Mortgage & Market News - Week of Nov. 21, 2011, Edmonton and Calgary


First Foundation’s Best Rates To Open The Week:

Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%

ARM / Variable 2.90%
Line of Credit 3.50%

Prime 3.00%
Qualifying Rate 5.29%

Market News

Canadian stocks edged higher on Tuesday as gold miners gained on rising bullion prices, with
weak U.S. growth data and persistent fears about a European slowdown spurring investors to seek a safe haven.

The Toronto Stock Exchange’s S&P/TSX composite index finished up 10.47 points, or 0.1 percent, at 11,795.19, after hitting a session low of 11,730.64.

Mortgage News

Are you joining the ranks of first time home buyers? Then you’'d better check out this article in today’s Edmonton Journal featuring Edmonton Realtor, Sheldon Johnston. The article shares some good insights about entering the current housing market from the perspective of local real estate experts.

Speaking of, here’s some First Foundation Trivia for you – we at First Foundation have Sheldon Johnston to thank for our gainful employment for it was he who played the Leonardo DeCaprio role and planted the seed of inception for First Foundation many moons ago.

The story goes that Gord asked his respected friend, Sheldon, what sort of business he thought would be most successful and Mr. Johnston’s response was either a white water rafting company in the mountains or a mortgage brokerage. Gord, being the educated and practical man that he is, wisely noted that there was neither white caps nor mountains in Edmonton so he elected to go with mortgages. And so it goes that one of Alberta’s premier mortgage brokerages, like many great ventures before it, was born primarily due to the limits of the local terrain and the advice of a wise man.

It seems our fearless leader made the right career choice as he was awarded the prestigious Accredited Mortgage Professional of The Year award, at the annual CAAMP Mortgage Forum Hall of Fame Awards this past weekend. You can find the official press release here but on a personal note, we at First Foundation couldn’t be prouder of our founder and president.

From the prespective of those of us who work along side him, it can honestly be said that Gord McCallum strives to do his very best each and every day for both his employees and his clients. He truly embodies the theory that a man’s reach should always exceed his grasp as he continually strives to a be a leader of innovation in our industry both as a mortgage broker and an employer.

Congratulations, Gord – you are a terrific role model and a sincere and valued friend to all of us and although we’re sure you would have made a fine, “white water raft transport engineer,” we sure are glad you opted for mortgages mainly due to the notable absence of both white water and rafts.

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…

Learn more about Jennifer Rochford