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  #661  
Old 03-13-2020, 02:48 PM
carlson carlson is offline
 
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Originally Posted by Justfishin73 View Post
Bank of Canada cuts another 50 bps, of course my mtg setup for three years
perfect I just resigned my early renewal last month....
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  #662  
Old 03-13-2020, 03:23 PM
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HSBC currently has a 3 year fixed rate at 1.99%. I am thinking that might be hard to beat, but who knows things might go down even more.
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  #663  
Old 03-13-2020, 03:58 PM
Pathfinder76 Pathfinder76 is offline
 
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Didn't see that close coming.
Laughing! Iím not sure anyone knows what is coming. But that doesnít stop everyone here from thinking they do.
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  #664  
Old 03-13-2020, 04:34 PM
srs123 srs123 is offline
 
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This is great. Alberta I heading into another recession. We can't catch a break.
I guess maybe it is time to move
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  #665  
Old 03-13-2020, 04:39 PM
fishnguy fishnguy is online now
 
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Originally Posted by chuck View Post
Laughing! Iím not sure anyone knows what is coming. But that doesnít stop everyone here from thinking they do.
Lol. I agree with that. However, I think someone finally knocked some sense into the mr president to take action. Then they leaked the rumour about the national emergency to be put in place early in the morning to keep it at a level and not long before closing, they went for the conference and the index shot up. It was very well planned and I think whoever did the planning deserves the credit.

I think there would be another slump if they started the conference earlier because they could not give any sensible answers about testing and availability of test kits. Trump kept dodging the questions about him taking/not taking the test and having/not having the symptoms/virus to the point that he stopped making any sense eventually (on the last question about it).

They are planning to do the same on Sunday evening (appears to be an obvious strategy now, no?) to give it another bump on Monday. Personally, I donít think it will work, but we will see.

If the administration acted accordingly from the beginning, as any administration should, we may have seen a more gradual drop and less panic selling when that drop occurs. I think we will still end next week with a net minus.

This index is Trumpís pride and glory. He will say/do anything to try and keep it afloat. If anyone watched the conference, they should have noticed something else he did that he usually doesnít: he kept asking the reporters to ask people around him instead of his mighty self. Someone probably finally convinced him that the more of his ďfluĒ nonsense he talks, the worse it is.

He also probably understands that he will not be re-elected if things are heading where they seem to be, even if Joe forgets his name before the election.

I could absolutely be wrong about all of it, lol.
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  #666  
Old 03-13-2020, 06:00 PM
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Quote:
Originally Posted by Justfishin73 View Post
Bank of Canada cuts another 50 bps, of course my mtg setup for three years
I'm up for renewal in June, Scotia has been hounding me for the last month to renew early. I keep telling them that I'm waiting for their rates to drop like BOC. So far they are 50 pts behind. I expect they may change their tune in another month or two. Figure a 3 year fixed needs to be under 2%.
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  #667  
Old 03-13-2020, 06:39 PM
KinAlberta KinAlberta is offline
 
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Originally Posted by Twisted Canuck View Post
I'm up for renewal in June, Scotia has been hounding me for the last month to renew early. I keep telling them that I'm waiting for their rates to drop like BOC. So far they are 50 pts behind. I expect they may change their tune in another month or two. Figure a 3 year fixed needs to be under 2%.
If the bubble bursts in TO and Vancouver expect some sort of taxpayer paid bailout. Maybe keep a watch out for that.

Even though Iím totally against bailing out any mortgage holders post the wake up call of the global financial crisis, I expect there will be one in Canada so it would be nice if some of the money flowed to Alberta.
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  #668  
Old 03-13-2020, 06:56 PM
elkhunter11 elkhunter11 is offline
 
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So what will the feds do next week to try and prop up the markets? After the rate cuts and money committed to this point, what is there left for them to do next week? The DOW, and TSX are going to have to survive on their own at some point.
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  #669  
Old 03-13-2020, 08:24 PM
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Not market related but I had a son last night so thatís positive, The foothills hospital in Calgary isnít overrun by sick people and people seem to be taking precautions. Once the panic is over there ought to be some stability.
Congrats man! That is the absolutely BEST news any man can get! Wishing your son lots of health and luck in his life! Congrats to you and your wife!
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  #670  
Old 03-13-2020, 10:45 PM
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Originally Posted by elkhunter11 View Post
So what will the feds do next week to try and prop up the markets? After the rate cuts and money committed to this point, what is there left for them to do next week? The DOW, and TSX are going to have to survive on their own at some point.
Maybe they will let us write off our losses 100% against income on our taxes for the next 7 years....I'd really appreciate that. Other than that, I got nothing.....
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  #671  
Old 03-13-2020, 10:51 PM
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Originally Posted by carlson View Post
perfect I just resigned my early renewal last month....
If it is still early renewal, as in not past the actual renewal date, ou can renegotiate. Early renewal is not binding ad mist banks will give you the lower rate with no problems if you ask.
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  #672  
Old 03-13-2020, 10:52 PM
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Originally Posted by Twisted Canuck View Post
Maybe they will let us write off our losses 100% against income on our taxes for the next 7 years....I'd really appreciate that. Other than that, I got nothing.....
You already can write off losses forever going forward.
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  #673  
Old 03-13-2020, 11:00 PM
flyrodfisher flyrodfisher is offline
 
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You already can write off losses forever going forward.
only against gains....
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  #674  
Old 03-13-2020, 11:12 PM
fishnguy fishnguy is online now
 
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Originally Posted by Dean2 View Post
If it is still early renewal, as in not past the actual renewal date, ou can renegotiate. Early renewal is not binding ad mist banks will give you the lower rate with no problems if you ask.
Interesting. Thanks for the post, Dean. Any place where I can read about it? It was an early renewal for me a couple of months ago.
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  #675  
Old 03-13-2020, 11:20 PM
HunterDave HunterDave is offline
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Originally Posted by Dean2 View Post
If it is still early renewal, as in not past the actual renewal date, ou can renegotiate. Early renewal is not binding ad mist banks will give you the lower rate with no problems if you ask.
Itís been a while but donít they offer a blended rate if itís an early renewal? (ie. your rate + the current rate divided by two to get an average of the two)
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  #676  
Old 03-14-2020, 07:28 AM
Athabasca1 Athabasca1 is offline
 
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Originally Posted by elkhunter11 View Post
So what will the feds do next week to try and prop up the markets? After the rate cuts and money committed to this point, what is there left for them to do next week? The DOW, and TSX are going to have to survive on their own at some point.
I watched the useless PM giving his update yesterday in front of Rideau Cottage. His statement "We are in a position with significant fiscal firepower". this coming from the same clown that stated that budgets balance themselves.

I then watched the minister of finance, the Bank of Canada governor and the Federal Banking Regulator deliver their joint press statement. Two days ago the finance minister stated that the budget would be presented March 30, yesterday he made no commitment as to when the budget would be presented.

The deficit will be astronomical but the minority government will ram it through with the support of the the Bloc and NDP as long as they both get every handout they can envision.
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  #677  
Old 03-14-2020, 08:53 AM
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Fin Post article and video on the coming recession and why this is different than the GFC.

https://business.financialpost.com/n...ession-feature
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  #678  
Old 03-14-2020, 08:53 AM
KinAlberta KinAlberta is offline
 
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Quote:
Originally Posted by flyrodfisher View Post
only against gains....
And that might take forever


If you invest in the markets expect volatility.
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  #679  
Old 03-14-2020, 09:51 AM
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Quote:
Originally Posted by Dean2 View Post
You already can write off losses forever going forward.
Exactly. Meaning they will do nothing. I probably should have said that differently.
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  #680  
Old 03-14-2020, 05:55 PM
tranq78 tranq78 is offline
 
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Originally Posted by ab_hunter View Post
HSBC currently has a 3 year fixed rate at 1.99%. I am thinking that might be hard to beat, but who knows things might go down even more.
That's a really good rate.
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  #681  
Old 03-14-2020, 05:57 PM
tranq78 tranq78 is offline
 
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Originally Posted by slough shark View Post
Not market related but I had a son last night so thatís positive, The foothills hospital in Calgary isnít overrun by sick people and people seem to be taking precautions. Once the panic is over there ought to be some stability.
Congratulations! Birth of a child is the best day of any parent's life.
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  #682  
Old 03-14-2020, 06:10 PM
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Originally Posted by tranq78 View Post
That's a really good rate.
Just don't deposit more than u can get covered by CDIC insurance. HSBC is not in great shape, that is why the high rate on the gic.
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  #683  
Old 03-14-2020, 06:30 PM
tranq78 tranq78 is offline
 
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Originally Posted by Dean2 View Post
Just don't deposit more than u can get covered by CDIC insurance. HSBC is not in great shape, that is why the high rate on the gic.
Hi Dean, that's the mortgage rate.

CDIC is nice and I sincerely hope no one has to use it. Collecting on it will take a long time.

But yes be wary of financial institutions offering high rate GICs. A friend in Toronto tried to redeem his Home Capital cashable GIC when the company got into trouble a few years ago (they offered a higher rate than the Big 6 banks, what could possibly go wrong). He was told all trading in Home Capital GICs was stopped so he couldn't get his money back. He was going to have to wait in line to get his principal back, fortunately Warren Buffet bailed the company out.
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  #684  
Old 03-14-2020, 10:15 PM
fishtank fishtank is offline
 
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Cool

Letís hope this work
https://www.washingtonexaminer.com/n...-day-of-prayer
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  #685  
Old 03-14-2020, 10:38 PM
KC1 KC1 is offline
 
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Google Banner of truth
A Christian response to coronavirus
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  #686  
Old 03-15-2020, 05:00 AM
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Oh I should of mentioned this site is great if anyone is looking to compare mortgage rates for a new mortgage or renewal: https://www.ratespy.com

On another note, anyone considering buying Suncor stocks? Seems like a good buy right now. Warren Buffet must own it for a reason.
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  #687  
Old 03-15-2020, 08:38 AM
fishtank fishtank is offline
 
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Originally Posted by ab_hunter View Post
Oh I should of mentioned this site is great if anyone is looking to compare mortgage rates for a new mortgage or renewal: https://www.ratespy.com

On another note, anyone considering buying Suncor stocks? Seems like a good buy right now. Warren Buffet must own it for a reason.
Could buy itís below $20....would be long term investment Given the market condition would be adding CNRL and Suncor to the rrsp portfolio.


Ps any company that has not issue a new profit warning will be announcing it soon, i think everyone is effected by this coronavirus. I would wait til first Q report before entering maybe late May.

Last edited by fishtank; 03-15-2020 at 08:46 AM.
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  #688  
Old 03-15-2020, 09:01 AM
Pathfinder76 Pathfinder76 is offline
 
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Originally Posted by HunterDave View Post
Itís been a while but donít they offer a blended rate if itís an early renewal? (ie. your rate + the current rate divided by two to get an average of the two)
No.
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  #689  
Old 03-15-2020, 03:17 PM
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Fed just cut rates to zero.
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  #690  
Old 03-15-2020, 03:24 PM
fishnguy fishnguy is online now
 
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Yep.

Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program
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