Mortgage & Market News, March 19th, 2012, Edmonton & Calgary


First Foundation’s Best Rates to Open the Week:

Term Rates
1 Year 2.89%
2 Year 2.89%
3 Year 2.79%
4 Year 2.99%
5 Year 3.19%
7 Year 3.99%
10 Year 3.89%

ARM / Variable 2.85%
Line of Credit 3.50%

Prime 3.00%
Qualifying Rate 5.24%

Market News

The TSX closed down 17.27 points Monday to 12,479.70 and then took a further dive Tuesday morning to 12,380.16. This was a trend seen in most of the world’s markets as news from China indicated that auto sales this year were expected to fall short of previous expectations, and fuel prices were hiked. The news raised fears of a slowdown in that country’s economic growth and as Canada’s biggest resource consumer, it could have a negative impact on our own economy.

Mortgage News

The national average home price exceeded expectation in February, rising 2 per cent on a year-over-year basis, compared with a 1.2 per cent gain in January.

Meanwhile, the number newly listed homes advanced 1.9 per cent month-over-month.

According to MLS data released Friday by the Realtors Association of Edmonton, housing in the capital city rose in all categories in February. Residential sales are also up.

The average price of a single-family home in Edmonton for February was $375,268, up 3.1 per cent from the previous month and 4.6 per cent from a year ago.

The average duplex and row house property sold for $306,491, up 1.4 per cent monthly and up 0.2 per cent from the same month last year.

The biggest jump was seen in the condominium market where the average price in February came in at $234,973, up 8.5 per cent from January, and 1.7 per cent year over year.

Residential sales activity also improved to 1,231 transactions, up 39.7 per cent monthly and 6.6 per cent yearly.

The number of homes listed on the local MLS system by the end of February was 5,876, which was up 12.7% from January but lagging behind 6.5% compared to last years numbers.

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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