It’s that time of the week again!
Time for another Friday Free-for-all.
This is our regular end of the week news roundup and open topic discussion thread for the weekend.
Here are a few recent links to kick off the chat:
–Poloz: long term rates headed up
–Evaluate my condo deal
–Condo Market Report
–Vancouver housing drop song
–10 reasons the gold bugs lost their shirts
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
Wow, it seems like it was just a few days ago we were talking about newly introduced teaser-level mortgage rates offered by Canadian banks.
… oh, it was just a few days ago.
BMO kicked off the competition and TD, Scotia and CIBC jumped in with competing lowball offers.
Well it looks like Scotiabank blinked first. Their special offer didn’t even last a week. Canadian Mortgage Trends is reporting that Scotiabank has pulled their special offer for a 2.99% rate. Guess we’ll have to wait to see if the other banks will follow.
And speaking of mortgages, Canadian Mortgage Trends also has some interesting analysis of the OSFI recommendations for underwriting practices and how it’s about to lead to mortgages that are a bit tougher to get.
After reading through 18 pages of changes in detail, our immediate reaction was frankly, concern.
That’s not because the guidelines are greatly imprudent. Some are unnecessarily rigid, but most are sound policy.
It’s because OSFI risks tightening too much, too fast.