Wednesday, Royal Bank of Canada and Bank of Montreal followed, shaving their prime lending rates by 15 basis points to 2.70 per cent.

http://business.financialpost.com/personal-finance/debt/consumer-rates-headed-lower-but-experts-split-on-housing-market-impact

Westside Realtor
Guest
Westside Realtor

Soooo…will the rate cut spur a buying frenzy?

A cut of. 15bps?

Guess we’ll find out…

Come on Yellen, raise rates….

This insanity is off the wall…there is no logic to the equation.

Glad the msm tempered the msg a bit more this time spending at least some energy on all the debt we have and how the economy is no great shakes…

WSR

paulb
Member

New Listings 194
Price Changes 58
Sold Listings 176
TI:12886

http://www.paulboenisch.com

Shlomo
Guest
Shlomo
Looks like our idiot of a BOC Governator has just one type of bullet in his gun, and his ammo is running out. Next interest rate cut: 0.25, then 0%, then QE for a decade, just to keep the Canadian peso down and firmly cement our position as a tinpot thrid-world country with no economic engine besides “we dug this out of the ground, you want to buy it??”. What a fucking joke this whole place has become. Harper delivered on his promise “You won’t recognize this country by the time I’m done with it”, and we are all the poorer for it. The best part of all: Christy, Robertson, Harper et al will all be long dead by the time this mess is finally cleared up in 40 years or so. And indeed, why would they care? Free-wheeling psychopaths… Read more »
Best place on meth
Member
Best place on meth

@36

“Race Relations Commissioner Susan Devoy said ­Chinese New Zealanders ­deserved better than to be blamed for high Auckland house prices.”

Her title should be changed to Race Baiting Commissioner.

What a cunt, trying to stifle a much needed conversation by bringing up racism.

I guess she doesn’t want people talking about what’s really going and she’s trying to SHUT IT DOWN.

loonie
Guest
loonie

Next time you’re shopping online and you click the Canadian maple leaf icon to adjust the prices to C$ and they all ratchet up like a pinball machine, you know who to thank. You didn’t actually think that cheaper gas was gonna come without a price, did you?

Best place on meth
Member
Best place on meth

@45

“People looting the fruits of other folks’ labour in community gardens in Richmond is, unfortunately, all too common.”

Probably locusts. The gardeners should set up cameras and traps.

patriotz
Member

@53: “Monterey Park 2010 census: population of 600,000, 2/3 are Asians mostly are Chinese.”

You have an extra zero on that population. It’s actually about 1/3 of 1% of metro LA.

2cents
Guest
2cents

China Investors flock to sell properties, cancel contracts
http://asia.nikkei.com/Politics-Economy/Economy/Investors-flock-to-sell-properties-cancel-contracts

Sure they’ll rush in to the Great Canadian Real Estate and peg their purchase prices/selling prices to USD. … errR just in case there is a 3rd and a 4th rate cuts later this year.

2cents
Guest
2cents

“Sales reaching pre-recession levels …” – it looks like “renters beware” @_$

In Monterey Park California, a landlord rents out all 3 bedrooms and garage converted to bedroom to separate tenants. He then moves to live in the livingroom.
http://tinyurl.com/psa56z5
Monterey Park
2010 census: population of 600,000, 2/3 are Asians mostly are Chinese.

patriotz
Member

@46:

Case-Shiller says that prices in San Diego are still more than 15% lower than the peak in 2006. LA also well below peak, but SF is getting close:

http://us.spindices.com/indices/real-estate/sp-case-shiller-ca-san-diego-home-price-index

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
The_Shit_Garth_Says
Guest
The_Shit_Garth_Says

@35 – crikey

Actually GT deletes my posts cause he doesn’t like the inconvenient truth.

Like:

he’s a tool for the hedgies and they want a piece of the money.(HAM & all)
He promises juicy dividend payouts when in realty his hedge buddies
are making huge bucks shorting the market
He’ll never agree with anyone with facts that HAM is destroying Vancouver
for future generations as he wants their money as well. So he won’t offend.
The list goes on and on.

So please post under an alias and see what happens to your post.

FREEDOM OF SPEECH!