Recession just around the corner?

[Bogger]

Yeah they both wake you up in the morning and tell you to go to work so you make the payments!!! No need for an alarm clock.

Shouldn't you be packing for MM?

 

[gates559]

Lower mortgage rates in a hot market. Wifey is getting in multiple bid situations every day and homes are going for more than asking. Housing will hit all new highs.

 

[ABMax24]

Lower mortgage rates in a hot market. Wifey is getting in multiple bid situations every day and homes are going for more than asking. Housing will hit all new highs.

For now, i don't think people know how bad this will be, i think some are going to lose everything they own or rather everything the bank owns. I think housing is going to drop very sharply after this final peak, I'm just trying to position myself to take advantage of it when things begin to recover.

 

[Puba]

Shouldn't you be packing for MM?

Ahh NO. I have bad memories / nightmares of MM4 in Vale.

 

[lloydguy]

Things are going for shyt real fast around Lloyd.Lay off's all over the place.
Buddy that work's for a Service company had a staff meeting today about email's coming
from calgary wanting an immediate 20% reduction in rate's.
Competition for work is already at cut throat prices, so take 20% more off and thing's are
going to downhill even faster.

As far as housing market is concerned( here ), prices are 50% higher than a realistic value
should be.Add to that ton's of people are being laid off, it doesn't matter if interest rates go down
IMO- WAY OVER VALUED MARKET + PEOPLE LOOSING JOB"S = market going down.

 

[team dirt]

Things are going for shyt real fast around Lloyd.Lay off's all over the place.
Buddy that work's for a Service company had a staff meeting today about email's coming
from calgary wanting an immediate 20% reduction in rate's.
Competition for work is already at cut throat prices, so take 20% more off and thing's are
going to downhill even faster.

As far as housing market is concerned( here ), prices are 50% higher than a realistic value
should be.Add to that ton's of people are being laid off, it doesn't matter if interest rates go down
IMO- WAY OVER VALUED MARKET + PEOPLE LOOSING JOB"S = market going down.

ya we have been getting the same letters. Some as hi as 30%. Not much point working for a loss. You are going to see a lot of hardships coming.

 

[LUCKY 7]

A fort mac buddy told me last night 2000 jobs at Suncor will be getting cut next week. just a rumour but .......

 

[ZRrrr]

I thin the Bank of Canada is just buying time. Can't keep dropping rates. What's the long term effect?

Baker Hughes announced 7000 layoffs.

 

[Snowdin]

The banks haven't lowered their mortgage rates. What good is the bank of Canada if the banks don't follow?

 

[arff]

Lower mortgage rates in a hot market. Wifey is getting in multiple bid situations every day and homes are going for more than asking. Housing will hit all new highs.

Seems like it. Val has wrote a few deals and between 2 buyers they pay more than list price.

 

[ZRrrr]

Read a couple good articles yesterday on the B of C's surprise drop. A economists and journalists think it's buying the the conservatives time. Along with delaying the federal budget, they think Harper needed this to put off an economic downturn, make it look the like the economy is OK long enough to get the Cons through and election. All agreed it's a short term fix politically motivated.

 

[S.W.A.T.]

Takes time. Most lenders will follow suit. The ones that don't will be because they need to make up profit margins and stay in good faith of share holders.

The banks haven't lowered their mortgage rates. What good is the bank of Canada if the banks don't follow?

 

[ZRrrr]

Lots of people asking the same question...apparently it's not a requirement of the banks to follow the B of C rate drop. TD and others made statements that they will not be lowering their prime rate. Again, many saying this drop has deep political undertones.

If private lenders start dropping mortgage rates, the banks will be forced to follow.

 

[rzrgade]

Read a couple good articles yesterday on the B of C's surprise drop. A economists and journalists think it's buying the the conservatives time. Along with delaying the federal budget, they think Harper needed this to put off an economic downturn, make it look the like the economy is OK long enough to get the Cons through and election. All agreed it's a short term fix politically motivated.

And i personally am OK with that........
Given 3 choices of:
A: A part time spoiled drama teacher.
B: A leader who would shut down pretty well every big corporation and feed the money to Quebec to stay in power.
C: A leader who has steered us through one mess already (08) better than any other developed country.

My money is on "C".......If you think you have seen hard times, take time to imagine option B or to a lesser degree option "A"

In short try to wrap your head around some one who could be driving the bus , who would love to see the west fail, for the good of the east.....
THEN, we would see "tough" times...........

 

[Pinner]

His Daddy already tried to (and did kill) the west in favor the east...the apple doesn't fall far from the tree.

 

[Snowdin]

Takes time. Most lenders will follow suit. The ones that don't will be because they need to make up profit margins and stay in good faith of share holders.

Ya it would be a sonabitch if those poor banks couldn't make their 8 billion per year profit.

 

[DRD]

Ya it would be a sonabitch if those poor banks couldn't make their 8 billion per year profit.

Catch 22, I like it when my RRSP's that own shares in the banks make money....

 

[LennyR]

Catch 22, I like it when my RRSP's that own shares in the banks make money....

Me to , but IN reality , I believe the worst long term moderately safe investment I've made to date gphas been rrsp's, even considering the tax deferral at the time of purchase. conversely, the managers and salespeople involve in managing and selling and maintaining those funds have enjoyed far more of the profits the dollars have created. Looking back there are so many things I could have done that would have produced so much more long term than these. Albeit with probably more time and effort by me.

 

[fidorama]

The banks haven't lowered their mortgage rates. What good is the bank of Canada if the banks don't follow?

how low do you really think they can go? I cant see it getting much if any lower.

 

[crowsfeet]

Well the bank makes you offers of possible savings if you take a risk with a variable,then won't follow through when rates are in our favor? No real surprise though is it?