Saskatoon real estate week in review: August 2-6 2010
Wow! Following a couple of strong sales weeks that brought July’s overall sale numbers in line with the five-year average, sales of Saskatoon single-family homes and condominiums plummeted this week, slipping to just fifty-three units, the lowest number for any week since the first week of March. Saskatoon real estate agents placed a sold sign on just thirty-two houses and twenty-one condos over the course of the week. Sales for the week declined thirty-two from last week and twenty-four from the same week in 2009.
Perhaps agents were just too busy processing new listings to think much about selling. New listing numbers bounced back to one hundred and thirty, the largest number of houses and condos brought to market during any week since the first week of April. Last week’s new listing numbers of eighty-eight were uncharacteristically weak. The same week last year produced one hundred and one MLS® listings.
Weekly reports occasionally show signs of weirdness due to small sample sizes. The previous week’s results were just as strange as this week’s. Given the current feel of the market, we may not have expected sales and listings to come in so close to each other. If you averaged these last two weeks out and placed them on the graph they’d produce an image that is much more along the lines of what we might expect at this time of year – a more gradual decline of both sales and listings but sales would have still taken a good downward step.
Click the image for a larger version of the graph.
Many of this week’s new listings likely came from the pool of fifty-four properties that expired without a sale at the end of July and the beginning of August. I say that because in spite of weak unit sales and strong listing activity, active Saskatoon real estate listings managed to remain fairly steady, gaining just five units on a week-over-week basis, enough to pull the line out of that dip some were hoping it would continue on. There are currently 802 single-family homes and 477 condominiums offered for sale on the Saskatoon multiple listings service®. Duplexes, semi-detached homes, mobiles and vacant lots bring the grand total to 1350 properties, up from 1212 listings at this time last year. For the sixth consecutive week, the inventory of Saskatoon MLS® listings were up over last year and each week, the gains grew. We now see year-over-year growth in our inventory of 11.4 percent.
Click the image for a larger version of the graph.
Cancelled and withdrawn listings dropped off slightly, falling to twenty-seven. Nineteen of those immediately returned as a new listing, most at a lower price. An additional thirty-nine home sellers adjusted their asking price.
Softer sales and stronger listing activity would obviously lead to lower prices, right? Sorry, that’s wrong. 
This appears to have been a week for high-end activity and the smaller number of sales led to some significant skewing of the numbers. This week produced the city’s second million dollar residential real estate sales, and a couple of others that were approaching that level. In fact, three of this week’s fifty-three sales averaged $885,000 each. Consequently, the average selling price of a Saskatoon home spiked to it highest point this year, $326,443. The six-week average moved up just two thousand dollars from last week to $293,433, about ten thousand dollars higher than it was at this time last year. The four-week median grew by twenty five hundred dollars on the week to $282,250 to record a gain of more than seven thousand dollars compared to the same period last year.
Click the image for a larger version of the graph.
Overbids and at list price sales gained some ground as a percentage of total sales. Six sellers managed a deal above the asking price by an average of $4,733. Five sellers got their full price. Forty-two of fifty-three sellers agreed to a discount averaging 3.3% of the asking price to close the deal.
Click the image for a larger version of the chart.
Highlights from the news this week
RBC cuts fixed mortgage rates
Drop of home sales in July ‘typical’ (local)
Canadian housing markets cool
More banks lower mortgage rates
June new home sales dive 46%
Getting real: Bull run coming to an end for Canadian housing
Interest rates, HST help cool housing sales
Mortgage breakage costs: Let’s stop the nonsense
Shaky days in the housing market
Where to buy? Top ten cities
China starts to slow mortgage lending
Four types of home renovations: Which ones boost value?
What will fly hear Fed say on Tuesday?
A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.
Norm Fisher
Royal LePage Saskatoon Real Estate
44 comments so far. We'd love to hear your thoughts.
August 7th, 2010 at 3:16 PM
I’d say that definitely one of the weirdest things is almost flat inventory for the past 3 months.
August 7th, 2010 at 3:26 PM
I see bubble talk on the blogs and the media are reporting of at least a downturn in the bull run for housing.
Quick question, what is considered a bubble in housing?
August 7th, 2010 at 3:30 PM
Sorry, just to add to that. Is it a certain % drop in sales, and or price? What would be Saskatoons magic numbers? Thanks
August 7th, 2010 at 7:42 PM
Gene,
I have read that a drop of about 15% from the peak is considered a bubble. But there is so much to consider for any market bubble. Most economists say that bubbles can only be defined after the fact.
Sales
Inventory
Employment Rate
Average household income
Price to rent
Historical affordability
Debt to income
Lax lending
Low interest rates
Speculation
Each of these can give an idea if a market is in a bubble.
August 7th, 2010 at 9:07 PM
Gene,
Wikipedia has a good article on housing bubbles that might be worth reading, if you’re interested. It’s here.
Generally, a housing bubble occurs when real estate values escalate quickly, past the point where prospective home buyers can afford them. Like Doug says, there are many factors but values that are out of whack with economic fundamentals are considered to be in bubble territory.
August 9th, 2010 at 9:42 AM
For anyone interested in the numbers without the high-end distortion, the 50 sales that Norm did NOT single out were worth just under $293k on average. That’s a >$30k skew off three sales.
Norm, I know you report the four-week median (for which I thank you), but is there any way to at least mention the actual weekly median in the boilerplate for the weekly text, even if you can’t fit it into the graphic as a new data point? Something like, “The median of this week’s sales was X, causing the four-week median to …” would be much appreciated.
Well, appreciated by me anyway.
It would just be nice to see the spread between median and mean, especially on weeks where the distortion is high. The median often provides a much truer picture of the weekly activity, although I can understand that it’s not as sexy or intuitive for most people.
Thanks!
August 9th, 2010 at 10:16 AM
Hey Bookrat,
The medians for each area and the aggregate median for all five areas are included in the last chart.
I always appreciate the suggestions and I realize that there would probably be other bits of data that would be interesting but I’m currently pushing the outer boundaries of what I can realistically commit for time every week.
August 9th, 2010 at 10:28 AM
Hi Norm,
I just wanted to add a bit to your Aug 5th post – “Maybe it really is different here”.
I think that the real estate trends we are seeing in Saskatchewan make sense when you look at the population stats over the last couple of years. The table below lists the YOY population changes for the 4 western provinces since Q2 2006 along with the net migration to Saskatchewan from Alberta by quarter (+ve means migration to SK and -ve means migration to AB).
Net mig. from
Year Quarter BC AB SK MB AB to SK
2010 1st 1.6% 1.6% 1.6% 1.4% 415
2009 4th 1.63 1.87 1.54 1.36 591
3rd 1.64 2.26 1.58 1.41 73
2nd 1.63 2.55 1.63 1.32 31
1st 1.7 2.71 1.49 1.16 -474
2008 4th 1.7 2.58 1.5 1.11 46
3rd 1.64 2.36 1.49 1.1 1016
2nd 1.65 2.11 1.63 1.21 539
1st 1.49 1.82 1.8 1.1 1052
2007 4th 1.5 1.97 1.67 1.11 1312
3rd 1.5 2.3 1.54 0.97 3362
2nd 1.39 3.07 0.95 0.69 1507
1st 1.34 3.07 0.53 0.59 769
2006 4th 1.29 3.27 0.12 0.49 128
3rd 1.23 3.38 0.33 -0.3 -994
2nd 1.24 3 0.31 -0.46 -796
So I think that the important thing to look at here is the trend. Yes AB has seen significantly higher population growth than SK (that’s not news to anyone). However, the trend to look at is SK’s 1.5% or higher YOY growth for the past 11 qtrs. While AB has seen 4 straight qtrs of declining YOY growth.
Also, net migration from AB has been +ve for SK for 13 of the last 14 qtrs!
So, I think saying “Maybe it really is different here” is bang on. The huge wave that AB has been riding over the last while (quite a while) has definitely subsided….. the above tells the story why real estate in SK isn’t following national trends.
We’ll see what the future holds, but we definitely have momentum here that hasn’t been seen for a LONG time.,..
August 9th, 2010 at 10:30 AM
Sorry the above table didn’t post the way I’d hoped…..
August 9th, 2010 at 10:38 AM
If anyone is actually interested, the link to the population information for 2010 Q1 in the above table is here http://www.finance.alberta.ca/aboutalberta/population_reports/2010-1stquarter.pdf
August 9th, 2010 at 10:40 AM
Yeah, Norm, I can totally see your time committed to this website and appreciate a lot. I hope you are not technically supporting it as well,
…
August 9th, 2010 at 11:04 AM
“The medians for each area and the aggregate median for all five areas are included in the last chart.”
Aaargh! I knew I had seen the median somewhere before, but I stopped doing my own charting at about the time you significantly improved yours, because mine just wasn’t adding much value any more. (I used to like to break things out by area and see what the trends were there.) I was thinking of getting to it again, and ‘median’ was something I knew was useful. I got so used to looking at the graphs I forgot about the raw data!
I hope you don’t feel like I was asking for more more more. You do a great job presenting the raw data already, which I (or anyone else) can then tweak however we want. Thanks, Norm!
August 9th, 2010 at 11:47 AM
Bookrat,
No, no, no worries.
Cindy,
My last change sufficiently complicated things so that it’s hard to get too deep into the guts. Thanks.
Dana,
Thanks. I do agree that the long term outlook is pretty good for Saskatchewan. There’s just so much going on and a fair bit of forward momentum. In the short term, demand is clearly impacted here, like everywhere else. If supply doesn’t get too far out of whack we shouldn’t fair too badly.
August 9th, 2010 at 1:09 PM
Norm – You’re “Average under” price calculation is based what which price? Original list price, or most recent MLS listing price compared to sale price?
Reason I ask is because I just witnessed a home on my street in S3 reduced by $20k from the original list price after about 1 month, and then it sold about another month after it was reduced for $16k below the reduced price. So I’m curious as to which value would be used for the “under” price? $16k or $36k. It would make a huge difference in the “average under”, considering only 6 homes were sold in S3 last week.
August 9th, 2010 at 3:32 PM
It’s possible supply gets out of whack here if retirement spots like BC become affordable for the baby boomers. They will be unloading property in the next few years to fund their retirement. Outside influences such as confidence in the national real estate market eroding will affect Saskatoon.
Stories such as the one the financial post of the Alberta couple who are underwater on their properties will be popping up more. We have some of these owners in Saskatoon I’m sure. I don’t expect a total crash but I’m sure some people who bought with 5% down will look back to the bubble years of 08-10 and think “what were we thinking”. I’m betting on average properties being affordable for the average family once again in the not too distant future.
August 9th, 2010 at 4:00 PM
Chris,
The average underbid quoted in my report is based on the actual asking price at the time of sale.
August 9th, 2010 at 5:54 PM
I don’t know if anyone on here reads the financial post but I was curious why not one city in Saskatchewan was mentioned in this article. Especially, with all of our local hype.
http://www.financialpost.com/news/features/Where+cities/3369599/story.html
August 9th, 2010 at 8:29 PM
If a drop of 15% in sales is a bubble didn’t Saskatoon do that a couple stories a go?
August 10th, 2010 at 9:30 AM
Dana,
Have you looked at the statistics of new housing start rate during the past several yrs?
I’d guess the inventory increase has probably out paced the population increase already. I don’t see population increase at such rates can either justify the rapid price increase or help the price sustain. I remember somebody from Vancouver ever predicted in this forum that $500K would become normal here soon. Maybe you’re buying it?
August 10th, 2010 at 9:47 AM
Norm, not sure it matters where people are coming from ie Sask v. Alta migration numbers
Saskatchewan + 0.36% is best in decades, yet behind BC in growth and nearly identical to..
Alberta which @ + 0.35% is worst in decades, though growing by almost same amount
Saskatchewan is not “catching up” it’s growing at the SAME pace!
I think rumors of Alberta’s downfall have been greatly exaggerated, they are still growing at a pace that nearly matches Saskatchewan, and exceeds previous Saskatchewan growth for decades… Alberta’s growth is only bad compared to their own previous break neck pace
August 10th, 2010 at 9:57 AM
Nick,
I don’t recall implying that Saskatchewan is “catching up” to Alberta, or that Alberta is in for a downfall. I’m also not under the impression that Alberta has to fail for this province to do well.
August 10th, 2010 at 10:37 AM
As Nick mentioned – Alberta’s downswing is greatly exagerated. All you have to do is take a drive up to Fort McMurray. I’ve lived up there during the insane boom 3yrs ago, and the subsequent slow down (back to a level where everyone could actually think straight but still busier than the rest of Canada), but before I moved back home to Saskatoon earlier this year, it was starting to pick up again a LOT. And that little town (not so little anymore) can and will support the rest of Alberta (and Canada) for a very very long time.
What kind of infrastructure projects and business projects are slated for Saskatchewan for the next few years? Anyone have any sources? I’d guess it would be 3-5$billion (http://www.highways.gov.sk.ca/ says they did $1.7B for the last 3 years w/ $250M planned for this year). And I heard there was a $1B expansion of the upgrader in Regina… That’s good. Good for Saskatchewan, but nothing compared to any 1 single company up in Fort Mac. I believe Suncor’s operating budget this year was $5billion, with $1B of that going to some expansion. They exed about $5B from the 2010 budget for additional expansion plans until oil prices steady out…And when they start expanding again they’ve got Firebag Phase 3 & 4 (each worth a few $Billion each, the Voyageur upgrader expansion ($20B) and the entire Fort Hills project ($20B)… And that’s just Suncor. Esso’s Kearl Lake, CNRL Phase 2 and 3 are all roughly worth $20B and if they haven’t already started construction, they will this decade. Plus all the other companies that are up there either in construction, production, or planning… Husky, Total, Opti-Nexan, PetroCan, Syncrude. It is INSANE how much money is up there people. Hundreds of Billions of $’s in the next couple decades.
Sorry for going off about the Oil Sands, but most ppl really have no idea how insanely huge and important that area is to Canada. And if you’re worried about the American’s not buying this “dirty” oil from us or shutting it down, I wouldn’t lose too much sleep over it. India and China will gladly buy it from us, especially now that both countries middle classes have just begun to develop a liking for their very own automobiles
August 10th, 2010 at 6:20 PM
Cindy,
Did you see this story in today’s SP?
I’m sure the starts stats will be correct just can’t be certain what’s driving it but it has been a long time since we’ve heard from a speculator. Gotta think people are buying these homes to live in.
August 10th, 2010 at 7:53 PM
Norm,
someone on here said that we are usually a few months behind the nation in regards to the housing market and housing starts could fall into that category as well. We will know in the fall if this true.
August 10th, 2010 at 7:53 PM
Hey Norm. Thanks for the kind words. Today’s announcement by the US Fed sounds like a game changer as far as the balance sheet is concerned. Long-tern rates in the US are sure to continue down now and take Canadian long-term rates down too. It’s going to be real interesting to see how all of this plays out. As bond yields continue to go lower, Canadian banks should continue to lower fixed rates as well (that’s my guess anyway). But then the question is this: Will lower fixed rates entice Canadian buyers back into the mortgage market? The only thing that enticed American buyers was the home tax credit. So far, lower rates ain’t doing nothing to spur mortgage activity in the US. Things that make you go hmm . . .
August 10th, 2010 at 8:32 PM
“So far, lower rates ain’t doing nothing to spur mortgage activity in the US.”
Low mortgage rates don’t do you much good if you don’t have a job. The US unemployment rate in July was 9.5%.
August 11th, 2010 at 8:27 AM
“Low mortgage rates don’t do you much good if you don’t have a job.”
Or when the housing market has been falling for five-years. Lots of buyers are inclined to wait it out, hoping to find the bottom.
Hey, I see that real estate got some of that front page love we were talking about last week.
August 11th, 2010 at 11:05 AM
HAH!
One thing I love about your blog, Norm, is that you are knowledgeable, affable, and not blind to one viewpoint!
August 11th, 2010 at 3:19 PM
I noticed some builders understand that new entry level houses are not affordable for first time buyers with student loans. So they are building homes with option of a suite. Smart.
Also noticed that inventory that has dropped from mls has found its way onto saskhouses. About 125 units higher in two months. Don’t forget about the hidden inventory. Once people learn their investment loses more value each month, more properties will be dumped.
One last thing I noticed, looks like housing in the last year has been a suckers rally enticed by low rates. Now low rates don’t matter cause there not many greater fools left, housing Is starting to continue its downslide from the fall of 08. First sales fall, listings stay high and then prices come downs
August 11th, 2010 at 3:52 PM
“Also noticed that inventory that has dropped from mls has found its way onto saskhouses. About 125 units higher in two months.”
In Regina, it’s going the opposite way. A number of the recent listings on MLS were formerly listed on the local FSBO site (sk.athomecanada.com). This is not uncommon, but there seems to be more of it happening now – private sellers get frustrated with the slow market, and decide to try the agent/MLS route.
August 11th, 2010 at 6:31 PM
Good to see some positive real estate news so that Star Phoenix could finally find a front page story to spin. Interesting though, the story does not compare to the 5 year average, June, or well, pretty much anything other than July 2009.
A post below the Star Phoenix story says that Saskatoon lost 1,600 jobs last month. Spy Hill above says you need jobs to buy housing. I couldn’t agree more. Of course, the losing 1,600 jobs wouldn’t be a “positive” story to report on. Oh wait, that’s News Talk Radio that only “reports on the positive news”
August 11th, 2010 at 7:38 PM
J Tramiel,
That’s three things. Thanks very much.
bubble,
There are also some decent financial incentives available for building houses with legal secondary suites.
Some builders have really focused on the entry level market over the past year, and yes, it was a good strategy. Northridge has been turning some 1000 square foot bungalows for $289,000.
Nick,
There are actually 1.4 percent more people employed in Saskatchewan this July, compared to last. The large decline that we often see nationally in July is from teachers who are between contracts over the summer. StatsCan has said that most of July’s job losses can be counted in that column.
August 11th, 2010 at 10:31 PM
Ahh, Nick… I’m afraid Norm’s got you there:
The Daily, Friday, August 6, 2010. Labour Force Survey http://bit.ly/c42l4Y
“The large drop in educational services in July was spread across several occupation groups, including educational assistants, teachers and administrators in primary and secondary schools as well as custodial staff.”
We’ll see the opposite effect when (hopefully most of them) are rehired in the fall. We still have the lowest unemployment numbers of any province, seasonal factors and all.
Looks like the FIRE sector is taking a bit of a hit, too. This may not be so seasonal:
In July, employment decreased in finance, insurance, real estate and leasing (-30,000), bringing employment in this industry back to its July 2009 level.”
August 12th, 2010 at 1:29 AM
The drop we are seeing is only the beginning. Get ready for much higher inventory numbers and slower sales at lower prices. I believe that this fall will cause a lot of worry among the real estate folks.
When most bubbles pop the move down is swift and brutal. The problem with housing is the emotion attached to it, so the price drop happens at a sickening slow pace. See the U.S. 4 years and counting.
Someone above mentioned a 15 per cent correction. 15 per cent will only be the beginning. I see housing prices falling around 50 per cent. Just my own opinion. Saskatchewan is not different. Housing is a liability, and this will not end well.
August 12th, 2010 at 9:10 AM
I suppose before the event occurs, any prediction of the outcome of the event is possible to be correct.
So, Nix, I am totally seeing you see the sky will falling. But you see, the way I see it is the sky will only fall until 2012. Because, I am totally seeing, in 2012 a giant flood will come, it will wash away most houses and condos.
When that happened the market will move up fast and furious, The driving reason behind it is because now all the people whose house got destroyed are all in the market to buy. As most of the inventory are diminished by the flood. It will be a strong seller’s market, 2007 is nothing, get ready to the big market frenzy of 2012-2013!!! Ohh also, new housing starts will go through the roof as people are frantically trying to build new houses.
So get in now before priced out forever (after the flood)!!! (And once you get in, you might want to start thinking about flood proofing your home for the big wash in 2012. It’s good proection for your investment.) This might now end well for humanity, but it will end well if you are a home owner.
As for how the flood is coming? Well, as I was gazing in the sky last night, a voice in the back of my head told me. (Nix, was it the same voice that told you the price will go down by 50%? I think the voice told me to tell you he forgot to tell you that it will only last until 2011, then its back to the bull’s market.)
Sorry, too much coffee in the morning
. Hi Norm, been reading your blog for 4 years now. I started to read your blog when my wife and I were buying our first home in Regina. I kept on reading your blog after, THANK YOU for all your hard work; it was very informational and helpful for us as first time buyers!
Ok… now I better get back to think about waterproofing my home for the big flood, while I am at it, I should also think about preparing for the upcoming zombie apocalypse, Mongolian flu, and the invasion of Martians.
August 12th, 2010 at 12:02 PM
Norm said,
“Some builders have really focused on the entry level market over the past year, and yes, it was a good strategy. Northridge has been turning some 1000 square foot bungalows for $289,000.”
$289K doesn’t sound like a starter home to me. As a first time buyer loosely in the market that number is exactly the reason I’m staying out of it. Trying to find anything decent in this city for $250K is next to impossible.
With no equity in a previous property it takes a while to come up with a decent down-payment for those who don’t want to default to the meager 5% down.
August 12th, 2010 at 2:11 PM
Hi, Norm,
I heard since July 30th till Aug.11, there was not even a single sale in the range of 360,000 – 420,000 in Arbor Creek, Briarwood, Silverspring and Willowgrove. Is this something normal?
Currently there’re probably still a normal number of buyers, but it seems many of them are putting down low-ball offers and the sellers are really not ready to give up yet. Maybe that’s why there’s no deal? It’s really like a waiting game,
. I think this price range is somewhat awkward since first-time buyers don’t have that much money while non-first-time buyers would be looking at larger homes priced probably even higher…
August 12th, 2010 at 2:29 PM
Al,
Interesting insights for the future of Saskatoon real estate. Thanks for the comment and the feedback.
cyn_d,
“$289K doesn’t sound like a starter home to me.”
Sadly, this is where we’re at today.
Cindy,
“I heard since July 30th till Aug.11, there was not even a single sale in the range of 360,000 – 420,000 in Arbor Creek, Briarwood, Silverspring and Willowgrove. Is this something normal?”
It’s probably not normal, but it’s not accurate either. There are four firm sales that match the parameters you presented. However, when you consider that roughly 300-350 homes will sell in a typical month in 55 Saskatoon neighbourhoods, it probably wouldn’t be totally unheard of not to have a sale over an 11 day period, within a sixty thousand dollar price span, in just four areas.
August 12th, 2010 at 9:47 PM
I don’t think Norm has me there, Regina added jobs, I think it was 1,000
Between contracts = no job now
August 12th, 2010 at 9:49 PM
Norm’s reply is more people are employed in Saskatchewan
I said less employed in Saskatoon – this is still primarily a Saskatoon website
More people employed in Regina
Interesting, on radio today, Regina cost to build a new house is (still) highest in Canada, despite a drop, Saskatoon, no change, but still nearly highest in Canada
Crazy!
Note – construction costs, does not include land, obviously, as ocean front in Van is more than trailer front in Scuzzerland
August 13th, 2010 at 10:56 AM
Nick, don’t forget that Federal stimulus dollars have almost run their course, too – and in place of a second stimulus we’re going to see new austerity measures.
Nix, a 50% drop over a period of 4-5 years is probably not that far off in some areas of speculative markets that were extremely over-inflated (Vancouver, etc.), but I think that realistically we’ll be looking at 20-25% across Canada over the same timeframe. The problem is that even a 10-15% correction is going to put massive amounts of homeowners underwater. The only saving grace could be if long-term interest rates (and subsequently, mortgage rates) continue to remain artificially low. The unfortunate reality is that most homeowners have never been in anything but a bull market, so I think many will be completely unprepared for even a limited correction.
August 13th, 2010 at 9:50 PM
Nick,
I was looking at the year-on-year data, but lo and behold you are correct in that from June 2010 to July 2010 the number of people working in Saskatoon dropped by 1,400 based on a three-month rolling average.
However, being a great and enthusiastic bearer of both positive *and* negative news, I’m sure you will agree that there are 5,800 more people employed in SK than last year, and in fact, the employment numbers are all-time high for the month of July in the province. Having the lowest unemployment rate in Canada in July was pretty cool too, wasn’t it?
Recent developments in the bond market are intriguing as well. Yields plunging = lower fixed mortgage rates. Apparently, highly discounted 5-year fixed rates are now in the 3.89% range: http://bit.ly/9EXhNx. Obviously, the sentiment behind the yield plunge is not a positive, but it adds another interesting wrinkle to the whole scene. Right around this time last year I got a 5-year fixed rate at 3.79%, which I sincerely thought I would never see again. Now I’m not so sure. BOC is still trending up, but for how long? Any guesses?
August 14th, 2010 at 12:46 PM
Low rates: Another bit of information that proves guessing what the future will bring is fruitless. Who wasn’t convinced that rates would be higher by now? With any luck, I’ll get another chance for a low rate renewal.
August 15th, 2010 at 7:00 PM
I feel your pain, Norm. We locked in at 5.79% fixed in August of 2007, thinking that the number was better than we were likely to see for years. Oops! (on both the future rates, and on going fixed)
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