First Foundation’s Best Rates for the Week:
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 Rate 3.00%
Qualifying Rate 5.44%
Canada’s TSX fell for the fifth consecutive session on Tuesday thereby erasing its gains for the year and dipping 0.16% below its close on the last trading day of 2011.
The S&P/TSX composite index fell 83.21 points, or 0.69%, to 11,935.29 in reaction to Friday’s disappointing U.S. jobs report. To make matters worse surging Spanish and Italian bond yields created concern that the eurozone was in for further debt crisis and concerns over Chinese trade figures also contributed to the downward spiral of the market.
First-time homebuyers are the “engine” that is driving the housing market in Canada according to a national survey conducted by Genworth Financial Mortgage Insurance Company Canada in conjunction with the Canadian Association of Credit Counselling Services.
The annual poll asked 1,533 Canadians questions about their financial well-being and revealed the following:
- 43% of first-time homebuyers believe they are in good or great financial shape
- Almost one-third of first-time buyers who purchased a home in the past two years, or plan to in the near future, believe now is a good time to buy which is up 25% from 2011.
- 64% say they enjoy planning their financial future
- 59 % of those polled say they managed to save for their down payment within two years or less.
“First-time homebuyers are the engine that will drive the housing market in the next few years,” says Brian Hurley, chairman and chief executive of Genworth Canada.
Did you know that First Foundation specializes in First Time Homebuyers? We’re experts at arming you with all the education and guidance you need to make great decisions about your financial future and our clients say we’re easy to talk to!
Contact one of our licensed mortgage brokers today to get started!