First Foundation Best Rates to Open the Week:
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%
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 a concern that a rescue package for an economy that size may be hard to obtain. Oil and gas prices were also soft due to European debt fears and on a drop in Chinese crude imports.
The Toronto Stock Exchange’s S&P/TSX composite index lost 191.95 points, or 1.44 percent, to close at 13,179.75.
According to Canada Mortgage and Housing Corporation, Canadian housing starts for June surged well past market expectations, adding to two months of upward momentum. Starts in June rose to a seasonally adjusted annualized rate of 197,400 units from 194,100 in May.
The increase is primarily being driven by the Ontario market at the moment as it leads the country with an increase of 24.1 percent followed by a 5.6% increase in the Atlantic region.
The Edmonton area actually saw a decrease of 25% in new housing starts but most experts believe this is a temporary setback as positive growth in the oil sector is quickly increasing employment opportunities. Alberta is experiencing the largest year-over-year increase in employment in the country at 3.5% compared to the national average of 1.4% which will most likely lead to a resurgence in new housing starts in response to migration to the province.