Market and Mortgage News - Week of Oct.3rd, 2011 - Edmonton & Calgary


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 officially in bear market territory, down more than 20 per cent from its April high. A bear market is declared when a stock index loses more than 20 per cent from a recent high.

What Does This Mean For You?

Have a look at this article from CTV news which outlines the effects such a volatile market may have on Canada.

Mortgage News

There’s certainly alot of doom and gloom these days in regards to the world market place – however it doesn’t hurt to hear something positive for a change. According to an article in the Property Wire, the Canadian real estate market is one of few to see price growth.

In the majority of the major markets we track in North America, Europe and Australasia, inflation-adjusted home prices declined on a year-over-year basis in the second quarter of 2011,” said Adrienne Warren, Senior Economist and Real Estate Specialist, Scotia Economics. “While Canada’s hot housing market also has begun to cool, it remains a notable outperformer.

Of the nine major markets covered in the report, only Canada, France and Switzerland reported positive price growth, year-over-year.

What Does This Mean For You?

The article does suggest that we will be facing a market slow down in the near future and that house prices will flatten out and remain so for awhile but if you live in Toronto,
Vancouver, Edmonton or Calgary, an influx of migration from other provinces as well as immigration from other countries should keep those markets buoyant.

Like our Four Year Fixed rate at 2.99%? Call one of our licensed mortgage brokers today to lock it in or complete our handy and secure, online mortgage application.

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