Money

[Weldangrind]

Originally Posted by Jim

The low interest rates are definitely nice, but I bet they're on the way back up, I know they've come back up some since their low. Although the prime rate hasn't changed...

The Bank of Canada said that the rate will go up in June. Economists say that has never happened before.

[TurboT]

Originally Posted by Weldangrind

The Bank of Canada said that the rate will go up in June. Economists say that has never happened before.

That's because the BOC is trying to prepare folks that their about to get screwed so be ready for it. I think housing, fuel, and taxes are the only thing inflationary but the real estate is getting so high they feel they need to do something..however all of us with mortgages are now going to be in for some pain. I'm expecting mass forclosures like what happened in the US, only 2 years later.

[Weldangrind]

Now's a really good time for a blend and extend, especially if you're currently locked in over 5%.

[Jim]

Yes, a few weeks ago would have been better though... I've got about 3.5 years left, but the blend and extend won't help me, so hopefully when time comes for a new one the rates won't be too high... Maybe it will be time to move by then, who knows...

Hmm, actually considering I did a blend and extend not long after I got my mortgage, maybe it is more like 4 years left.

[TurboT]

Originally Posted by Weldangrind

Now's a really good time for a blend and extend, especially if you're currently locked in over 5%.

I'm of mind to think a lower rate at variable is normally the better option in most instances. The rate has to go up a whole crapload over the term to get close to where the lock in rates are. The only concern is a massive upswing in rates, which may or may not be coming. :S

[Jim]

I just don't like how you end up then not locking in at what the rates could have been, but whatever they go to. Grated I could be paying well less then prime right now instead of 4.9%, but oh well...

[Jim]

More on Canadian border security, self serve admittance to Canada, http://www.globaltvbc.com/entertainm...696/story.html

[TurboT]

Just some shocking photos and a guess/quiz of 1 million + Real Estate in the city of Vancouver. Disgusting really.
http://www.crackshackormansion.com/original.html

[Jim]

Nice. I wonder when the expensive real estate prices are going to start running businesses out to the suburbs where real estate is ... "affordable", that could cut down on commuting for a lot of people. There was a Two and Half Men rerun on yesterday where Alan and Charlie were both going in to Alan's office in the morning rush hour... Charlie said something along the lines of "people drive to work at 8 miles an hour everyday?, I'd kill myself. Why don't the people going that way switch jobs with the people going the other way"... It makes sense, if you don't factor in that you would have to likely live in a million plus dollar crack shack.