CANADA YES! Bank of Canada raises rates from 0.5% to 0.75%

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>>133367972
Be sure to thumb the kikecast down

>>133367972
death by anal amerifat snu snu when?

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>>133367972
WE'RE LIVE!!!!!!!

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>>133367972
>>March (916K avg), April (920K), May (863K, -6.2%), June (794K, -8%), August (rumoured sub 700K)
>August (rumoured sub 700K)

PUSH MY FINGERS INTO MY EYES

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"Unknown US policy"

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"Driving with with the rear view mirror"

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"You ease up on the accelerator prior to getting go the red light, although the light could turn green"

- Stephen Poloz, LEAF Central Banker

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>>133369365
>ACTIVATE THE REALITY DISTORTION FIELD
>...THERE'S ALOT OF DATA UP AHEAD

Anyone that bought real estate in the last five years deserves to lose their home.

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>>133369570
>>133369642

"THINGS MOVE FAST"

>>133369748

https://www.youtube.com/watch?v=Ag1o3koTLWM

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"BANG ON"

Poloz & Wilkins fucking confirmed

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>>133369900
THUMB THAT SHIT DOWN

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>>133370098

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>>133370257
thumb that shit down
literally every kike banker/wall st CEO is watching this

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An SS officer is mediating the kike Q&A
>mfw

>>133367972
Good, maybe when our economy crashes all the dumb fucks living here will finally not want to finance the importation of millions of niggers

>>133367972
Sweet Jesus, 25 whole basis points!
Snore. They'll lower it again once the TSX has a sad. Wake me when the crash happens and they start dropping helicopter money.

>>133370098
>>133370257
There's a big ass fire in bc right now, maybe multiculturalism will save them

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>>133367972
Hope our entire country collapses and we can finally be done with this joke of a nation.

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>>133370964
>>133371124
>>133371275
>>133370964
http://www.bankofcanada.ca/multimedia/empire-club-canada-speech-video-08-december-2015/

>NIRP -0.5% or lower
>QE
>Forward Guidance
>Targetted Credit Facilities

>>133370964
to start...

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>>133367972
>Blocks your path

WWYD

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>>133371810

what do i buy that isn't wasteful to protect my money

gold, USD, all cost too much from surcharges when exchanging

>>133371341
So... Exactly what every other developed nation has been doing? With almost zero effect, beyond handing money to the bank?
No trolling, I genuinely don't know quite what you're trying to express. That the economy is fucked? (No shit)

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>>133371810
such hair omg

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>>133372298
Oil prices were higher (high 40s) when he made that speech and basically he was saying that they were ready to try never tried before fiscal policies (ie. CPR) to try to save the economy

Today he's saying everything is fine

What's changed since then?

>nothing

Those red leaf guys are about to get riggity riggity rekt. Eh?

rofl retards you talk to day to day thinking housing prices can never fall

"People will just never sell for less than they bought!"
"Interest rates will never rise!"

EURCAD breaking all supports

godspeed

>>133370098

Did... did he really tweet this?

>>133367972
An increase in the interest rate was inevitable. Here's to hoping over mortgaged people get pushed out of their homes en masse.

>>133369642
I'm selling my place right now. But not everyone that bought a home is going to lose it. Only people that are in the CMHC are at any threat of being thrown out... A bigger possibility is that the interest rate hikes will make people that are already struggling to make mortgage payments default or sell.

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>>133374532
Toronto foreclosures are up 1000% from 200-300 a month to nearly 2500 a month on sales of sub 8000.

BACK TO PAR HERE WE COME

THANKS TRUMP

>>133372651
Narrative changed probably. Some bullshit employment reports, or just general trust-us coming from the US fed.
When the crash comes (soon^tm) we'll see all that novel horseshit in rapid succession, regardless of what they were saying a month earlier.

IS IT A HUGE HAPPENING OR NOT

>>133374730
Well, there you have it. Toronto never had an excuse for being so expensive. They have none of the geographical restraints that Vancouver has. Totally artificial. I don't imagine a crash in Vancouver being catastrophic because regardless of anything we still have an over supply of people and an under supply of homes, with less and less space to build as time goes on. I'd love for a huge drop to happen in fall while I'm looking for a house, but I'm not holding hope for much. While Toronto is falling, Vancouver is up 12% over last year.

>>133374730
Yeah but fuck Toronto and Vancouver. I live in Edmonton and my house price hadn't budged in a decade, it's a very localized bubble. (Thanks China) I'm just going to be pissed when two cities get bailed out at everyone else's expense.

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>>133367972
Economic illiterate here. Can someone spell out to me what exactly is happening, and what this will cause?

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>>133375026
Toronto is crashing yet Poloz didn't say a single word about it. Toronto is the canary in the coal mine for Canadian housing.

Literally 5% of Canada's GDP is Home Renovations. Read that again, Home Renovations. Not construction. Just fucking renovation. ie. people calling up their bank for a home equity loan at 6% to install a new granite-countertop kitchen and appliances at $40K, but who cares because the ensuing house appreciation will be more than $40K...

99% of all consumer spending is based on people tapping their HELOC on their house. The economic growth forecast factors in 1.0% consumer spending growth, which is very minimal.

The housing crash will completely fuck that

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>>133375610
That's weird because from what I remember the genius pill was banned everywhere except AUSTRALIA

>>133375400
The economy is improving and this means that the bank of Canada is raising interest rates... but since a shit load of people are leveraged up the ass on their mortgage, it can make it unaffordable for them and they'll have to sell. In places like Toronto, the home values are decreasing... So people that are over leveraged may have to sell at cost or at a least and walk out of their homes with nothing.

Tl;dr... General economy is doing well enough. Interest rates rise. Makes homes unaffordable for dumb idiots. They have to dump their homes on the market or be foreclosed. Cheaper homes for you, economic ruin for them.

This should all be in full swing by fall. Go liquid on your assets and see what happens.

>>133375346
If your home price hasn't moved, you probably don't have a local bubble and you probably don't have anything to worry about. If you have more than 20% into your mortgage, you'll be good anyway.

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ONLY ONE OF YOU IS GETTING TO STAY ON THIS PLANE

>food
>rent

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>>133375963
Economy is not doing well. Look at the job reports. It's all part-time jobs and it's primarily senior women over 55, does that sound like a health economy? Grandma has to go out and work shifts at McDonalds/Wendys/Tim Hortons to pay her hydro bill?

People are giving up on job searches or going ex pat, and people are refusing to work for shit-tier Canadian wages. Poloz even mentioned the "young people leaving the workforce"/NEET meme in his speech

In their place they're importing 750,000+ unskilled shitskins a year for votes.

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>>133375782
Australia needs the genius pill just to try to break even with the rest of the world. It takes a special kind of stupid to lose a war with birds.

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>>133375963
>The economy is improving
>General economy is doing well enough

HOW MUCH DRUGS ARE YOU ON

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>>133376100
On average Canadian house prices are up 300% in 15 years despite wages staying flat.

If you bought with 20% down in Toronto this year you're wiped out already. Banks can and do call in mortgages (ie. you bought a $1M house with $200K down. Your house is now worth $800K on a $800K mortgage. Bank can call and demand $160K to bring your Loan to Value back down to 80% or they foreclose on you).

They can do this at any time

>>133376365
We're moving lots of product here at the port. If things are good here, the suggestion is that it's good elsewhere.

>>133377087
DO YOU DO LINES AS YOU ARE TYPING THIS BULLSHIT OR AS A REWARD FOR AFTER.

>>133376897
Buying in the last year would have been the worst decision anyone could have made. Here in Vancouver, for example, a friend of mine has gained a million dollars on his assessed value in just 2016. He bought the place six years ago forn $800k, now it's worth $2.8 million. Lots of people are going to get fucked if they don't bail out immediately.

>>133377245
Port activity isn't an indication of economic activity? Well shit.

>>133377392
u type like a perception management fag

>>133375400
The BOC prime lending rate has increased by 25 basis points. This increases the cost of borrowing money. If you have a variable rate mortgage you can barely afford on an overpriced home you purchased at peak home prices you may have to default on your payments and have no home equity to show for it.

>>133377329
That's the problem with housing bubbles; when they burst, prices crash horrifically as people rush for the exits and buyers don't want to catch a falling knife.

You can't short a house or hedge either, as you can with most other asset classes.

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EIA weekly import data to come in in 2 mins, expect USDCAD/WTI to move

>>133377543
You just type like a fag.

it need to crash really bad

>>133368566
>>March (916K avg), April (920K), May (863K, -6.2%), June (794K, -8%), August (rumoured sub 700K)

what do those numbers mean?

t. programmerfag

>>133377887
>7887

THOTHIAN SORCERY

>>133377981
WHAT'S 917K MINUS 700K

...THE NUMBER YOU GET IS HOW BAD YOUR ASS GOT FUCKED. A 216K ASSFUCKING

>>133377636
I have a feeling that people are still euphoric. A unit in my building was on sale for way too much money and it was swarming with people carrying portfolios. There has been a bidding war and they'll probably sell it for $300k more than they bought it for. I'll throw my place on the market in the next week and we will see what I can do. Either way, I'm taking my money and running.

>>133378102
*SINCE MARCH. A 217K ASSFUCKING SINCE MARCH.

>>133376897
Ex banker here, I was low level but there was nothing in the mortgage docs about this. Maybe on the cmhc end? Are you thinking commercial real estate?me Also would the bank want to foreclose at a loss? They want their revenue stream, the security is just to satisfy regulations and prevent default.

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>>133377981
Programming is an incredibly degrading job that offers 0 job security and is the vocation most plagued by ageism by a far margin. You are not respected at any normal company. Every day, some Alpha who probably does nothing at his job except get his secretary to suck his dick in his corner office cucks you into doing random bitch work, and then yells at you when it's not done by the deadline despite it being impossible to complete the work requested. Not only that, the code rarely works, your co-workers are Indians brought in by Tata Consultancy who will replace you for half the salary and you have to train them to get your $500 severence, and the work never, ever ends. You pollute your body with the caffeinenated jew, deprive it of sleep, and let it rot while you sit the majority of the day, neglecting any healthy exercise, social interaction or life goal attainment.

It's like a postal worker, but coupled with feelings of loneliness, helplessness and total hopelessness. Programmers are too depressed to go postal, a sad state of affairs. After dentists, programmers have the highest rates of mental disorders, especially depression and suicide.

It gets worse. Women, when they hear you are a programmer, instantly reject you. It is far better to tell a woman you are on welfare than to out yourself as a computer programmer. It's highly embarrassing for a woman to associate with a programmer, as everyone knows they are the grown up version of the hopeless virgin in high school. One who never really grew up and became normal and fit into society, but rather found an environment where he could escape the reality of his situation and be invisible, able to hide the toxic shame and utter humiliation that is the programmer.

Programming's father, Alan Turing, killed himself with cyanide because he was a programmer. Programmers, why haven't you taken the cyanide pill and quit programming and turned to a respectable and productive profession to better society?

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IMAGINE BEING DICKED DOWN TO THE TUNE OF 217K ON AVERAGE SINCE MARCH.

NO LUBE

>>133378352
That's some good pasta.

>>133378375
Your assumption is that they bought the place for that much with absolutely nothing into it. Say they bought it for $714k with $200k into the down payment. They'd be fine.

>>133377581
One quarter percent, Anon. Almost noone is retarded enough to take a variable mortgage if a swing that small will break them, and almost no bank will let them. If rates go back up to 5-6% then yeah. Small swings can fuck things up in other ways though.

>>133378291
Falls under the "we can do whatever the fuck we want" section of the Big 5 legal disclaimers they have clients sign for anything.

>IT''LL GO UP IN VALUE EVERY DAY THEY SAID
>HAVE TO BE DUMB NOT TO BUY IT, THEY SAID
>FREE MONEY ANON.

AAAND IT'S OVER

>>133378694
Yeah, it's basically nothing... but they're supposed to be increasing it incrementally so it may get up to 5% in a few years and that would absolutely liquefy the asses of some bozos. If you have personal debt, get rid of it. If you have property assets, liquidate them. I think we will have a clear picture by fall.

>>133378658
>bought for 714K
>2017

Average prices were 920K in April just 60 days ago. Average in June was 794K. That's -$2,100 a day or nearly 14% in 60 days and prices are dropping even faster this month

Sales are collapsing and New Listings are skyrocketing

>>133367972
WE'RE GOING DOWN DOWN IN A AN EARLIER ROUND
AND TRUDEAU IS STANDING THERE SMILING

>>133375610
God I can't wait. Where will the Chinks go

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>>133378694
>>133379025
0.5 to 0.75 is a 50% increase. Do you even math?

>>133379283
They're largely in Vancouver

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WHEN CANADIANS ACTIVELY DENY REALITY IN 4CHAN THEY MUST GET SOME KIND OF CATHARSIS.

>TFW YOU CANNOT MERELY SAY THE AVERAGE HOME DIDN'T DROP 217K SINCE MARCH AND HAVE IT NOT HAPPEN
>TFW REALITY CONTINUES UNABATED

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>>133380780
>>133380813
>>133380855

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>>133380994

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>>133380994
That's a big wave

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>>133367972
this bread is too intelligent for /pol/

>>133377087
Thanks for the info, ignore the other dude. I find this perspective interesting at least.

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Bye bye fiat

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>>133381563
PICK THE VERSION OF FINANCIAL REALITY THAT FITS BEST WITH YOUR DELUSIONS, LIKE IN CANADA.

>TFW THNKING ABOUT HER DICK AS ENSHRINED UNDER CANADIAN LAW
>IT'S A FEMALE DICK
>ERGO NOT GAY
>TFW MY HOUSE IS UP MINUS 217K SINCE MARCH.

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>>133381846

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>>133381846
>3.17 MB
it's time to stop

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>>133382422
>>3.17 MB

YFW CANADIANS CAN'T EVEN AFFORD TO CLICK THAT PIC. ROGERS DATA IS THAT EXPENSIVE.

>>133373459
No, but it's funny

>>133368566
Didn't the US not increase rates for almost a decade?

>>133375248
>Toronto never had an excuse for being so expensive. They have none of the geographical restraints that Vancouver has. Totally artificial.
this is not how cities work my man. not only is the GTA constrained by the green belt and agricultural lands which prevent further sprawl, but you can't expect everyone to commute 2hrs from barrie to work in toronto. cities work best when condensed. toronto's issue is that it's actually not dense enough, they need more midrise across the city as you'll find in other major cities like tokyo or paris. the reason it's so expensive is because there are a lot of people who want to live there for various reasons.