Some of you may have heard that the Bank Of Canada decided to lower interest rates today by .25%, that's fantastic news with the registration of Tower Three coming very soon. The timing couldn't have been any better. Happy Mortgage Shopping.
 
Canchris7 said:
Some of you may have heard that the Bank Of Canada decided to lower interest rates today by .25%, that's fantastic news with the registration of Tower Three coming very soon. The timing couldn't have been any better. Happy Mortgage Shopping.
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TD has already stated that they will maintain their rates where they are. That might mean the other banks will not feel pressured to move their rates either.
 
enigma0t2 said:
TD has already stated that they will maintain their rates where they are. That might mean the other banks will not feel pressured to move their rates either.
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They may not feel pressured, but mortgages are a very big parts of banks business and in my humble opinion I believe it will not take long for one of the banks to drop their prime so that they can scoop up what they can in mortgage business. It certainly will be interesting to watch.
 
Canchris7 said:
They may not feel pressured, but mortgages are a very big parts of banks business and in my humble opinion I believe it will not take long for one of the banks to drop their prime so that they can scoop up what they can in mortgage business. It certainly will be interesting to watch.
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It's true that mortgages are a big part of their business. But so is oil, and all the banks have lost a lot of money due to the price of oil dropping. And I'm not so sure the banks want to lose more money through lowering their mortgage rates.

The BoC's lowering of interest rates is in itself a response to the oil prices. And the banks might just think that the lowered interest rate is a just a quick temporary drop, ready to be risen just as quick.

Anyways, I'd be more than happy to be wrong though.
 
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enigma0t2 said:
It's true that mortgages are a big part of their business. But so is oil, and all the banks have lost a lot of money due to the price of oil dropping. And I'm not so sure the banks want to lose more money through lowering their mortgage rates.

The BoC's lowering of interest rates is in itself a response to the oil prices. And the banks might just think that the lowered interest rate is a just a quick temporary drop, ready to be risen just as quick.

Anyways, I'd be more than happy to be wrong though.
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Looks like Royal has dropped their prime to 2.85. Received notofication the builder is anticipating tower 3 closing to take place first week of March.
 
I noticed that there seems to be a few unoccupied units on my floor with green EC stickers stuck on them. Anyone know what those stickers mean?
I know there's a red one on my door which i assume means occupied. Are there any other stickers?
 
Yes, the red sticker advises the trades and others that your unit is now occupied and they can not simply enter. I can't say that I have seen the EC sticker, but I know that Emerald City occupies a couple of suites on the second floor of tower 2 for customer care as well as for storage, and they are using some suites in other towers as model suites for the sales office, so it could be those.
 
spex714 said:
I noticed that there seems to be a few unoccupied units on my floor with green EC stickers stuck on them. Anyone know what those stickers mean?
I know there's a red one on my door which i assume means occupied. Are there any other stickers?
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My suit is occupied and has a green EC sticker on it and im not sure what its for ?
 
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Phase 2 tenant here, on the 9th floor. The water pressure is just terrible. We are at the top of the zone. Are people having the same problems in other units.
We have talked with building management and emerald customer care. Anything we can do to solve this?
 
I am just curious, for those of you who are getting ready to close in Tower 3, had my appraisal done for mortgage financing. Appraisal came in less than what I paid for my unit resulting in me having to come up with more Down payment cash. When I asked about it they said it was because they were using resale values from tower 1 and 2 to determine values. Anyone else in the same boat ? If you have not had your unit appraised yet just be prepared that its a possibility.
 
The whole Emerald City is a ticking time bomb with building defects. Maintenance fees will skyrocket in near future. Tower 1 is about to enter its 3rd week long garbage chute close down due to repair. The 2nd floor stinks of rotten garbage from the compactor room. In its first year, tower 1 suffered at least 4 major floods. The last big one was in Sept 2014 which knocked out all elevators. Speaking of flood, tower 3 suffered its first today with a sprinkle going off inside a unit on 21st floor. It took firefighters over 1 hour to control the flood which went all the way down to P1. Residents in the east end of the tower 3 had to evacuate and deal with severe water damage inside the homes. You can search for "Residents @ Emerald Tower 1, 2, 3 (62, 66, 70 Forest Manor Road, Toronto)" on Facebook to see all the gory details.
 
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Does anyone know when filing our taxes for new home buyer....are there anything we can claim aside from the $5000 for new home purchase? I'm assuming we cannot claim anything on the monthly pre closing monthly fees? HST rebates?
 
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