Comments on: Canadian Real Estate Prices Are Dropping. How Bad Do Banks Think It Can Get?

By: Rob Turner

Rob Turner — Wed, 22 Jun 2022 20:30:19 +0000

In reply to JB. What's interesting is during the Toronto mini-crash the CEO was full on panic-shouting from the rooftop about how the market is going to crash and sold his home. Now he's completely absent from discussion.

By: Whiskey Foxtrot

Whiskey Foxtrot — Wed, 22 Jun 2022 20:28:37 +0000

In reply to Michelle R.. I think it's actually just the forecast range required. They don't need to tell the specifics of long-term planning beyond that to shareholders in detail, just the direction.

By: Scott

Scott — Sat, 18 Jun 2022 13:42:41 +0000

A house nearby just dropped its asking price from 3.5 to 3.0. It was on the market for one week.
A couple in the GTA “won” a bidding war in March for 920k. By the time it was appraised it was worth 870k and at closing it was 810k. Seller gladly renegotiated. Ouch…

By: Michelle R.

Michelle R. — Fri, 17 Jun 2022 22:38:14 +0000

Hmmm. What is the logic behind thinking the reductions would end in April 2023? Seems to me like that’s when inventory would really start to pile up.

By: J

Fri, 17 Jun 2022 17:45:45 +0000

It goes to show how out of touch these banks are to the common woes of the everyday Canadian.
We’re just account numbers to them to be milked for fees and profits. Banks were suppose to help build communities, not siphon the lifeblood out of them. This crash (entire generation in the making) will in the end make the country better for people still unborn (we hope). Whatever reserves they’ve got better be enough to cover their bad bets.

By: JB

JB — Fri, 17 Jun 2022 17:40:36 +0000

ScotiaBank has been one of the more aggressive lenders over the last few years, yes?

It’s like when you stay in a cult because you’ve invested so much already that leaving no longer feels like a viable option–the loss would be too great. The Canadian Real Estate industry is a cult. *shrug*