2697 replies to this topic

[MarkoJ]

We will beat last year.....insane.

 

Mon Nov 27, 2017:

 

Nov Nov

2017 2016

Net Unconditional Sales: 574 599

New Listings: 733 786

Active Listings: 1,813 1,815

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[Mike K.]

To best expected given the January 1st stress test, I'd say. December is also highly likely to beat last December.

[MarkoJ]

Victoria Real Estate Board

Fri Dec 1,  2017:

 

 Nov Nov

 2017 2016

Net Unconditional Sales: 671 599

New Listings: 843 786

Active Listings: 1,764 1,815

 

Please Note

 

Left Column: stats for the entire month from this year

Right Column: stats for the entire month from last year

[rjag]

Do you think that little bump in sales was to do with the new rules coming Jan 1st?

[Mike K.]

For sure it does, as does the drop in listings.

It’s slim pickings out there.

[MarkoJ]

Do you think that little bump in sales was to do with the new rules coming Jan 1st?

 

Yes, this was the only month that is up YOY.

[tjv]

It makes me wonder whats going to happen in 2018.  I made some calls this week and there is no sign of construction slowing down, although prices seem to have leveled off for the most part

[MarkoJ]

Mon Dec 4, 2017:

 

Dec Dec

2017 2016

Net Unconditional Sales: 60 471

New Listings: 46 392

Active Listings: 1,704 1,493

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[tjv]

I had a friend who was renewing their mortgage this month, staying with the same bank, well more than 20% equity and the bank was putting them thru the stress test ahead of the Jan 1 deadline

[Mike K.]

Geez. What would have happened if they didn't pass?

[tjv]

lol, they are *&^%$#

[Mike K.]

I thought if you were renewing you wouldn't be faced with the stress test?

[VicHockeyFan]

I had a friend who was renewing their mortgage this month, staying with the same bank, well more than 20% equity and the bank was putting them thru the stress test ahead of the Jan 1 deadline

 

Your friend's bank sucks.

Edited by VicHockeyFan, 04 December 2017 - 10:32 PM.

[tjv]

^haha, and you think all banks aren't the same?

 

Mike, as for renewing I don't know, all I know is my friend is staying with the same bank, renewing before the Jan 1 stress test deadline and they are putting him thru a stress test

[Mike K.]

Ah, I believe imagine your friend refinanced if he was put through the stress test.

 

Which makes sense. And quite frankly who wouldn't want to get an extra $100k in cash at 3% if they can get it?

[tjv]

That could be, I really don't know the full stress test rules.  I was under the impression if you have more than 20% equity, stay with the same bank and finalized everything before Jan 1 that it didn't apply. 

 

So it applies to refinancing, but not straight mortgage renewals before Jan 1?

[Mike K.]

As far as I know, yes. If you're refinancing you're taking on more debt so that will trigger the stress test. I can see the bank's side of the equation when you're looking to lock in another mortgage term but also want to wring some equity out of the deal.

[tjv]

makes sense, but so does the stress test in general to ensure we don't have a US style melt down

[LeoVictoria]

That could be, I really don't know the full stress test rules.  I was under the impression if you have more than 20% equity, stay with the same bank and finalized everything before Jan 1 that it didn't apply. 

 

So it applies to refinancing, but not straight mortgage renewals before Jan 1?

 

As far as I know straight mortgage renewals are not affected even after Jan 1.   What will trigger it is refinancing or switching lenders.

[MarkoJ]

As far as I know straight mortgage renewals are not affected even after Jan 1.   What will trigger it is refinancing or switching lenders.

 

Is there any data out there on what the spread is between a standard rate offered at renewal and the best possible rate available? i.e., how much are you getting shafted doing a straight renewal if the existing bank if you cannot pass the stress test switching to a different lender?