Bank of Canada annouces 3 more rate hikes before 2023

[finnys_fanatsy]

100k in the early 80s was a lot more than it is now too though.

[butch]

vehicle lease rates and manufacturer incentives seem to be getting a little bit better . I mainly pay attention to honda/toyota in this regard though .

1 year left on my crv lease so I'm hoping to see it inch down to 3 % . best current rate is 4.49 (loyalty rate)

[Belexus75]

vehicle lease rates and manufacturer incentives seem to be getting a little bit better . I mainly pay attention to honda/toyota in this regard though .

well car rates are controlled by dealerships no matter what they tell you, mortgage is controlled by banks only. Dealerships are thieves, i had situation where i had to buy a car in October, i ended up getting Rav 4. It had 200km on it. I wanted new, they told me this is all they had. Going rate at the time was 6.25 but because this car left the lot and came back i had to buy it as used car and my rate when up to 9.75...ridicules money grab by them.

but in general im of the opinion that once first rate drop happens, things will open up. i dont think we need radical drop, we just need things to start going in the right direction.

[doulos]

There was a 1.1% spread between variable and fixed when I had to reup just as rates were rising. I did the math on it and figured I would come out ahead if rates started coming back down this summer. Looking like there is a decent chance of that happening!

At some point I really should go back and recalculate how I actually have done compared to the fixed rate I was offered.

[J0e Th0rnton]

If you look at rates historically they were unsustainably/historically low before all this happened. I'm getting screwed on this myself, but it was never realistic to expect rates to stay that low forever.

It's the rent jump that's really mind blowing. 2 bedrooms in really nice apartments were only $1350 7 years ago, now they go for $2500

I'm watching all my renting friends suffer and wishing something will change

[Belexus75]

It's the rent jump that's really mind blowing. 2 bedrooms in really nice apartments were only $1350 7 years ago, now they go for $2500

I'm watching all my renting friends suffer and wishing something will change

and instead of making current housing more affordable by implementing some rules, Canadian government is trying to put millions in pocket of rich to construct more “affordable” (meaning tiny or unaffordable) housing…

[GretzkysMullet]

and instead of making current housing more affordable by implementing some rules, Canadian government is trying to put millions in pocket of rich to construct more “affordable” (meaning tiny or unaffordable) housing…

I'm no apologist for the current government, but what exact rules are you proposing? Do anything that gets in the way of current property owners' ability to make a profit and you will have people screaming bloody murder. That's not going to change as long as housing is treated as an investment vehicle instead of a basic human right, and certainly won't with a different government.

[doulos]

and instead of making current housing more affordable by implementing some rules, Canadian government is trying to put millions in pocket of rich to construct more “affordable” (meaning tiny or unaffordable) housing…

This one is tricky. Housing really is a provincial area and yet even still the feds (who I can't stand either) have at elast attempted some things lately. Further, even if the housing that is being built is not what you wuld consider affordable, it will still impact the market and bring down housing costs.

Truthfully though this is a really tricky thing to handle. If you like this topic I'd invite you to take a listen to the Missing Middle podcast. Mike Moffatt knows a TON about the topic of housing and it's a good podcast that covers the topic quite a bit.

[Belexus75]

I'm no apologist for the current government, but what exact rules are you proposing? Do anything that gets in the way of current property owners' ability to make a profit and you will have people screaming bloody murder. That's not going to change as long as housing is treated as an investment vehicle instead of a basic human right, and certainly won't with a different government.

for years profit in many walks of life meant 10-25%. By charging double the rent it used to be just 2-3 years ago landlords are gauging. This will Chang at some point naturally as doulus has described but I’m sure there is measures government could take to fix this faster. How exactly? If I knew the answer myself I would not be on hockey forums

in Ontario you can see this shift in restaurants… for over a year we paid about 50% more than year prior to that and volume of costumers dropped.. I take clients out quite often and in last 3 months prices have dropped quite a bit.

[GretzkysMullet]

for years profit in many walks of life meant 10-25%. By charging double the rent it used to be just 2-3 years ago landlords are gauging. This will Chang at some point naturally as doulus has described but I’m sure there is measures government could take to fix this faster. How exactly? If I knew the answer myself I would not be on hockey forums

in Ontario you can see this shift in restaurants… for over a year we paid about 50% more than year prior to that and volume of costumers dropped.. I take clients out quite often and in last 3 months prices have dropped quite a bit.

Yeah but consumers can choose not to go out to restaurants, you can't choose not to live anywhere (or at least not without significant hardship). There is a shortage of rentals available generally and vacancy rates are low, which means market value is higher than it should be. Blame AirBnB, blame a shortage of stock, blame whatever you want but no one is going to charge less than they can get away with for rent (or the price on the sale of a property either) and given that housing is a necessity the demand isn't going anywhere.