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%
Qualifying Rate 5.69%
Prime Rate 3.00%
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 weighed on most of the index, except for the mining-heavy materials group.
Most TSX sectors were playing catch-up with sharp declines in major markets on Monday when Canadian financial markets were closed. The declines were fueled by risk of multi-notch credit downgrades in some euro zone countries.
New warnings fueled fears the euro zone crisis is heading for a new, more dangerous phase. Greece, if it defaults, has been tipped as a possible trigger that could drag a new group of countries — including Group of Eight member Italy — into trouble.
Experts say a Greek debt default would put Portugal and Ireland at risk of multi-notch credit downgrades.
The following was excerpted from an article in today’s Edmonton Journal:
Calgary and Edmonton are the major Canadian cities where housing affordability is the most attractive, says a new real estate report released Friday.
But the RBC Housing Affordability report says signs are accumulating that the Calgary housing market is finally overcoming its protracted slump and entering a more vigorous phase.
“Home resales grew for the second consecutive time in the first quarter of this year, advancing the most since the middle of 2009,” says the report. “This helped remove even more of the earlier market slack and set a healthier balance between demand and supply.
“Stable or slightly declining prices, in turn, contributed to substantial improvement in affordability in Alberta last year. While market conditions have become more balanced in recent months, there remains very little pricing momentum in the provincial market at this stage, maintaining attractive affordability levels — the RBC Measures for all housing categories in Alberta stood below their long-term average in the first quarter.”
RBC says Alberta’s housing market continues to be stuck in low gear as sales of existing homes and construction of new housing units are showing very modest increases at best so far this year.
Read the rest of the article to find out what the average price for single family homes and condos and their measure of affordability for Albertan’s according to the RBC report.
Curious about what you can afford? Contact one of our licensed mortgage brokers to find out today!