First Foundation’s Best Rates to Open the Week:
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%
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 0.26 percent, bolstered by news of a $3.6 billion homegrown takeover proposal Toronto Stock Exchange operator, TMX Group.
The Toronto Stock Exchange’s S&P/TSX composite index closed 14.19 points higher, or 0.11 percent, to 13,391.35.
Excerpted from an article appearing on CTV Edmonton:
The mayor is trying to send a message to Edmontonians: a boom is coming and the city needs homes. Mayor Stephen Mandel thinks the time is right to get serious about affordable housing in our city. The city has launched a pilot project located in a new west-end development where most homes will have a fully developed, rentable secondary suite.
The city is throwing out the option that for less than $500,000, you could become a homebuyer and a landlord. It’s a new option the mayor is promoting for first-time homebuyers.
“We really need this in all of our neighborhoods to create opportunities for housing for people,” said Mandel.
Most homes of the homes will have a fully developed, rentable secondary suite. And the owner can leverage that income to help pay for a mortgage, while collecting a $20,000grant from the city.
The street will have 19 units. So far, 18 have already been sold. The mayor hopes to continue selling this concept before the next housing boom.
“We really got to get our game up. There’s a boom a coming and I don’t think we’re prepared again.”
The neighbourhood, Edmonton Cornerstones, may soon be expanded to other neighbourhoods.
Learn more about this program and other city programs and policies regarding rental suites here.
Considering purchasing a home with a rental suite? Talk to one of our experienced mortgage brokers for details about the specialized mortgage guidelines for these types of properties.