Oh Canada $$$

"Oil prices have plummeted once again after a brief rebound, and that’s not good news for Alberta, where we still haven’t seen anywhere near the brunt of the negative economic impacts that await. Last week’s employment data, for June, showed that our jobs momentum is slowing, with 6,400 jobs lost for the month, and more importantly, it confirmed that there was a pronounced slowdown in job creation between the first and second quarter (66,000 vs. 33,000)."

"The deal with Iran could ultimately be bad news for the Canadian oil industry.

"Any way you look at it, this deal is bearish for oil prices in the near term," said Judith Dwarkin, chief energy economist with ITG Investment Research. "There's just no way you can put lipstick on that pig."

In the long term, the deal "means that prices will not recover as fast as some may have hoped in 2016," wrote Martin King of FirstEnergy Capital in an email to CBC News.

 

I meant the Canadian economy , not Alberta's economy

 

Isn't that exactly what the Canadian economy is?

 

Not really , exporting other goods should be up with the low dollar

 

It's all a gamble if you ask me. Everyone has their opinion and predictions. If you want peace of mind and like a sound monthly budget get into a fixed, if you have extra money kicking around and you're a bit of a gambler you can go with a variable.

 

Yeah, I could of had that on variable too but I didn't see a point signing a variable rate mortgage during the lowest interest rates most of the banks have ever had. Sometimes it works out, but oil will come back and when that happens interest rates won't stay in the 2's.

I'm surprised a bank recommended a variable mortgage. That's a high risk recommendation with some serious money involved.

Then again you already have 15 years into your mortgage. I have 5 lol. That makes a difference.

 

Did you get a rate hold period to lock in for when rates go up ?

 

I'm locked in for 120 days while I house shop. I still have the option to switch to fixed. Been looking at 2-3 houses a day but haven't found the one yet.

 

So I know the US has the thing about warranty can't be voided by modification. I assume that is not the case in Canada? Looking at a lift, but looks like if anything happens then I'm screwed for warranty (or at least according to the dealer) for drivetrain or suspension. Worth waiting for my warranty to be up (year old truck)?

 

Only if the lift is the reason for the failure.

 

Who has to prove the failure was due to the lift? Don't want to wait on lifting, but don't want an issue that could have been solved by the warranty

 

They have a law , we don't

Good luck getting warranty service for anything drivetrain related on a lifted truck

 

that's what I figured

 

Purchased house on the weekend. Went down a bit. I'm at 2.14% now.

 

You can get a 5 year fixed for that no ?

I even saw my local credit union offering a 10 year fixed at under 4

 

Variable rate though right? I'm 2.54% on a fixed from just before the last rate drop.

I'm curious to see, with the large layoffs at Cenovus probably about to start a trend of more of the same throughout the industry, what house prices will do. We just had friends buy a tiny 700 square foot on the main floor, 1400 square foot total livable undeveloped basement, house in Cochrane for over $600K. If 25% of the oilfield and related industries end up unemployed that won't be sustainable once the foreclosures start.

 

BMO ten year fixed for me would of been just over 4, so I'm sure the non main banks would be slightly lower than that.

 

I think if I was getting another mortgage right now I would get a 5 year fixed , pay over the required amount and then probably get another fixed after that . I think rates will ease up over the next 5 years but not substantially

 

That's what I'm on

It sucks looking at the variable rate, but odds are things will improve and my rate will look great within the next 3 years.

 

Yeah , see my edit