{"id":11146,"date":"2023-07-10T06:36:27","date_gmt":"2023-07-10T13:36:27","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=11146"},"modified":"2023-07-10T06:36:52","modified_gmt":"2023-07-10T13:36:52","slug":"healthy-cleansing","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/","title":{"rendered":"Healthy Cleansing"},"content":{"rendered":"\n<p>Happy Monday Morning!<\/p>\n\n\n\n<p>There are growing concerns about the state of variable rate mortgage holders across the country. At this point nearly everyone who\u2019s on a variable rate mortgage has essentially hit their trigger rate. It\u2019s become front page news, and rightfully so.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffb427691-66dc-4cdb-b25f-a0b764fcefe4_2042x796.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2ffb427691-66dc-4cdb-b25f-a0b764fcefe4_2042x796-5465428' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/07\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Ffb427691-66dc-4cdb-b25f-a0b764fcefe4_2042x796-5465428.jpg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Unfortunately this story isn\u2019t going away anytime soon, as Tiff Macklem and his econs at the BoC look poised to jack rates another 25bps this week. The market is placing nearly 60% odds of a rate hike, while 20 of 24 economists polled by Reuters expect a hike on July 12th. That would push prime rate to a dizzying 7.2%.<\/p>\n\n\n\n<p>It isn\u2019t getting much better on the fixed rate side either. A slew of lagging job data pushed yields higher across the curve. The Canada 5 year bond yield touched 4% for the first time since 2007, which means fixed rates are moving higher once again. Several of the big banks will increase mortgage rates again this week.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee1325e6-1a59-46e8-844b-5a8d60bd7184_1968x912.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2fee1325e6-1a59-46e8-844b-5a8d60bd7184_1968x912-3930013' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/07\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Fee1325e6-1a59-46e8-844b-5a8d60bd7184_1968x912-3930013.jpg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Suffice to say this is all escalating into one giant shit sandwich and we\u2019re all going to have to take a bite.<\/p>\n\n\n\n<p>The feds knew this was going to be a problem . Remember the March 2023 budget? Here\u2019s a snippet.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffba416b6-b1ca-4216-a2a5-dc4854959a39_1142x440.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2ffba416b6-b1ca-4216-a2a5-dc4854959a39_1142x440-5154122' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/07\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Ffba416b6-b1ca-4216-a2a5-dc4854959a39_1142x440-5154122.jpg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Right on cue. Here\u2019s the official message from The Financial Consumer Agency of Canada (FCAC) this past week.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe315653e-0077-4c67-b34a-9cd57c81a7ef_1192x646.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2fe315653e-0077-4c67-b34a-9cd57c81a7ef_1192x646-4242955' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/07\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Fe315653e-0077-4c67-b34a-9cd57c81a7ef_1192x646-4242955.jpg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Basically, The FCAC wants banks to work on amortization extensions, waive lump sum pre payment fees, waive prepayment fees on distressed sales, and waive interest on capitalized interest.<\/p>\n\n\n\n<p>Remember, 56% of all new mortgage originations in January 2022 were variable rate. Ouch.<\/p>\n\n\n\n<p>Basically Tiff Macklem needs to tank the economy, and quickly, in order to bring interest rates back down to more manageable levels.<\/p>\n\n\n\n<p>Unfortunately, we\u2019re waiting for those signals to show up in lagging data.<\/p>\n\n\n\n<p>Speaking of lagging data, the housing market is slowing once again, but it\u2019s not showing up in the data just yet. Open houses are slower, and multiple offers are fading. Pretty much what you\u2019d expect with mortgage rates at 6% across the curve.<\/p>\n\n\n\n<p>However, resale prices are still holding strong on some of the lowest inventory levels we\u2019ve seen in two decades.<\/p>\n\n\n\n<p>If you\u2019re looking for stress look to the new luxury condo market in Downtown Vancouver. Some projects that were pre-sold in 2016 are taking losses seven years later. This was all avoidable though, people lost their logic in the last bull market paying egregious sums ($2000-$3000\/sqft) for marketing hype. More to come.<\/p>\n\n\n\n<p>Maybe a healthy cleansing is what we deserved.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Monday Morning! There are growing concerns about the state of variable rate mortgage holders across the country. At this point nearly everyone who\u2019s on a variable rate mortgage has essentially hit their trigger rate. It\u2019s become front page news, and rightfully so. Unfortunately this story isn\u2019t going away anytime soon, as Tiff Macklem and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[70],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Healthy Cleansing - Steve Saretsky<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Healthy Cleansing - Steve Saretsky\" \/>\n<meta property=\"og:description\" content=\"Happy Monday Morning! There are growing concerns about the state of variable rate mortgage holders across the country. At this point nearly everyone who\u2019s on a variable rate mortgage has essentially hit their trigger rate. It\u2019s become front page news, and rightfully so. Unfortunately this story isn\u2019t going away anytime soon, as Tiff Macklem and [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/\" \/>\n<meta property=\"og:site_name\" content=\"Steve Saretsky\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/stephen.saretsky\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/saretsky91\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T13:36:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-10T13:36:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/07\/Healthy-Cleansing-Image-5983012.png\" \/>\n\t<meta property=\"og:image:width\" content=\"992\" \/>\n\t<meta property=\"og:image:height\" content=\"745\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Steve Saretsky\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SteveSaretsky\" \/>\n<meta name=\"twitter:site\" content=\"@SteveSaretsky\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Saretsky\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/\",\"url\":\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/\",\"name\":\"Healthy Cleansing - Steve Saretsky\",\"isPartOf\":{\"@id\":\"https:\/\/www.stevesaretsky.com\/#website\"},\"datePublished\":\"2023-07-10T13:36:27+00:00\",\"dateModified\":\"2023-07-10T13:36:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.stevesaretsky.com\/#\/schema\/person\/21dcfa049c53088c3f577e61e857c1e4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.stevesaretsky.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Healthy Cleansing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.stevesaretsky.com\/#website\",\"url\":\"https:\/\/www.stevesaretsky.com\/\",\"name\":\"Steve Saretsky\",\"description\":\"Vancouver Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.stevesaretsky.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.stevesaretsky.com\/#\/schema\/person\/21dcfa049c53088c3f577e61e857c1e4\",\"name\":\"Steve Saretsky\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\/\/www.stevesaretsky.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0d45900a2542f7770ef6a15f1ad4ccdd?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0d45900a2542f7770ef6a15f1ad4ccdd?s=96&d=mm&r=g\",\"caption\":\"Steve Saretsky\"},\"description\":\"Born and raised in Vancouver, BC. I have a passion for Real Estate, creating a business, and connecting with people. I build my Real Estate business on human relationships not leads and numbers. I believe in advising my clients on making the best real estate decisions not on closing another commission cheque. My goal is to help people build wealth through real estate.\",\"sameAs\":[\"http:\/\/www.buyvancouvercondos.ca\",\"https:\/\/www.facebook.com\/saretsky91\",\"https:\/\/twitter.com\/https:\/\/twitter.com\/SteveSaretsky\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Healthy Cleansing - Steve Saretsky","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/","og_locale":"en_US","og_type":"article","og_title":"Healthy Cleansing - Steve Saretsky","og_description":"Happy Monday Morning! There are growing concerns about the state of variable rate mortgage holders across the country. At this point nearly everyone who\u2019s on a variable rate mortgage has essentially hit their trigger rate. It\u2019s become front page news, and rightfully so. Unfortunately this story isn\u2019t going away anytime soon, as Tiff Macklem and [&hellip;]","og_url":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/","og_site_name":"Steve Saretsky","article_publisher":"https:\/\/www.facebook.com\/stephen.saretsky","article_author":"https:\/\/www.facebook.com\/saretsky91","article_published_time":"2023-07-10T13:36:27+00:00","article_modified_time":"2023-07-10T13:36:52+00:00","og_image":[{"width":992,"height":745,"url":"https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/07\/Healthy-Cleansing-Image-5983012.png","type":"image\/png"}],"author":"Steve Saretsky","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/SteveSaretsky","twitter_site":"@SteveSaretsky","twitter_misc":{"Written by":"Steve Saretsky","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/","url":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/","name":"Healthy Cleansing - Steve Saretsky","isPartOf":{"@id":"https:\/\/www.stevesaretsky.com\/#website"},"datePublished":"2023-07-10T13:36:27+00:00","dateModified":"2023-07-10T13:36:52+00:00","author":{"@id":"https:\/\/www.stevesaretsky.com\/#\/schema\/person\/21dcfa049c53088c3f577e61e857c1e4"},"breadcrumb":{"@id":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.stevesaretsky.com\/2023\/07\/news\/healthy-cleansing\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.stevesaretsky.com\/"},{"@type":"ListItem","position":2,"name":"Healthy Cleansing"}]},{"@type":"WebSite","@id":"https:\/\/www.stevesaretsky.com\/#website","url":"https:\/\/www.stevesaretsky.com\/","name":"Steve Saretsky","description":"Vancouver Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.stevesaretsky.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-CA"},{"@type":"Person","@id":"https:\/\/www.stevesaretsky.com\/#\/schema\/person\/21dcfa049c53088c3f577e61e857c1e4","name":"Steve Saretsky","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.stevesaretsky.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0d45900a2542f7770ef6a15f1ad4ccdd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0d45900a2542f7770ef6a15f1ad4ccdd?s=96&d=mm&r=g","caption":"Steve Saretsky"},"description":"Born and raised in Vancouver, BC. I have a passion for Real Estate, creating a business, and connecting with people. I build my Real Estate business on human relationships not leads and numbers. I believe in advising my clients on making the best real estate decisions not on closing another commission cheque. My goal is to help people build wealth through real estate.","sameAs":["http:\/\/www.buyvancouvercondos.ca","https:\/\/www.facebook.com\/saretsky91","https:\/\/twitter.com\/https:\/\/twitter.com\/SteveSaretsky"]}]}},"_links":{"self":[{"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/posts\/11146"}],"collection":[{"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/comments?post=11146"}],"version-history":[{"count":1,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/posts\/11146\/revisions"}],"predecessor-version":[{"id":11152,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/posts\/11146\/revisions\/11152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/media\/11147"}],"wp:attachment":[{"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/media?parent=11146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/categories?post=11146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stevesaretsky.com\/wp-json\/wp\/v2\/tags?post=11146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}