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sharp drops in Vancouver, Toronto housing markets - chairman - 07-27-2016
OSFI tells some banks to test for sharp drops in Vancouver, Toronto housing markets
Re: sharp drops in Vancouver, Toronto housing markets - chairman - 07-27-2016
Some of Canada's banks must stress test their ability to withstand a 50 per cent drop in housing prices in Metro Vancouver area and a 40 per cent drop in the Greater Toronto Area, the country's banking regulator says.
The Office of the Superintendent of Financial Institutions also said Tuesday that the banks must all test for a 30 per cent downturn in valuations for all other areas of the country.
The OSFI said the test doesn't apply to the Big Six banks and HSBC. An OSFI spokesperson said the regulator and the Bank of Canada work together to conduct "regular macro" stress tests on the Big Six banks, which also do their own internal testing.
Re: sharp drops in Vancouver, Toronto housing markets - chairman - 07-27-2016
The sharp increases in Vancouver home prices have prompted several responses at the municipal and provincial levels. Earlier this month, the B.C. government said it will give the City of Vancouver the powers it needs to implement an empty home tax.
On Monday, the province introduced legislation that would add a 15 per cent property transfer tax for foreign nationals buying real estate in Metro Vancouver.
Re: sharp drops in Vancouver, Toronto housing markets - chairman - 07-27-2016
sell sell sell
Re: sharp drops in Vancouver, Toronto housing markets - chairman - 07-27-2016
Buy in Stoney creek
Re: sharp drops in Vancouver, Toronto housing markets - Nargis - 07-28-2016
you can sell your current home for a large sum but chances are you wont get back the size for the same price you sold for.
the govnmt needs to step in and put a stop to these ppll that just think offering a 1milliion dollars of asking price is okay to do~! the common hardworking family person CANNOT afford homes if this keeps up! >
> >
Re: sharp drops in Vancouver, Toronto housing markets - ketchim - 07-28-2016
Sell
go and rent cheap
wait
then buy back your old house at half the price.
No charge advice.
Re: sharp drops in Vancouver, Toronto housing markets - mapoui - 07-28-2016
however the situation is not dire... the real state of the market is good still. yet nutten las' forever
http://www.cbc.ca/news/business/canada-banks-mortgage-1.3643793
Quote:Canadian banks could survive a 25% house price decline, Moody's says
Re: sharp drops in Vancouver, Toronto housing markets - chairman - 07-28-2016
sell and move to sudbury
Re: sharp drops in Vancouver, Toronto housing markets - mapoui - 07-28-2016
[quote author=The Chairman link=topic=105472.msg705818#msg705818 date=1469720360]
sell and move to sudbury
[/quote]
wat is dat..another dig chairman. you beating up on me quite regularly these days aren't you