FormerXBC Inc XEBEQ

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Stop quibbling back and forth

[tony08]

babedinkleman wrote: Calm down Gann....it was ball park.  Putting it into the mortgage caculator the numbers I'm running being 2.5% vs 6% it is just over 45% more.
Those who took out a mortgage for $750,000 at 2.5% go from $3360 to $4800.  Far from chump change for those who likely had no business buying an $850,000-900,000 house to begin with.
And ferret.....housing has already dropped 10% in May and June year over year in my city.....and I would imagine most others.  New construction houses 2 months ago down the road were being listed for $999,999....today $864,000 and still 'up for sale'.  My former dreal estate agent sends out monthly stats emails.... my city and June average prices were down an average of $85,000 over last year.....  The days of buying way over ask is over.  Not a bad thing....it was a great angle to take advantage of the sheep that real estate agents pushed to create fomo and drive up prices.
And Gann....be sure to check all these numbers and get back to me.

Gann999 wrote: Looks like you not that great at basic math either 2366 to 3200 is not 50 percent it's not even 40 percent

babedinkleman wrote:

ferret_ca wrote: no idea where babe is getting his mtg numbers from but pmts doubling is absolute nonsense. 

Oops I was getting silly again !  I suppose it will only be about a 50% rise based on your numbers from 2.5% to 5-6%.  Still......a very ugly increase that will....and is already affecting the market.
And you may be right....it wouldn't surprise me to see the BOC back off rates once things level off......how could it be any other way......put us right back into the mess we're in now.
 

 

I maintain that it probably depends on which region and especially which province you are referring to.

 

In most regions of QC, for the moment if sales have dropped it is not because the market is no longer good, it is because, as Ferret said, there are not enough House for sale.