Mortgage Blog - Canadian Economy
Market & Mortgage News - Week of Jan.30th, 2012, Edmonton and Calgary
January 31, 2012 by Jennifer Rochford
First Foundation’s Best Rates Top Open the Week:
1 Year 2.89%
2 Year 2.89%
3 Year 2.79%
4 Year 2.99%
5 Year 3.19%
7 Year 3.99%
10 Year 3.89%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Market News
Plenty of good news cheered the world markets today as Greece is only days away from finalizing a deal that will reduce the financially troubled country’s obligations by 100 billion euros ($131 billion Cdn). China posted gains in it’s manufacturing sector and ...
Read more »Mortgage & Market News - Week of Jan.23, 2012, Edmonton and Calgary
January 24, 2012 by Jennifer Rochford
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.89%
3 Year 2.89%
4 Year 2.99%
5 Year 3.15%
7 Year 3.99%
10 Year 3.89%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Market News
Energy and financial issues were pushing the TSX to its fourth straight positive finish on Monday, as natural gas prices rose and European finance ministers gathered in Brussels to discuss Greek debt just prior to the European Union summit next week.
At ...
Read more »Mortgage & Market News - Week of Jan.16, 2012, Edmonton and Calgary
January 17, 2012 by Jennifer Rochford
First Foundation Best Rates to Open the Week:
Mortgage Rates
1 Year 2.89%
2 Year 2.89%
3 Year 2.89%
4 Year 2.99%
5 Year 3.19%
7 Year 3.99%
10 Year 3.89%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Market News
The Toronto stock market was slightly higher Monday as traders took in stride a downgrade of nine eurozone countries by Standard & Poor’s rating agency and Greece’s difficulties in thrashing out a deal with private creditors.
Nine European countries saw their S ...
Read more »Market & Mortgage News - Week of Jan. 09, 2012, Edmonton and Calgary
January 9, 2012 by Jennifer Rochford
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.25%
7 Year 3.99%
10 Year 4.49%
ARM / Variable 2.90%
Line of Credit 3.50%
Market News
The Toronto stock market turned positive late on Monday after a day of lacklustre trading due to pervasive concerns about Europe’s stumbling efforts to get a handle on its government debt crisis as well as the launch of U.S. earnings season.
The S&P/TSX composite index gained ...
Read more »Mortgage & Market News - Week of January 02, 2012 - Edmonton and Calgary
January 3, 2012 by Jennifer Rochford
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.25%
7 Year 3.99%
10 Year 4.49%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Market News
Toronto’s main market was up on Tuesday, the final trading day of the year, but the index still closed down around 11% for the year.
The S&P/TSX Composite rose 113.4 points to close at 11,955.09.
Stocks ...
Read more »Mortgage & Holiday News - Week of Dec.19, 2011, Edmonton and Calgary
December 22, 2011 by Jennifer Rochford
First Foundation Best Rates for the Week:
Term Rates
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.29%
7 Year 3.99%
10 Year 4.49%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Mortgage News
Mortgage Santa has been busy this week delivering rate specials such as 3.29% on a Five Year Fixed term, as well as the First Foundation Holiday Special – check it out here.
Fantastic rates and discounts are still available to wrap up the year ...
Read more »Market & Mortgage News - Week of Dec.12th, 2011, Edmonton and Calgary
December 13, 2011 by Jennifer Rochford
First Foundation’s Best Rates To Open The Week:
Term Rates
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.29%
7 Year 3.89%
10 Year 4.39%
ARM / Variable 2.80%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Market News
The TSX fell more than 1 percent on Tuesday, after the U.S. Federal Reserve pointed to turmoil in Europe as a big risk to economic growth, but left interest rates unchanged and said there would be no new stimulus.
The Toronto ...
Read more »Mortgage & Market News - Week of Dec.05, 2011, Edmonton and Calgary
December 7, 2011 by Jennifer Rochford
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.29%
7 Year 3.89%
10 Year 4.39%
ARM / Variable 2.80%
Line of Credit 3.50%
Market News
Canadian stocks moved lower Tuesday morning as investors became more cautious after Standard & Poor’s warned of a possible credit rating downgrade of euro zone nations, including Germany and France.
S&P warned that it may downgrade all of the euro zone nations if the European leaders do not arrive ...
Read more »Market & Mortgage News - Week of Nov. 28th, 2011, Edmonton and Calgary
November 29, 2011 by Jennifer Rochford
First Foundation’s Best Rates To Open The Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.29%
Market News
Global stocks shot higher Monday on strong indications that European leaders are moving toward greater economic integration as the region scrambles to head off a potentially disastrous phase of the sovereign-debt crisis
Canada’s S&P/TSX composite index closed at 11,640 ...
Read more »Mortgage & Market News - Week of Nov. 21, 2011, Edmonton and Calgary
November 22, 2011 by Jennifer Rochford
First Foundation’s Best Rates To Open The Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.29%
Market News
Canadian stocks edged higher on Tuesday as gold miners gained on rising bullion prices, with
weak U.S. growth data and persistent fears about a European slowdown spurring investors to seek a safe haven.
The Toronto Stock Exchange’s S&P/TSX composite ...
Read more »Market & Mortgage News - Week of Nov. 14, 2011, Edmonton and Calgary
November 15, 2011 by Jennifer Rochford
First Foundation Best Rates Top Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Market News
The Toronto stock market closed lower Monday as concern about the European debt crisis discouraged buyers. The S&P/TSX composite index dropped 52.66 points to 12,224.19 while the TSX Venture Exchange slipped 2.79 points to 1,638.52 ...
Read more »Market & Mortgage News - Week of Nov. 07, 2011, Edmonton and Calgary
November 9, 2011 by Jennifer Rochford
First Foundation’s Best Rates For the Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%
ARM / Variable 2.90%
Line of Credit 3.50%
Qualifying Rate 5.29%
Prime Rate 3.00%
Market News
Canadian stocks fell more that 1 percent on Wednesday, with resource companies reeling, as a
spike in Italian bond yields sparked fears Europe’s debt crisis has entered a dangerous new phase that will threaten global growth.
At midday on Wednesday, the Toronto ...
Read more »Market & Mortgage News - Week of Oct 31st, 2011, Edmonton and Calgary
November 2, 2011 by Jennifer Rochford
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 2.99%
4 Year 3.09%
5 Year 3.29%
7 Year 4.49%
10 Year 4.79%
ARM / Variable 2.90%
Line of Credit 3.50%
Qualifying Rate 5.29%
Prime 3.00%
Market News
The Canadian dollar tumbled by more than a cent on Tuesday after Greece shocked financial markets with plans to hold a referendum on a European bailout for its debt-ridden economy. The vote could determine whether Greece remains in the euro currency union.
The ...
Read more »Mortgage & Market News - Week of Oct 24th, 2011 - Edmonton and Calgary
October 26, 2011 by Jennifer Cookson
First Foundation’s Best Rates of the Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 2.99%
4 Year 3.09%
5 Year 3.29%
7 Year 4.49%
10 Year 4.79%
ARM / Variable 2.90%
Line of Credit 3.50
Qualifying Rate 5.29%
Prime Rate 3.00%
Market News
Toronto’s main stock closed moderately lower on Tuesday, giving up earlier gains that
took it to a one-month high, as pessimism set in over an upcoming European summit. World stocks stumbled after the cancellation of a meeting of European finance ministers raised ...
Market and Mortgage News - Week of Oct.10th, 2011 - Edmonton & Calgary
October 12, 2011 by Jennifer Cookson
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 2.89%
4 Year 2.99%
5 Year 3.29%
7 Year 4.49%
10 Year 4.79%
ARM / Variable 2.60%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.19%
Market News
The Toronto Stock Exchange opened higher by 155.02 points to 12,030.58 Wednesday on optimism that the European Union has a new plan to attack their debt crisis, including a more definitive plan to support the the banking system in the ...
Read more »Market and Mortgage News - Week of Oct.3rd, 2011 - Edmonton & Calgary
October 4, 2011 by Jennifer Cookson
First Foundation’s Best Rates To Open The Week:
Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 2.89%
4 Year 2.99%
5 Year 3.29%
7 Year 4.49%
10 Year 4.79%
ARM / Variable 2.60%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.19%
Market News
The Toronto Stock Exchange took investors on a wild ride Tuesday, losing as much as 403 points, but later erasing much of that loss to close down 73.93 points, or .66 per cent, at 11,177.91.
Still, that left the TSX ...
Read more »Market and Mortgage News - Week of Sep. 26th, 2011 - Edmonton & Calgary
September 27, 2011 by Jennifer Cookson
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.49%
3 Year 2.89%
4 Year 2.99%
5 Year 3.29%
7 Year 4.49%
10 Year 4.79%
ARM / Variable 2.60%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.19%
Rate Pick of the Week – Variable rate at 2.50% for clients comfortable with a certain amount of risk or the 4 year at 2.99% for those preferring the stability of a fixed rate.
Market News
The Toronto stock market surged more than ...
Read more »Market and Mortgage News - Week of Sep.12, 2011 - Edmonton & Calgary
September 14, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.99%
3 Year 2.89%
4 Year 2.99%
5 Year 3.39%
7 Year 4.69%
10 Year 4.89%
ARM / Variable 2.40%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.39%
Market News
Toronto’s main stock index pushed higher on Tuesday, snapping a three day losing streak,
as investors picked up beaten down shares of banks and energy companies. However pervasive worries over euro zone debt limited gains have experts saying that the rollercoaster of ...
Market and Mortgage News - Week of Sep. 05, 2011 - Edmonton & Calgary
September 6, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.99%
3 Year 3.09%
4 Year 3.09%
5 Year 3.39%
7 Year 4.69%
10 Year 4.89%
ARM / Variable 2.43%
Qualifying Rate 5.39%
Prime Rate 3.00%
Market News
Concerns about European fiscal issues continued to weigh on markets, as Toronto’s main stock market index fell to a one-week low on Tuesday. The Toronto Stock Exchange’s S&P/TSX composite index ended the session down 83.87 points, or 0.67 per cent, at ...
Read more »Market and Mortgage News - Week of August 29th, 2011 - Edmonton & Calgary
August 30, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.99%
3 Year 3.09%
4 Year 3.09%
5 Year 3.39%
7 Year 4.69%
10 Year 4.89%
ARM / Variable 2.43%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
Market News
Toronto’s main stock index rallied for a fourth straight day on Tuesday, reaching its
strongest point in nearly two weeks, as rising commodity prices propelled resource-based shares higher.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 129 ...
Read more »Market and Mortgage News - Week of August 22nd, 2011 - Edmonton & Calgary
August 24, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.99%
3 Year 3.39%
4 Year 3.39%
5 Year 3.39%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
Market News
The Toronto stock market advanced strongly on Tuesday, as commodities firmed, supported by better than expected manufacturing data from China. A strong earnings report from Bank of Montreal also shored up market sentiment even against less rosy data, including U.S. new ...
Read more »Market and Mortgage News - Week of August 15th, 2011 - Edmonton & Calgary
August 16, 2011 by Jennifer Cookson
First Foundation Best Rates To Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.99%
3 Year 3.39%
4 Year 3.39%
5 Year 3.44%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
Market News
The Toronto stock market closed the session Tuesday with a triple-digit decline that erased gains of 141-points posted on Monday and ended a five-day rally.
The S&P/TSX composite index lost 152.9 points to 12,530, with all sectors in the ...
Read more »Market and Mortgage News - Week of August 8th, 2011 - Edmonton & Calgary
August 9, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 2.99%
3 Year 3.39%
4 Year 3.49%
5 Year 3.49%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime – 3.00%
Market News
Down grading of the US credit rating by Standard & Poor’s caused mayhem on the world markets, Monday, causing the TSX to drop a steep 492 points and saw trillions of dollars in value wiped out from global stocks. Tuesday took a welcome turn, however, closing up ...
Read more »Market and Mortgage News - Week of July 18th, 2011 - Edmonton & Calgary
July 20, 2011 by Jennifer Cookson
First Foundation Best Rates:
Term Rates
1 Year 2.64%
2 Year 3.25%
3 Year 3.45%
4 Year 3.54%
5 Year 3.64%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.54%
Ever wondered why should you care about the latest stock market news or mortgage related headlines?
Being knowledgeable about the financial environment that you live in not only make you sound smarter and sexier at dinner parties, it could give you valuable insights about the perfect time to buy a ...
Read more »You Can Call the Alberta Boom By Another Name But It Still Smells As Sweet!
July 14, 2011 by Jennifer Cookson
Although most experts are hesitant to call it a boom, Alberta is certainly poised for one, according to an article in the Ottawa Citizen.
“People are scared to call it a boom because of what happened in 2007, with the way it almost imploded on itself,” says Neil Shelly, executive director of Alberta’s Industrial Heartland Association.
“But upstream in Fort McMurray, if it is not a boom there I don’t know what you would call it. They have a lot of projects in the pipeline that are already approved.”
In fact, $180 billion is set to be spent ...
Read more »Market and Mortgage News - Week of July 11th, 2011, Edmonton & Calgary
July 11, 2011 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.35%
3 Year 3.45%
4 Year 3.54%
5 Year 3.64%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime rate 3.00%
Qualifying Rate 5.54%
Market News
Toronto’s main stock index closed at its lowest level in more than a week on Monday,
dragged down by fears that Italy could be the next casualty of the region’s debt crisis. Italy is the euro-zones third-largest economy and there is ...
July 2011 CAAMP Statistics
July 6, 2011 by Jennifer Cookson
Every month we publish the statistics that the Canadian Association of Accredited Mortgage Professionals (CAAMP) sends us as a service to our readers.
Click here to see the most recent stats regarding the following:
Bank of Canada Interest Rate
Government of Canada Bonds
Bank Prime Lending Rate
Total New Housing Starts
Conventional Mortgage – 5 Year Rate
Average MLS® Resale Price for Local Markets
US Federal Reserve Board Discount Rate
Recreational Property Summary
Exchange Rate $CDN($US)
Market and Mortgage News - Week of July 4th, 2011 - Edmonton & Calgary
July 5, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.34%
4 Year 3.44%
5 Year 3.59%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.18%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
Market News
The Toronto stock market started the second half of the year on a strong note, racking up solid gains based on positive economic data from the U.S. and higher gas and oil prices.
The S&P/TSX composite index gained 85 ...
Read more »Market and Mortgage News - Week of June 27th, 2011 - Edmonton & Calgary
June 28, 2011 by Jennifer Cookson
First Foundation Best Rates To Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.34%
4 Year 3.44%
5 Year 3.59%
7 Year 4.69%
10 Year 4.99%
ARM / Variable 2.18%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
Market News
For only the second time this month, the TSX managed two consecutive positive closes this Monday and Tuesday, lifted with a tide of rising commodity prices due to confidence that a deal can be reached in Greece, where politicians are to vote Wednesday ...
Read more »Market and Mortgage News - Week of June 20th, 2011 - Edmonton & Calgary
June 21, 2011 by Jennifer Cookson
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.23%
3 Year 3.42%
4 Year 3.49%
5 Year 3.59%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.39%
Prime Rate 3.00%
Market News
Toronto’s main stock index rallied more than 1 percent on Tuesday morning to bounce back above 13,000 points, mostly driven by firmer commodity prices that rose on optimism for a deal to resolve Greece’s debt crisis.
The general feeling ...
Read more »Market and Mortgage News - Week of June 13th, 2011 - Edmonton & Calgary
June 14, 2011 by Jennifer Cookson
First Foundation’s Best Rate to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.23%
3 Year 3.42%
4 Year 3.49%
5 Year 3.59%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.49%
Market News
Another day of losses on the Toronto Stock Exchange, Monday, pushed markets to the verge of what investors consider full-fledged “correction” territory. The day raised concerns about how stock values will begin to reflect the collection of negatives that have piled on ...
Read more »Market and Mortgage News - Week of June 6th, 2011 - Edmonton & Calgary
June 7, 2011 by Jennifer Cookson
First Foundation’s Best Rates To Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.23%
3 Year 3.42%
4 Year 3.49%
5 Year 3.64%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.15%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.49%
Market News
Toronto’s main stock index, rebounded on Tuesday morning following five sessions of declines, with energy issues leading the broad rally. Commodity prices were slightly firmer on the belief among some investors that shares offer good values after five losing sessions.
A string ...
Read more »Market and Mortgage News - May 30th, 2011 - Edmonton & Calgary
May 31, 2011 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.23%
3 Year 3.42%
4 Year 3.52%
5 Year 3.79%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.15%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.59%
Market News
( Excerpted from and article on Reuters)
Toronto’s main stock index ended the day and month lower on Tuesday by 26.78 points, or 0.19 percent, at 13,802.88
Canada’s dollar shot to its highest level against the U.S ...
Read more »Market and Mortgage News - May 25, 2011 - Edmonton & Calgary
May 24, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.50%
4 Year 3.74%
5 Year 3.89%
7 Year 5.04%
10 Year 5.24%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.69%
Prime Rate 3.00%
Market News
The Toronto Stock Exchange’s S&P/TSX composite index was down 5.97 points, or 0.04
percent, at 13,646.30.
The TSX was little changed on Tuesday morning as renewed concerns about the euro zone’s ongoing debt problems ...
Read more »First Foundation Reno Series
May 18, 2011 by Jennifer Cookson
I won’t come out and say the words, “now that the snow has completely melted and spring is officially here”, because I have spent more than one May long weekend watching a blizzard through the window of my camper. As Albertans, we all know that looking spring directly in the eye this time of year causes it to notice our presence and subsequently dart away like a deer you’d slow down to spy on a country drive. I will simply say then, that this tends to be the time of year that the possibility of embarking on home ...
Read more »Market and Mortgage News - May 16th, 2011 - Edmonton & Calgary
May 17, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.50%
4 Year 3.74%
5 Year 3.89%
7 Year 5.04%
10 Year 5.24%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.69%
Market News
Toronto’s main stock index pressed higher on Monday, helped by gold miners and financial shares, which offset the drag from energy issues that tracked falling crude and gasoline prices.
Financial shares, which make up almost a third of the index, rose ...
Read more »Market and Mortgage News - May 10, 2011 - Edmonton & Calgary
May 10, 2011 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.50%
4 Year 3.79%
5 Year 3.99%
7 Year 5.04%
10 Year 5.24%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.69%
Market News
By Mid-morning on Tuesday, the Toronto Stock Exchange’s S&P/TSX composite index was up 0.69 of a point at 13,677.82. Five of the index’s 10 main groups were in positive territory.
Market sentiment got a lift from strong ...
Read more »Market and Mortgage News - May 02, 2011 - Edmonton & Calgary
May 3, 2011 by Jennifer Cookson
First Foundation Best Rates To Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.50%
4 Year 3.79%
5 Year 3.99%
7 Year 5.04%
10 Year 5.24%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.69%
Market News
Toronto’s main stock market surrendered strong early gains to end slightly lower Monday while waiting for the results of a federal election. News of Osama bin Laden’s capture and subsequent death, although welcomed relief, did not influence the markets much, pundits said ...
Read more »Market and Mortgage News - Week of April 25th, 2011 - Edmonton & Calgary
April 26, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.50%
4 Year 3.79%
5 Year 4.04%
7 Year 5.04%
10 Year 5.24%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.69%
Market News
The Toronto stock market was in negative territory Tuesday afternoon as commodity prices dropped and investors digested a long list of earnings reports streaming in from both sides of the border.
The S&P/TSX composite index was down 13.6 points ...
Read more »Market and Mortgage News - Week of April 17th, 2011 - Edmonton & Calgary
April 19, 2011 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.60%
4 Year 3.79%
5 Year 4.04%
7 Year 5.04%
10 Year 5.24%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.69%
Market News
Stocks on Monday rebounded from earlier lows but nonetheless ended the day with steep losses after Standard & Poor’s cut its credit rating outlook for the United States – the first step in a potential rating cut down the road.
The Dow Jones industrial average ...
Read more »Market and Mortgage News - Week of April 11th, 2011 - Edmonton & Calgary
April 11, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.40%
3 Year 3.69%
4 Year 3.79%
5 Year 4.14%
7 Year 5.10%
10 Year 5.34%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.69%
Prime Rate 3.00%
Market News
The Toronto stock market closed sharply lower, led by big declines in energy and mining stocks as oil and metal prices gave up some of last week’s gains.
The S&P/TSX composite index tumbled 211.57 points at 13,996 ...
Read more »Market and Mortgage News - Week of Apr. 04, 2011 - Edmonton & Calgary
April 4, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.64%
5 Year 3.74%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.25%
Prime Rate 3.00%
Qualifying Rate 5.34%
Market News
The Toronto stock market closed higher on major dealmaking in the mining sector while energy stocks advanced as crude oil rose to a fresh two-and-a-half year high.
The S&P/TSX composite index gained 88.2 points to 14,218.35 while ...
Read more »Market and Mortgage News - Week of Mar. 28th, 2011 - Edmonton & Calgary
March 29, 2011 by Jennifer Cookson
First Foundation’s Best Mortgage Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.64%
5 Year 3.74%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.34%
Prime Rate 3.00%
Market News
Toronto’s main stock index fell on Monday as commodity prices retreated from recent lofty
levels due to renewed worries about Japan’s crisis, driving energy and mining shares into negative territory.
The TSX was down 27.96 points, or 0 ...
Read more »Mortgage & Market News - Week of March 21st, 2011 - Edmonton and Calgary
March 22, 2011 by Jennifer Cookson
First Foundation Best Mortgage Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.64%
5 Year 3.74%
7 Year 4.79%
10 Year 4.99%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.44%
Prime Rate 3.00%
Market News
Toronto’s main stock index closed sharply higher on Monday, rising to its strongest level in more than a week as energy, gold and financial issues led a broad-based rally. Oil prices rose 1 percent as spreading unrest in the Middle East ...
Read more »Market and Mortgage News - Week of Mar. 14th, 2011 - Edmonton & Calgary
March 14, 2011 by Jennifer Cookson
First Foundation’s Best Mortgage Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.89%
5 Year 3.74%
7 Year 4.94%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.44%
Market News
The Toronto stock market backed off Monday as commodity prices continued to decline while investors tried to assess the economic impact of Friday’s catastrophic earthquake and tsunami in Japan.
The S&P/TSX composite index lost 78.45 points to ...
Read more »Mortgage & Market News - Week of Mar.7th, 2011 - Edmonton and Calgary
March 7, 2011 by Jennifer Cookson
First Foundation’s Best Mortgage Rates to Open the Week:
Term Rates
1 Year 2.64%
2 Year 3.20%
3 Year 3.35%
4 Year 3.89%
5 Year 3.84%
7 Year 4.94%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.44%
Prime Rate 3.00%
Market News
Toronto’s main stock index fell sharply on Monday, retreating from a near three-year high on fears that rising oil prices and instability in North Africa and the Middle East would damage the global economic recovery.
The index’s energy sector ...
Read more »Market and Mortgage News - Week of Feb.28th, 2011 - Edmonton & Calgary
February 28, 2011 by Jennifer Cookson
First Foundation’s Best Mortgage Rates to Open the Week:
Term Rates
1 Year 2.85%
2 Year 3.20%
3 Year 3.35%
4 Year 3.89%
5 Year 3.84%
7 Year 4.94%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.44%
Market News
The Toronto stock market closed higher Monday as traders took in a multibillion-dollar offer for a Canadian miner and a Statistics Canada report that showed the economy grew faster than expected in December.
The S&P/TSX composite index backed off ...
Read more »Mortgage & Market News - February 22nd, 2011 - Edmonton and Calgary
February 22, 2011 by Jennifer Cookson
First Foundation Best Rates to open the week:
Term Mortgage Rates
1 Year 2.85%
2 Year 3.20%
3 Year 3.35%
4 Year 3.89%
5 Year 3.84%
7 Year 4.94%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.44%
Prime Rate 3.00%
Market News
The S&P/TSX composite index plunged 159.43 points, or 1.1. per cent, to 13,963.68, while the TSX Venture Exchange was down 60.13 points, or 2.5 per cent, to 2,363.55 .
Canada’s benchmark stock ...
Read more »Mortgage & Market News - February 14th, 2011 - Edmonton and Calgary
February 14, 2011 by Jennifer Cookson
First Foundation Best Rates to open the Week:
Term Mortgage Rates
1 Year 2.85%
2 Year 3.20%
3 Year 3.35%
4 Year 3.89%
5 Year 3.94%
7 Year 4.94%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.44%
Market News
The benchmark S&P/TSX composite index added 144.01 points (+1.05%) to 13,910.77, while the junior S&P/TSX Venture composite index gained 22.90 points (+0.97%) to 2,380.46.
The loonie traded at $1.0108 ...
Read more »Why David Madani is Wrong
February 9, 2011 by Gordon McCallum
I awoke this morning to the startling news headlines that an economist named David Madani of Capital Economics saying that house prices could (note – he doesn’t say that they will) drop up to 25% if his predictions of a low inflation environment hold true.
According to the article in the Financial Post he is quoted as saying that affordability will deteriorate in a low inflation environment because income growth doesn’t help to offset Canadian’s debt burden.
This implies, as I read it, a number of assumptions on the part of Mr. Madani:
- The economy will not grow ...
Market and Mortgage News - Week of Jan.31, 2011 - Edmonton & Calgary
January 31, 2011 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.70%
2 Year 3.10%
3 Year 3.19%
4 Year 3.69%
5 Year 3.69%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.19%
Prime Rate 3.00%
Market News
The energy sector led the way to a strong advance on the Toronto stock market on Monday as massive political unrest in Egypt raised worries about a disruption in oil supplies and pushed crude prices higher.
The S&P /TSX composite index ...
Read more »Monday Market and Mortgage News - January 24th, 2011 - Edmonton & Calgary
January 24, 2011 by Jennifer Cookson
Best First Foundation Rates to Open the Week:
Term Mortgage Rates
1 Year 2.70%
2 Year 3.10%
3 Year 3.19%
4 Year 3.69%
5 Year 3.69%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.19%
Prime Rate 3.00%
Market News
The Toronto stock market rose 89.01 points to 13,347.58 as investors appeared optimistic ahead of the start of Canada’s earnings season. The Canadian dollar also rose, adding 0.08 of a cent to 100.54 cents US.
Traders ...
Read more »Monday Market and Mortgage News - January 18th, 2011 - Edmonton & Calgary
January 17, 2011 by Jennifer Cookson
First Foundation Best Rates to Open the Week
Term Mortgage Rates
1 Year 2.70%
2 Year 3.10%
3 Year 3.19%
4 Year 3.69%
5 Year 3.69%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.19%
Prime Rate 3.00%
Market News
Commodity stocks led the way to a negative finish on the Toronto stock market Monday while traders considered how bank stocks might be affected by moves by Ottawa to curb excessive borrowing on homes.
The S&P/TSX composite index declined 23 ...
Read more »Monday Market and Mortgage News - January 10, 2011 - Edmonton & Calgary
January 10, 2011 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.75%
2 Year 3.10%
3 Year 3.25%
4 Year 3.69%
5 Year 3.74%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.19%
Prime Rate 3.00%
Market News
The S&P /TSX composite index dropped 27.18 points to 13,245.12, while the TSX Venture Exchange gained 8.01 points to 2,233.4.
The Toronto stock market closed lower for a fifth straight session Monday, with investor buying ...
Read more »Mortgage & Market News - January 03, 2011 - Edmonton and Calgary
January 3, 2011 by Jennifer Cookson
First Foundation Residential Mortgages wishes you a peaceful and prosperous 2011!
First Foundation Best Rates to Open the Week and the New Year:
Term Mortgage Rates
1 Year 2.80%
2 Year 3.10%
3 Year 3.19%
4 Year 3.79%
5 Year 3.84%
7 Year 4.85%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Qualifying Rate 5.19%
Prime Rate 3.00%
Market News
TSX Ends 2010 Up 14%
The TSX was only slightly higher Friday, but Canada’s benchmark stock exchange posted a healthy 14.3 per cent gain for ...
Read more »Monday Market and Mortgage News - December 20th, 2010 - Edmonton & Calgary
December 21, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.80%
2 Year 3.10%
3 Year 3.19%
4 Year 3.79%
5 Year 3.84%
7 Year 4.85%
10 Year 5.15%
ARM / Variable 2.20%
Line of Credit 3.50%
Market News
The Toronto Stock Exchange moved higher as a result of strength in the energy and commodity sectors Monday, even as the Canadian dollar lost roughly half a cent.
The benchmark S&P/TSX composite index sat at 13,241 in the afternoon, up 39.9 points on the session in ...
Fixed Mortgage Rates Edging Upward
December 16, 2010 by Jennifer Cookson
This week, many of our lenders have increased their fixed rates thanks to the rising cost of borrowing in the bonds market.
At the opening of the week, First Foundation’s best 5 years fixed rate was 3.495 but as of midnight Tuesday, it had increased to 3.69%.
Here are our revised best rates:
Term Mortgage Rates
1 Year 2.45%
2 Year 3.20%
3 Year 3.19%
4 Year 3.49%
5 Year 3.69% ( up from 3.49%)
7 Year 4.75%
10 Year 5.14%
ARM / Variable 2.20%
Line of Credit 3.50 ...
Monday Market and Mortgage News - December 13th, 2010 - Edmonton & Calgary
December 13, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.45%
2 Year 3.20%
3 Year 3.34%
4 Year 3.49%
5 Year 3.49%
7 Year 4.75%
10 Year 5.14%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.19%
Market News
The TSX closed higher for a third straight session on Monday as resource issues rallied with commodity prices on relief that China did not raise interest rates despite soaring inflation.
The S&P/ TSX Composite Index rose 56.39 points, or 0 ...
Read more »Monday Market and Mortgage News - December 7th, 2010 - Edmonton & Calgary
December 6, 2010 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Rates
1 Year 2.45%
2 Year 3.20%
3 Year 3.34%
4 Year 3.49%
5 Year 3.59%
7 Year 4.75%
10 Year 5.14%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.19%
Market News
The S&P/TSX composite index fell 364 points to end the day at 13,040— a drop of 2.7 per cent. It was the biggest one-day percentage drop in almost three years. At its worst point, the index was down 457 ...
Read more »Canada's Recovery Slows, No Rush to Raise Mortgage Rates
November 30, 2010 by Jennifer Cookson
Canada’s economy grew at the slowest annual pace since the recession began says today’s report on gross domestic product from Statistics Canada. The country’s economic recovery is slowing rapidly now due to softer trade and the pullback in the housing market.
The Stats Canada report said economic growth slowed to an annual pace of just 1 per cent in the third quarter of the year. That’s down sharply from 2.3 per cent in the second quarter and also well below the 2.5-per-cent pace in United States.
“In a nutshell, this result is a clear ...
Read more »Monday Market and Mortgage News - November 29th, 2010 - Edmonton & Calgary
November 29, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.45%
2 Year 3.20%
3 Year 3.34%
4 Year 3.54%
5 Year 3.49%
7 Year 4.75%
10 Year 5.14%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.44%
The S&P/TSX composite index gained 2.94 points to 12,895.65. The TSX Venture Exchange was down 6.2 points at 2,050.8.
The Toronto stock market shifted lower Monday but then picked up just before close — a turnaround led ...
Read more »Mortgage & Markert News - November 22, 2010 - Edmonton and Calgary
November 22, 2010 by Jennifer Cookson
Term Mortgage Rates
1 Year 2.45%
2 Year 3.10%
3 Year 3.34%
4 Year 3.59%
5 Year 3.49%
7 Year 4.75%
10 Year 5.14%
ARM / Variable 2.20%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.19%
The Toronto benchmark, the S&P/TSX composite index, ended down 27.3 points, or 0.2 per cent, to 12,929.0.
After weeks of denying it needed a bailout, Ireland became the second European country to ask for a multibillion Euro emergency loan to help stabilize it’s debt-ridden banks ...
Read more »Monday Market and Mortgage News - November 15th, 2010 - Edmonton & Calgary
November 15, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.39%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.25%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.19%
The benchmark S&P/TSX started low, then gained, then fell again to close at 12,735.41, a loss of 13.83 points or 0.11 per cent.
The Canadian dollar gained two basis points to close at 99.12 cents US ...
Read more »Monday Market and Mortgage News - November 8th, 2010 - Edmonton & Calgary
November 8, 2010 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.49%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.25%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
The Toronto Stock Exchange’s benchmark index topped the 13,000 mark to hit a two-year high Monday, while gold set a record by closing above $1,400 US an ounce.
The Canadian dollar slid for the first time in eight days versus the ...
Read more »No Boost for Canada's TSX After Fed Announcement
November 3, 2010 by Jennifer Cookson
The Toronto Stock Exchange failed to get a bounce today from the announcement by the U.S. Federal Reserve that it would inject stimulus into the economy.
Major markets dropped after the Fed’s Open Market Committee announced it would spend $600 billion U.S. by next June buying assets, but unlike other indexes, Canada’s benchmark S&P/TSX failed to regain that ground and closed in positive territory.
The Loonie’s initial response was to jump up, coming within a half-cent of parity, but then it pulled back once the Fed’s announcement sunk in with investors. The ...
Read more »Monday Market and Mortgage News - November 1st, 2010 - Edmonton & Calgary
November 1, 2010 by Jennifer Cookson
First Foundation best rates to open the week:
Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.49%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.25%
Line of Credit 3.50%
The S&P/TSX composite index closed at 12,664.81, down 11.43 points or 0.1 per cent.
An early rally among North American stocks fizzled on Monday, despite positive October manufacturing reports for China, India and the United States. It appears that investors are far more concerned about upcoming ...
Read more »Monday Mortage, Market & Diaper News - October 25, 2010 - Edmonton and Calgary
October 25, 2010 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.49%
7 Year 4.75%
10 Year 5.15%
ARM / Variable 2.30%
Line of Credit 3.50%
Qualifying Rate – 5.29%
The S&P/TSX composite index closed up 62.4 points at 12,663.58, while the TSX Venture Exchange was up 22.3 points at 1,900.53.
Resources, which are largely priced in U.S. dollars, surged on a selloff in the greenback after this past ...
Read more »Monday Morning Mortgage and Market News - October 18, 2010 - Edmonton & Calgary
October 18, 2010 by Jennifer Cookson
First Foundation Best Rate to Open the Week:
Term Mortgage Rates
1 Year 2.50%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.49%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.30%
Line of Credit 3.50%
Qualifying Rate – 5.29%
Prime Rate – 3.00%
The TSX opened up 17 points at 12,626.07. Eight of the index’s 10 main groups were higher, including the powerhouse energy sector, up 0.2 percent.
Toronto’s main stock index was little changed on Monday morning as positive U.S ...
Read more »Mortgage & Market News, October 12, 2010 - Edmonton & Calgary
October 12, 2010 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Mortgage Rates
1 Year 2.60%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.59%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.30%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
The Toronto Stock Exchange’s S&P/TSX composite index closed up 40.05 points, or 0.32 percent, at 12,575.64 after sitting in negative territory for much of the day. Eight of the TSX’s 10 main groups ended higher.
The ...
Read more »Monday Mortgage & Market News - October 4th, 2010 - Edmonton and Calgary
October 4, 2010 by Jennifer Cookson
First Foundation Best Rates to Open the Week:
Term Rates
1 Year 2.60%
2 Year 2.99%
3 Year 2.90%
4 Year 3.49%
5 Year 3.59%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.30%
Line of Credit 3.50%
Prime Rate – 3.00%
Qualifying Rate – 5.39%
Toronto’s main stock index closed down Monday at 40.14 points, or 0.32 percent, at 12,322.94.
Mining shares fell on weaker metal prices, pulling the TSX back from two-year highs hit last week. The Toronto index moved in tandem with Wall ...
Read more »Monday Mortgage & Market News - September 27th, 2010 - Edmonton and Calgary
September 27, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.60%
2 Year 2.99%
3 Year 2.90%
4 Year 3.54%
5 Year 3.59%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.30%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.39%
The S&P/TSX composite index closed the day at 12,190.60, down 14.26 points, or 0.1 per cent. Toronto’s main stock index slipped lower following a muted day of trading as weak financials and gold miners undermined strength in ...
Read more »Monday Mortgage & Market News for September 20th, 2010 - Edmonton and Calgary
September 20, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
Term Rates
1 Year 2.60%
2 Year 3.04%
3 Year 2.90%
4 Year 3.54%
5 Year 3.59%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.30%
Line of Credit 3.50%
Prime 3.00%
Qualifying Rate 5.39%
The S&P/TSX composite index closed up 69.95 points today, or 0.6 percent, at 12,234.51
The index was firing on all three of its most powerful sectoral cylinders — materials, up 0.8 percent; energy, up 0.7 percent; and financials ...
Monday Mortgage & Market News September 13, 2010 - Edmonton and Calgary
September 13, 2010 by Jennifer Cookson
First Foundation Best Rates to open the week:
1 Year 2.60%
2 Year 3.04%
3 Year 2.90%
4 Year 3.54%
5 Year 3.60%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.05%
Line of Credit 3.25%
Prime Rate 3.00%
Qualifying Rate 5.39%
Toronto’s main stock index finished higher on Monday at 52.77 points, or 0.4 percent, at 12,149.86, with six of its 10 main sectors higher. Resources got a lift from robust Chinese economic data but the big story was in the financial sector ...
Read more »Monday Mortgage & Market News - September 6th, 2010 - Edmonton and Calgary
September 7, 2010 by Jennifer Cookson
Ok, it’s actually Tuesday but even bloggers take Labour Day off! Hope you enjoyed yours!
First Foundation Best Rates to Open the Week:
1 Year 2.60%
2 Year 3.04%
3 Year 2.90%
4 Year 3.54%
5 Year 3.60%
7 Year 4.85%
10 Year 5.19%
ARM / Variable 2.05%
Line of Credit 3.25%
Prime Rate – 2.75%
Qualifying Rate – 5.39%
The S&P/TSX composite index closed down 42.94 points on Tuesday , or 0.35 percent, at 12,101.89, with six of its 10 main sectors lower. Fears about ...
Read more »Soft GDP Report Released and Has Any Seen My Copy of the Secret??
September 1, 2010 by Jennifer Cookson
Canada’s gross domestic product data was released on Tuesday and it came in a little lower than anticipated. Experts are saying that the numbers have raised some doubt about whether the Bank of Canada will actually go ahead with a hike in the prime lending rate on September 8th.
The numbers post a growth of 2.0% in the second quarter, falling short of the 2.5% that was expected by many analysts and shorter still of the 3.0% that Bank of Canada forecast this past July. Although the data was softer than expected, it did reflect expansion ...
Read more »Monday Mortgage & Market News - August 30, 2010 - Edmonton and Calgary
August 30, 2010 by Jennifer Cookson
First Foundation’s Best Rates to Open the Week:
1 Year – 2.60%
2 Year – 3.04%
3 Year – 2.90%
4 Year – 3.54%
5 Year – 3.64%
7 Year – 4.85%
10 Year – 5.19%
ARM / Variable – 2.05%
Line of Credit – 3.25%
Prime Rate – 2.75%
Qualifying Rate – 5.39% ( down from last weeks rate of 5.39%)
In Toronto, S&P/TSX composite index rose 15.83 points, or 0.1 per cent, to 11,895.55.
Dollar is down .77% to 0.94.33 USD
The US announced gains in their consumer spending numbers ...
Read more »Monday Mortgage & Market News - August 23, 2010 - Edmonton and Calgary
August 23, 2010 by Jennifer Cookson
First Foundation Residential Mortgage’s Best Rates to open the week:
Term Rate
1 Year – 2.60%
2 Year – 3.04%
3 Year – 2.90%
4 Year – 3.79%
5 Year – 3.79%
7 Year – 4.95%
10 Year- 5.19%
ARM / Variable 2.05%
Line of Credit 3.25%
Qualifying Rate 5.49% ( down from last weeks rate of 5.59%)
The Toronto Stock Exchange’s S&P/TSX composite index finished the day at 11,718.63, dipping 3.44 points.
The Canadian dollar lost early momentum to move down 0.32 of a cent to 95.03 ...
Read more »Monday Market News for August 16th, 2010 - Edmonton and Calgary
August 16, 2010 by Jennifer Cookson
First Foundation Residential Mortgages Best Rates to open the week:
Term Mortgage Rate
1 Yr 2.60%
2 Yr 3.04%
3 Yr 2.90%
4 Yr 3.79%
5 Yr 3.89%
7Yr 4.95%
10Yr 5.19%
ARM/Variable 2.05%
Line of Credit – 3.25%
Qualifying Rate – 5.59% ( Down form last weeks rate of 5.79%)
- Did you know that a lower Qualifying Rate will make it easier for applicants to qualify for terms that are four years and less? That’s because lenders must use the Qualifying Rate when approving applicants for shorter terms as ...
Monday Market News for August 9th, 2010 - Edmonton and Calgary
August 9, 2010 by First Foundation
First Foundation Residential Mortgages Best Rates to open the week:
1 Yr – 2.60%
2 Yr – 3.04%
3 Yr – 3.44%
4 Yr – 3.79%
5 Yr – 3.89%
7 Yr – 4.95%
10 Yr – 5.29%
Adjustable Rate Mortgage – 2.05%
Line of Credit – 3.25%
Prime Rate – 2.75%
Qualifying Rate – 5.79%
Several of our lenders dropped their mortgage rates today on the heels of decreases announced by TD Canada Trust, BMO and CIBC last week. More are expected to follow suit during the course of the week.
The Qualifying Rate, or Benchmark Rate remains at ...
Read more »GDP Update for Canada and the U.S.
August 4, 2010 by Dania Spillett
Paul Vieira wrote a recent article that discusses the results of the GDP reports for North America. The data showed that the US has slowed to its “weakest three-month growth in a year”. Although the real estate market may have slumped slightly in Canada, oil and gas extraction has helped balance out the effects. Interest rates have increased and the governments have backed off from more intensive stimuli so now the question becomes whether or not the GDP growth we have seen will continue at the same pace. Compared to the US and Europe, Canada is still ahead of the ...
Read more »Canada Sees a Drop in Inflation in June
July 29, 2010 by Dania Spillett
Inflation dropped in June as the prices of gasoline, clothing and footwear all declined from where they were last year at this time. However, I wouldn’t be surprised if inflation actually increases slightly during the coming months due to the newly implemented HST in Ontario and British Columbia.
Canada’s core inflation rate also dropped from 1.8% to 1.7% in June 2010. Some speculators are worried that Canada may actually be slipping into a deflationary period but, it seems as though the Bank of Canada’s Governor Mark Carney may continue to increase interest rates over the ...
Read more »Global Summit in Question
June 24, 2010 by Dania Spillett
With the G8 and G20 summits just around the corner there has been much debate about whether these international meetings are necessary and whether the cost of hosting the meetings has gotten to an unreasonable level. Personally I believe that the summits are valuable on a global scale but as one news article states, it needs to be a “constant and regular gathering tuned to a world with unprecedented changes and currents underway.” Because of the constantly changing and revolving nature of the world and its economies, countries need a way to tie themselves together in a collaborative fashion. PricewaterhouseCoopers ...
Read more »Dip In Inflation Won't Stop Rate Hikes...But It's For Your Own Good, Dear...
June 23, 2010 by First Foundation
The latest Statistics Canada report, released Tuesday, shows April retail figures coming in lower than those posted in March. Canada’s annual inflation rate dropped to 1.4 per cent in May from 1.8 per cent in April, mainly due to falling gas and clothing prices. The cost of a new golf shirt and a pair of flip flops should continue to drop, just like the cost of the gas that will get us to Walmart to buy them. And we’ll be glad of that because the money we save on buying our board shorts and ball caps ...
Read more »The Wealth Destroying Effects of Inflation
June 10, 2010 by Dania Spillett
Maxime Bernier wrote a guest column for the Financial Post on Tuesday which comments on the interference of the central bank in the Canadian economy. He suggests that the Bank of Canada’s move to increase interest rates is more about controlling money supply rather than leaving the market free to run its natural course. In a true free market, of a more capitalist society, the interest rate would not be changed by monetary policy, rather it would “be determined by the demand for credit and supply of savings.”
Bernier also brings to our attention that the central banks are ...
Read more »Canada Wins in Bank Tax Debate
June 7, 2010 by Dania Spillett
The question of whether or not to implement a global bank tax was up for debate between the G20 finance ministers this weekend. Jim Flaherty, Canada’s Finance Minister, strongly represented the opposing side as he spoke out against the bank tax. In the opinion of many Canadians, Canada should not be subjected to an additional tax just because other countries’ governments suffered bank failures. If an agreement was not made and a global bank tax was implemented, Canadians would be punished even after our banks managed to stay afloat during the financial crisis and recession. Ultimately, the G20 members ...
Read more »Housing Collapse Not Likely
May 27, 2010 by Dania Spillett
With all the instability in the market due to the European financial crisis, many people are worried that Canada will also experience a hit to the economy and that the housing market might also feel the effects. However, Mario Toneguzzi’s article in the Calgary Herald suggests that this housing collapse is not likely to occur.
The Canadian Real Estate Association (CREA) noted that “the relationship between average price and income has recently been cited as portending a U.S.-style correction in Canadian home prices, however, such warnings ignore the longer-term relationship between prices and income, and disregard typical ...
Read more »Canadian Economic Position
May 25, 2010 by Dania Spillett
Greg Quinn wrote an article in the Bloomburg Businessweek discussing how Canada and other resource rich countries are currently being favored by global recovery amidst the European sovereignty-crisis. The fact that Canada has experienced the fastest growth in a decade supports this theory which in turn, has helped its currency appreciate, specifically against the US dollar and the Euro.
The European sovereignty-debt crisis has actually lessened the urgency for Canadian policy makers to increase interest rates and Bank of Canada Governor Mark Carney doesn’t sense any hurry to start tightening the monetary policy. As Sibonney and Kwan wrote in ...
Read more »Canadian Personal Debt Load
May 12, 2010 by Dania Spillett
The European crisis and rising Canadian interest rates have remained a central focus in the news and many have taken the chance to reflect on the consequences of the high debt to income ratios in Canadian households. CBC News released an article yesterday which states that Canadians actually have the worst debt to income ratio among 20 advanced countries in the Organization for Economic Co-operation and Development.
A large number of consumers decided to take advantage of the rock bottom interest rates which were offered during the recession in order to stimulate the economy. However, the problem is that people ...
Read more »Housing Bubble and Mortgage Policy Controversy
February 12, 2010 by Gordon McCallum
The last week or so has seen a huge increase in the number of articles being written about mortgage policies in Canada. Everyone seems to have an opinion on everything from government policy, CMHC policy (these are not necessarily the same thing), bank lending policies, whether we’re in a housing bubble, not in a housing bubble, or on the verge of a housing bubble, and whether or not we’re headed for US-style mortgage and housing meltdown.
So? Any thoughts?
I’ll try to present as many of the better arguments below, but first, I thought I’d give ...
Read more »No Undue Risk - Part Two
January 14, 2010 by Gordon McCallum
In a follow-up to yesterday’s report from CAAMP showing that consumers in Canada are not taking undue mortgage risk, there’s a very interesting article with quotes all around from bank presidents, economists, et al furthering the suggestion that Canada can avoid a US-style mortgage meltdown.
You can read the Toronto Star mortgage article here
What do you think?
Some of the more interesting quotes from the article include:
Will Dunning: “The degree of risk from rising mortgage rates appears to be small and manageable.”
“The reality is that in the past, interest rates have played only a minor ...
Read more »Canadian Home Owners Not Taking 'Undue Risk'
January 13, 2010 by Gordon McCallum
The Canadian Association of Accredited Mortgage Professionals has released the results from a survey showing that Canadians are making good, responsible financial decisions when it comes to their mortgage borrowing.
This Financial Post article goes into some more detail, and basically backs up the findings we’ve had too.
I did a quick report on our system and over the past three years the average loan-to-value ratio (LTV) for our clients was about 65.5%. Not bad – especially considering how many mortgages for first-time buyers we do. Those usually involve lower down-payments and higher LTVs.
Keep it up Canada! Let ...
Read more »Canadian Housing Market Improving
August 26, 2009 by Gordon McCallum
Great news according to the Financial Post. Many top economists are pointing to recent data that shows house prices improving in Canada and the United States.
Not only are housing prices going up in these markets, but the rate of change for price changes is also increasing, which is an indicator of more activity in the market.
It’s great to hear these economists using terminology like “turned the corner” and “the worst is behind us”. The question I have is, will it last if mortgage interest rates go up? I feel like the majority of demand for homes is ...
Read more »Paint the Town White - Canadian Economy Recovering
July 26, 2009 by Gordon McCallum
After some very bleak reports in the media surrounding the world’s economic crisis, it seems that Canadian markets are finally beginning to show a bit of color. And that color is white.
Although, we consider unemployment rates, GDP and trade statistics to be common indicators of a country’s economic health, economists also track the sales of certain goods to help them understand how the economy is faring. Evidently, one of these goods is titanium dioxide, the substance that creates white paint with which manufacturers use to paint all our durable goods such as: houses, airplanes, washing machines and ...
Read more »Canadian Housing to Rebound in 2010
May 19, 2009 by Gordon McCallum
CMHC is predicting a rebound in the Canadian housing market next year, according to the Financial Post.
The article is specific to new home construction, so it doesn’t tell the whole story…but the more people buy existing homes, the more new homes will be needed, so they are related.
This isn’t terribly surprising, but it is good news. Out here in Edmonton, Alberta, it seems as thought we’ve already rebounded. According to the Edmonton Real Estate blog the number of sales last month are well ahead of 2008 numbers.
New home starts will likely be stronger ...
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