Mortgage & Market News, April 23rd, 2012, Edmonton & Calgary


First Foundation’s Best Rates to Open the Week:

Term Rates
1 Year 2.89%
2 Year 3.05%
3 Year 2.99%
4 Year 3.29%
5 Year 3.25%
7 Year 3.99%
10 Year 3.89%

ARM / Variable 2.85%
Line of Credit 3.50%

Prime 3.00%
Qualifying Rate 5.44%

Market News

The TSX was on the upswing after three consecutive negative sessions, up about 57 points, or 0.48 per cent, to 12,037 at midday. The gains were made as investors held their breath waiting for a policy statement from the Federal Reserve Open Market Committee in Washington.

Experts are saying that world markets will be hanging on every word of Federal Reserve chair Ben Bernanke’s statement. Any indication that the American economic recovery is progressing better than anticipated may cause a bit of a shake up in the markets over the coming days.

Mortgage News

The Vancouver real estate market is finally cooling off according to new sales figures from the Canadian Real Estate Association. House prices in the area were down 3.1% in March compared to the same month last year and sales are beginning to slow as well, showing a decrease of 22.3% in the first three months of 2012.

However at $716,000, the average cost of a Vancouver home is still higher than anywhere in the country, with the sizzling Toronto market making a run at the top spot at an average price of $505,000.

Here at home, the average selling price of a singe family home in the Edmonton area is $335, 187 compared to $328 094 in March of last year – a 2.2% jump.

Calgary posted an average sale price of $472,122 in March 2012 and home sales were up 17.0% compared to the same month last year.

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…

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