First Foundation’s Best Rates To Open the Week:
1 Year 2.89%
2 Year 2.69%
3 Year 2.99%
4 Year 3.24%
5 Year 3.25%
7 Year 3.99%
10 Year 4.49%
ARM / Variable 2.90%
Line of Credit 3.50%
Prime Rate 3.00%
Qualifying Rate 5.29%
Toronto’s main market was up on Tuesday, the final trading day of the year, but the index still closed down around 11% for the year.
The S&P/TSX Composite rose 113.4 points to close at 11,955.09.
Stocks were higher despite lower oil prices and disappointing data on China’s manufactoring sector, as investors looking forward to the end of a volatile trading year – to say the least.
Many of Canada’s big five banks have released reports in December with their predictions for the coming year and one thing seems to be clear…if you’re in Edmonton or Calgary, you’re in the right place.
In a forecast for 2012, BMO says that Vancouver will drop back as Canada’s hottest housing market and instead, Calgary & Edmonton will lead the way, “assuming oil prices hold around $90 or better.” ….Read the full report here.
TD’s report notes that Canada’s real estate market may still be in for a correction, particularly in Vancouver and Toronto but again, Edmonton and Calgary actually see some growth in 2012. “Among the 12 major markets profiled in this report, Calgary and Edmonton ought to lead the pack,” the report states. “Solid economic fundamentals and the absence of a recent run-up in prices support our call. – Read more in this Financial Post article.
Scotiabank concurs with the feeling that Edmonton and Calgary will be the place to be in 2012 as their report states thate these two Albertan cities are “staging a strong comeback as resource-related activity heats up again.”
If these lenders are correct, house prices may take a jump in these parts as demand heats up due to a flux in migration to Alberta. Although mortgage rates are expected to stay low, having a mortgage pre-approval will become vital as there is a strong possibility that our current buyers market may flip to a sellers market later this year. Being pre-approved by First Foundation means that you’ll have the confidence to make an offer as soon as you find that perfect place.
Talk to one of our licenced mortgage brokers or complete our simple and secure, online mortgage application today!