Monday Market and Mortgage News - November 29th, 2010 - Edmonton & Calgary

First Foundation’s Best Rates to Open the Week:

Term Mortgage Rates

1 Year 2.45%
2 Year 3.20%
3 Year 3.34%
4 Year 3.54%
5 Year 3.49%
7 Year 4.75%
10 Year 5.14%

ARM / Variable 2.20%
Line of Credit 3.50%

Prime 3.00%
Qualifying Rate 5.44%

The S&P/TSX composite index gained 2.94 points to 12,895.65. The TSX Venture Exchange was down 6.2 points at 2,050.8.

The Toronto stock market shifted lower Monday but then picked up just before close — a turnaround led by a rebound in the energy sector on higher oil prices. The market’s initial sluggishness indicates that investors are skeptical that Europe’s approval of a US$90-billion Irish bailout package would be enough to stop the spread of debt across the continent.

However, the EU actually lifted their 2010 growth forecast despite debt crisis. In its autumn forecast, the Commission said eurozone economic growth this year would likely be 1.7 per cent, nearly double its spring forecast of 0.9 per cent.

Happy Cyber Monday!

Many of you know about Cyber Monday (34 per cent of 18- to 34-year-old Canadians, in fact, are aware of the occasion, according to a PayPal/Ipsos Reid survey), the Monday immediately following Black Friday that celebrates online shopping.

“Cyber Monday is still a relatively new phenomena in Canada and this is the first year we’re seeing it gain traction here,” a representative from PayPay, told MSN. “Given Canadians’ preference to shop online, we expect to see Cyber Monday become a bigger part of the holiday shopping season in the years to come.”

More to the point, the loonie’s strength for Cyber Monday, 2010, makes shopping on U.S. websites a sweet deal this year for Canadians, too.