Variable rates are still good
In a time characterized by widespread economic turmoil across the US and Europe, there was a certain comfort to be taken in the mundanity of the Bank of Canada’s (BoC) report today. As almost unanimously predicted, the BoC left overnight rates unchanged at 1%, meaning the prime rate stays pegged at 3% and the variable rate mortgage holders of Canada continue to prosper. However, there were some nods towards a rate increase approaching on the horizon. The quote of the day being the warning that monetary stimulus “will be withdrawn”, a statement whose severity is underscored by the omission of the word “eventually”, which was mentioned at the BoC’s May 31st meeting.
Consumer Prime stays the same at 3% – but for how long?
Prime stayed at 3% today and as below rate hikes are coming as soon as we are past the recession for good. These super low rates are the tail end of the recession so take advantage of them while you can. Call to discuss what that means for you. 403-381-4376
Calgary housing is not in a bubble
Canada housing not in a bubble
The attached PDF is from Ben Tall, one of my favorite economists. He is one of CIBC World Market’s top guys and his research shows that there really is only a risk in Vancouver and Toronto.That is great news for Alberta.
Alberta to top province for economic growth
Oil to drive Alberta to top province for economic growth:3.8% forecast for next two years
CALGARY — Alberta will lead the country in economic growth this year and next year, according to a report released Wednesday by Scotia Economics.
The report says real GDP growth in the province will be 4.2 per cent this year, the highest in the nation, followed by 3.3 per cent growth in 2012, which will tie Saskatchewan as the highest in the country.
Rates increasing from 111-year, all-time lows now or soon!
Below is a great blurb on what is happening with yo-yo predictions of the future of mortgage rates. Get pre-approved now, consider locking-in if you were going to OR redo your mortgage now for the last of these low rates!
Don’t be afraid to leave your bank for a better rate
Don’t be afraid to leave your bank for a better rate
Jay LaPrete
A new survey from CMHC says the vast majority of Canadians renew their mortgages with their original lender, but you can save thousands over the life of a mortgage by looking at competing rates from competing institutions and mortgage brokers.
Too Big To Fail
Too Big To Fail
This is a re-post of a great blurb by Boris Bozic, President of MERIX, a broker only lender. He is a pretty smart gent and his light and direct points are worth the 3 minutes it takes to read this.
New Virtual Closings for lawyers – the next thing on the way
Innovation In Unlikely Places – Introducing V-Close by Vanguard Law Group
Sunday, 26 June 2011 13:42
Change is often the end result of something. Once in a while, change is introduced to create not only new results, but an entirely new direction.
Enter V-Close, the new virtual document signing service, for clients needing to sign documentation for a Real Estate purchase or sale transaction, born not only from the evolution of technology, but of an understanding of the preferences of the market for convenience, over all other benefits.
Canadian economy still near the top of G7
Great news below for anyone thinking of buying their 1st home, an investment property or worried about their job.
OTTAWA – Canada will continue to outperform most economically advanced countries over the next two years, even as the pace slows and risks mount, the IMF says.
10 reasons not to panic
This may calm you if the latest economic info is getting you down.
The European sovereign debt crisis, a potential hard landing in China, weak U.S. economic data, and the U.S. debt ceiling debate have provided investors with plenty to worry about. Since none of these problems look like they will be resolved in the immediate future, don’t be surprised if global financial markets continue to be in a rough patch for at least a few more weeks.