BobBob
Senior Member
What do you do with your money? Stocks?
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Will GTA house prices go down?
- Thread starter kgee
- Start date
cuzzin_elias
Banned
If you open a PC Financial savings account you can get over 6% til Nov 30, best bang for your buck right now
Roy G Biv
Senior Member
Part of me thinks stocks are finished, and part of me wants to buy some indices around January/February.
The US is entering the tornado. I think most people who follow the business world predicted that shit would hit the fan in late 2008, and carry on into early 2009. After that, things will improve slightly, and we'll probably see very low economic growth for the next few years.
Everyone knew it would get bad now, and we're still hearing the doomsday scenerios. Back in June, who didn't think a couple of banks would go under? I predict AIG goes belly-up, and this gets worse. It needs to. If the Reserve decides inflation is worth "saving" the economy, and the government continues bail out, the US will pull a Japan.
Canadian banks are in much better shape than American ones. CIBC has probably been hit the hardest by sub-prime. All that being said, bad times in the US will undoubtedly make for some bad times here.
Keep in mind, the real-estate market in Toronto (the West is another story) never really ballooned into a bubble, so predicting -35% has no economical basis: My house has appreciated at around 4-5% over the last 10 years.
daveto
Active Member
On the positive side I think that GTA prices will decrease by less than much of the rest of the country.
However price decreases will derive not just from housing bubble appreciation, but from the present state of global markets and also the eventual end of historically low mortgage costs.
Something that many unsophisticated market observers fail to understand is the true extent of the interrelatedness of today's financial markets. My professional opinion (I work in finance) is that many of the optimists don't appreciate the lack of transparency in modern global financial markets.
Just because an institution doesn't directly participate in the sub-prime market does not mean it is not indirectly exposed to the sub-prime market via one or more degrees of seperation.
I think the issue here has gone far, far beyond Toronto housing prices, and local housing prices will be just another victim of the far ranging developments we are witnessing.
My 2 cents.
However price decreases will derive not just from housing bubble appreciation, but from the present state of global markets and also the eventual end of historically low mortgage costs.
Something that many unsophisticated market observers fail to understand is the true extent of the interrelatedness of today's financial markets. My professional opinion (I work in finance) is that many of the optimists don't appreciate the lack of transparency in modern global financial markets.
Just because an institution doesn't directly participate in the sub-prime market does not mean it is not indirectly exposed to the sub-prime market via one or more degrees of seperation.
I think the issue here has gone far, far beyond Toronto housing prices, and local housing prices will be just another victim of the far ranging developments we are witnessing.
My 2 cents.
monty76
New Member
How are you getting 6% interest on a savings account?
cuzzin_elias
Banned
3.05 on interest account + 3.75% bonus for new customers
monty76
New Member
Are you sure thats how it works? i dont think the 3.75% is a bonus on top of the 3.05% you are already earning, I think its just a promotional rate so you will be getting 3.75% only. I could be wrong though.
6.80% would be crazy.
I think the best deal at this time is canadian tire financial which is offering 4.30% for 3 months and a $20 bonus.
6.80% would be crazy.
I think the best deal at this time is canadian tire financial which is offering 4.30% for 3 months and a $20 bonus.
cabbagetowner
Active Member
you're dreaming.
cuzzin_elias
Banned
look, if I throw you a bone I don't want to know how it taste
monty76
New Member
I dont really know what that means... but if you are actually getting 6.8% i would be grateful to know...
cuzzin_elias
Banned
BobBob
Senior Member
You can go to their site and find out for yourself: http://www.pcfinancial.ca/
The total rate is 3.75%. So, after taxes, you're still below inflation.
The total rate is 3.75%. So, after taxes, you're still below inflation.
cuzzin_elias
Banned
Clearly reading comprehension int your strong suit. As I said, on new accounts the rate is 6.8%
I'll point it out for you haters & simpletons
BobBob
Senior Member
Perhaps not, but I think I easily dominate you when it comes to writing.
Are you actually collecting that rate of interest?
AKS
Senior Member
3. Under the Offer, promotional interest (“Promotional Interest”) is the amount of interest to be paid that is in excess of the regular interest paid on each Eligible Account balance. This means that the Promotional annual Interest rate, plus the regular annual interest rate, on an Eligible Account is 3.75%.
The guy is right, it's 3.75%. CTFS is the best one so far. 3.05+1.25%(3 months)+$20. But if you're not a new customer at CTFS, PC is better currently than CTFS. The promo 3.75% is for regular customers too. I moved my money out of CTFS and moved it back to PC again for the promo. Frankly I don't like PC, they're very slow. But they have the best interest rates right now. I prefer banking with CTFS or HSBC for interest cuz they're so fast at moving your money. PC irks me where I have to put the transfer a day in advance and the money might take 2 days to get into your account.