Prime says at 1%. Probably till 2015.
Don’t read this entire thing. It is a sample of the stuff we read to keep you up on what is happening in mortgage land. Summary: Prime is to stay the same till about 2015. That means variable rates are a good idea now that they are at Prime – .5%. Consumer Prime is 3% so that is then 2.5% for a mortgage.
Mark Herman, Calgary, Alberta Mortgage Broker.
Bank of Canada keeps key interest rate unchanged at one per cent
THE CANADIAN PRESS December 4, 2013The Bank of Canada is keeping its trendsetting overnight interest rate at one per cent.
OTTAWA — The Bank of Canada says it sees some encouraging signs in the Canadian and global economies, but warned inflation remains too low to justify moving off its view that the recovery remains fragile and in need of monetary stimulus.As expected, the bank on Wednesday once again decided to keep in place its key rate at one per cent, a level that has helped keep borrowing costs near historic lows for several years.But markets did not read the statement as neutral, apparently interpreting the bank’s caution that “downside risks to inflation appear to be greater” as a signal governor Stephen Poloz intends to keep interest rates low for an extended period — likely well into 2015 — and raising the possibility, although slim, of a rate cut next year.
Canada #3 Place to Live in the World
This is pretty interesting. I think we could be higher if the winters were not so long and cold.
Mark Herman; Calgary, Alberta Mortgage Broker
Canada Ranks #3 in Legatum Prosperity Index 2013
Published the Tuesday 26 November 2013 by Gwen at 15:00 in Business, Canada, Education, Health, News, | No comment .
The Legatum Prosperity IndexTM 2013 is out, and Canada ranks 3rd in the world for its overall prosperity, right behind Norway and Switzerland. The country’s ranking leaped from 6th to 3rd in just one year, thus confirming its position as the leader of the Americas region.
Prime could double by end fo 2015.
All the more reason to take the 5 year fixed rate. Here is some fuel for the fire of fixed rates- which have never been this low! Below you can read the boring data we digest daily to give you the best un-biased opinion on your mortgage.
Does your banker do this for you – no way!
Mark Herman, Calgary Alberta Mortgage Broker.
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OECD calls for Bank of Canada rate to more than double to 2.25% by end of 2015
Gordon Isfeld | 19/11/13 7:11 AM ET
Canadian Press: Most economists believe the Bank of Canada Governor Stephen Poloz and the central bank won’t budge off 1% until the first quarter of 2015, and perhaps even later.
OTTAWA — Just last month, the Bank of Canada dropped a mini-bombshell by adopting a neutral position on interest rates, after long insisting that any eventual move would be up.
That left open the real possibility the central bank may, instead, lower borrowing costs — at least until the struggling economy regains its momentum.
Averge YYC home prices to be > $500,000 in 2017
I have had many people ask what home prices are going to do over the next 4 or 5 years. Well here are the numbers!
Remember, if Alberta were a country our growth would be the same as the world leader – China! – Mark Herman, Calgary Alberta Mortgage Broker.
Calgary resale home average prices to balloon to more than half a million dollars
Report says average to hit $517,016 in 2017
CALGARY – The average price for a resale home in Calgary will balloon to more than half a million dollars by 2017, according to a new real estate report released Tuesday.
Calgary housing boom pushing prices to all-time high
Below in blue I have highlighted the most important part of this and paste it here too: “the Calgary numbers we’re seeing today show this is the strongest and healthiest housing market since the 2006 boom,” he said. “That said, this isn’t the boom — and that’s a good thing.”
As always, sustained growth – as high as China if Alberta were a country – has people moving here and they have to live somewhere. Check out my other blog posts for more on this topic. Mark Herman
Mortgages could get tougher soon = buy sooner
Boring data below – and we also have *secret* data that the government is going to make things harder for home buyers = buy sooner if you can before the program you may need no longer exists. This is true ESPECIALLY for SELF EMPLOYED people.
Calgary top-rated market for overall real estate prospects
Calgary top-rated market for overall real estate prospects
This is great news for buyers … you are buying a home and a great investment – not the case for other provinces.
As we have always been saying … Alberta’s in-bound migration and strong job market will support home prices.
#Mortgage RATES to stay low for a while yet – that is great news!
Below is the technical, boring stuff we read to see where rates are going for you. Just ask us for the short version.
Short version is that the Bank of Canada is going to leave the rates the same for a while yet – like a year.
YYC & YEG set to lead ALL of Canada for growth
Calgary and Edmonton and all of Alberta continue to grow = housing price support, which is pretty much the theme to 50% of the data I post. Alberta is the only province that is continually growing and we would be competing with China’s growth rate if Alberta were a country.
Calgary’s home prices continue to climb in September
Another article showing that the underlying fundamentals of continued in-migration and job growth – of quality jobs – supports the Calgary home market.
Calgary housing market sizzles in September