Comments on: Canada’s Variable Rate Mortgage Binge Is Over

By: Frank

Frank — Tue, 25 Apr 2023 04:25:22 +0000

Hiking at this point would be a follow me approach to what Jerome is doing. Yes, we import alot of goods from the US and if interest rates are not congruent across the board inflation may ba a result of not matching rates. What is un nerving is reports are frequent that mortgage defaults are at an all time low. Wonder why that is? Simple if you rewind 3 years and evaluate how the game changed and what People actually believe.

By: Frani

Frani — Tue, 25 Apr 2023 04:21:14 +0000

In reply to CD. Hiking at this point would be a follow me approach to what Jerome is doing. Yes, we import alot of goods from the US and if interest rates are not congruent across the board inflation may ba a result of not matching rates. What is un nerving is reports are frequent that mortgage defaults are at an all time low. Wonder why that is? Simple if you rewind 3 years and evaluate how the game changed and what People actually believe.

By: Frank

Frank — Tue, 25 Apr 2023 04:15:21 +0000

Ok, variable rates increased after Tiff Macklem said rates will remain historically low, we had over asking in every neighborhood, then after the hook is set he pulls the rug out. Saying rates that were raised will remain static for the remainder of the year and that people renewing during this time will and I quote, ” feel the pinch”. Sure they will. Because they trusted an institution that wilfully misled (disinformation?😆) Printed money with no regard because, and I quote,, ” the budget will balance itself”. Seriously there is an influx of migrants that our system was never prepared for. There is a dramatic housing shortage and 30% of new migrants have said and are moving to return to their own country because our taxes are far too exorbitant.

By: CD

CD — Mon, 24 Apr 2023 16:53:21 +0000

Just because Tiff has paused rate hikes doesn’t mean he won’t have to hike further if inflation gets stubborn. Which the second half of getting to 2% will certainly be. Today’s fixed rates might not look so bad in hindsight later.

By: Realturd

Realturd — Mon, 24 Apr 2023 16:41:29 +0000

In before a Realtor demonstrates you don’t need even basic reading comprehension to get a license in Canada.

By: Mortgage Guy

Mortgage Guy — Mon, 24 Apr 2023 16:24:12 +0000

Hopefully the variable rate borrowers knew this was coming and opted for them to appreciate the *SUBSIDIZED INCENTIVE* from the Bank of Canada.

Collecting other people’s money is a great thing. Just remember that the low rates were a gift, not what you deserve. The bill passed to taxpayers isn’t fun to pay.

By: Mortgage Guy

Mortgage Guy — Mon, 24 Apr 2023 16:22:14 +0000

In reply to Richard. Short answer: Yes. Longer answer: Short-term fixed rate loans provide decent value right now. My guess is a lot of these are 1-3 year terms, and they're hoping to renew next year.

By: Yan

Yan — Mon, 24 Apr 2023 16:21:01 +0000

Keep in mind the news highlighted a handful of people that were stress tested for the amount (or close to), they just played victim because they didn’t want to pay it.

There’s basically two journalists that keep playing the variable rate risk up, and if you scroll through their timeline you’ll see they just bought a house in 2021. LMAO

By: Richard

Richard — Mon, 24 Apr 2023 16:18:40 +0000

Wouldn’t now make the most sense to go for a variable rate mortgage if you expect rates to fall?