Market and Mortgage News - May 10, 2011 - Edmonton & Calgary


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 Chinese trade data, which eased concerns of a slowdown in the world’s second-largest economy and pointed to strong global demand. Tuesday’s market was also still coasting on Friday’s news of the biggest addition to employment in seven years.

Canada added 58,000 jobs to its workforce in April, bringing the unemployment rate down 0.1 percentage points to 7.6 per cent, Statistics Canada reported Friday.

Read their press release here.

Mortgage News

According to an article in the Edmonton Journal, “Homebuilders in the Edmonton census metropolitan area (CMA) were less busy in April than they were a year earlier.”

Canada Mortgage and Housing Corp. (CMHC) said Monday 758 homes were started in the month, down 46.1 per cent from 1,407 in April 2010.

Single-detached homebuilders began construction on 436 units in April, a decrease of 30 per cent from 620 a year earlier.

“This time last year the industry was working hard to replenish depleted inventories, whereas this spring the volume of complete and unabsorbed units is considerably higher,” CMHC senior market analyst for Edmonton Richard Goatcher said.

Read the rest of this Edmonton Journal article here.

This is could be positive news for those interested in purchasing new build homes this spring. Builders may be anxious to get their current inventory off the books, possibly resulting in more competitive pricing.

Want to know more about any of our great rates? Contact one of our licensed mortgage brokers today!

As the company’s first employee, Jennifer has been a Licensed Mortgage Associate since 2004, but her current role is not focused on mortgages. She is the resident blog writer and…

Learn more about Jennifer Rochford