• Last Updated:
  • Dec 15th, 2017 8:16 pm
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365 replies
Penalty Box
Aug 11, 2005
3447 posts
903 upvotes
Rate hikes are good for the economy. It will be fun to see who was leveraged to the edge and and was swimming without pants
[OP]
Deal Addict
Feb 22, 2011
1888 posts
1701 upvotes
Toronto
Luckyinfil wrote:
Sep 1st, 2017 9:01 am
Rate hikes are good for the economy. It will be fun to see who was leveraged to the edge and and was swimming without pants
Yea I couldn't care less who over extended themselves I am just curious when the hike will happen.
Deal Addict
Dec 27, 2006
1126 posts
292 upvotes
rjg4235 wrote:
Sep 1st, 2017 8:39 am
With recent GDP numbers I am assuming another rate hike is almost guaranteed, when would it likely happen? Would they do it as soon as next week or wait till October?

http://business.financialpost.com/news/ ... -quarter-2

Chances of a rate hike as early as next week climbed to 37 percent from around 20 percent before the data, while investors see a nearly 90 percent chance of a hike by October, data from the overnight index swaps market showed. BOCWATCH


https://ca.reuters.com/article/business ... B1U1-OCABS
Member
Jul 3, 2007
487 posts
540 upvotes
Luckyinfil wrote:
Sep 1st, 2017 9:01 am
Rate hikes are good for the economy. It will be fun to see who was leveraged to the edge and and was swimming without pants
90% of Canadians......biggest debt whores in the world
Deal Addict
Oct 7, 2007
3164 posts
742 upvotes
I have only recently realized that I think a lot more Vancouverites are eating into their home equity than previously realized. I know I am naive but I can't believe the kind of cars and vacations people take when some of these people that you meet don't really seem to work that much. That would be beyond my comfort zone but I guess I am old-fashioned.
Deal Fanatic
Dec 11, 2008
7506 posts
543 upvotes
Eh, sure the mortgage goes up but we plan to be mortgage free before we renew. Might get pushed back a few months though...

Is it best to get a HELOC instead and have no mortgage and just pay the HELOC off? I'm talking like $25k mortgage at the time of renewal.
Sr. Member
Jul 27, 2017
506 posts
140 upvotes
GTA
joepipe wrote:
Sep 1st, 2017 9:16 am
90% of Canadians......biggest debt whores in the world
+1 borrow, borrow & borrow to pay the debt. What goes around comes around

With the current 2.95% bank prime is nothing compared to when it hits 3% inching to 5%...then people will be jumping out of windows, locking up their property

https://www.ratehub.ca/prime-mortgage-rate-history
[OP]
Deal Addict
Feb 22, 2011
1888 posts
1701 upvotes
Toronto
porticoman wrote:
Sep 1st, 2017 11:28 am
+1 borrow, borrow & borrow to pay the debt. What goes around comes around

With the current 2.95% bank prime is nothing compared to when it hits 3% inching to 5%...then people will be jumping out of windows, locking up their property

https://www.ratehub.ca/prime-mortgage-rate-history
People will be fine, stop worrying so much
Newbie
Jun 7, 2017
73 posts
40 upvotes
Just wondering what you all think. People need houses, and high interest rates discourage buying/mortgages, but rates are really low right now. Would nudging these low rates up spur buying? If I was thinking of buying, I would want to get in at these low rates now.
Deal Addict
Jan 20, 2016
1435 posts
554 upvotes
Houston, TX
porticoman wrote:
Sep 1st, 2017 11:28 am
+1 borrow, borrow & borrow to pay the debt. What goes around comes around

With the current 2.95% bank prime is nothing compared to when it hits 3% inching to 5%...then people will be jumping out of windows, locking up their property

https://www.ratehub.ca/prime-mortgage-rate-history
So far we're not even back to 2011-2014 level (which was 1.0%), when house prices in GTA showed quite steady growth year over year.

And I do not recall
people jumping out of windows, locking up their property
Make the Trudeau drama teacher again!
[OP]
Deal Addict
Feb 22, 2011
1888 posts
1701 upvotes
Toronto
Jungle wrote:
Sep 1st, 2017 1:05 pm
50% chance now rates going up next week.. http://www.bnn.ca/loonie-hits-two-year- ... 0-1.844901

Jobs and inflation report is to watch closely before this BOC meeting.
I don't know how to feel about this. On the one hand increased cost of borrowing sucks for me because I have a lot of debt. On the other hand it means the economy is doing well which will benefit me in other ways and investments.
Deal Addict
May 31, 2007
4446 posts
1546 upvotes
rjg4235 wrote:
Sep 1st, 2017 1:06 pm
I don't know how to feel about this. On the one hand increased cost of borrowing sucks for me because I have a lot of debt. On the other hand it means the economy is doing well which will benefit me in other ways and investments.
I think you'll be fine with you Air bnb cash flow to service debt.

However a lot of people on the edge will be affected the most.
Sr. Member
Jan 17, 2006
617 posts
339 upvotes
Toronto
I don't know anybody among my circles who is worried about rate hike, especially about .25 hike, so I will not see those who is struggling with it, but I would not enjoy that scene anyways.
I myself locked my debt for 5 years with 2.64% rate. I look forward to better economy and better opportunities.

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