Paul Vieira, Financial Post
OTTAWA -- With Bay Street convinced the Bank of Canada will maintain its pledge to wait until July to begin raising interest rates, the debate now turns to how aggressively the central bank should behave thereafter.
In the view of a paper prepared for the C.D. Howe Institute, the central bank should act with zeal. If it wants to get ahead of the inflation curve, the bank should raise its benchmark rate by 50 basis points at every scheduled rate announcement until the middle of next year, the paper said.
Michael Parkin, an economics professor at the University of Western Ontario and member of the think-tank's monetary policy council, said "steep" increases would be required to make up for keeping the benchmark rate so low for so long.
The paper comes a week before the Bank of Canada's next interest-rate statement, scheduled for March 2 and the same day Mark Carney, the bank governor, held an annual meeting with leading private-sector economists in Ottawa.
The bank cut its benchmark rate last year to a record low 0.25%, and made a pledge -- conditional on inflation -- to keep it there until the end of June in an effort to pump up the economy amid the financial crisis. Analysts say the move has worked. Figures on gross domestic product, to be reported next week, should indicate the economy grew roughly 4% in the fourth quarter, above the central bank's own expectations. And inflation is closer to the bank's 2% target earlier than envisaged, although analysts suggest price increases could lose some steam in the weeks ahead.
The main thrust of Mr. Parkin's argument is the central bank needs to raise rates as aggressively in anticipation of the recovery as cut in response to the financial crisis. This would be in line with the Taylor rule, which dictates by how much a central bank should move its benchmark rate in response to inflation.
Based on the central bank's own economic projections, Mr. Parkin calculated the future path of interest rates. "When the [benchmark] rate starts to rise, it must be on a steep upward path," he wrote. Under the Taylor rule the benchmark rate should in fact, be higher than present levels. As a result, a target rate "somewhat higher" than what otherwise would be required might be necessary for the latter half of this year and all of next, he said, "to avoid inflation running above target."
Economists indicate the central bank, if possible, will keep its pledge because reversing course now could damage its credibility.
Other analysts also signalled that they shared some of Mr. Parkin's view.
"In order to move from an exceptionally low to low-rate environment, you need to move fast," said Sébastien Lavoie, economist at Laurentian Bank Securities, which last fall indicated in a report Mr. Carney would need to entertain rate increases of up to a percentage point.
Michael Gregory, senior economist at BMO Capital Markets, said that by mid-2011 the benchmark rate would "have to be in proximity of being neutral."
However, he added the central bank would have to take into account the strength of the loonie in determining the appropriate level of interest rates. The currency is likely to climb as the Bank of Canada moves ahead of the U.S. Federal Reserve, and perhaps more aggressively, Mr. Gregory said. http://www.financialpost.com/news-sectors/economy/story.html?id=2602124
Have a great day!...and GO CANADA GO!
Wednesday, 24 February, 2010
Friday, 19 February, 2010
Changes to Mortgage Regulations explained!
Government of Canada Takes Action to Strengthen Housing Financing
The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.
"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:
Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.
Here is the link for this article on the Dept of Finance website http://www.fin.gc.ca/n10/10-011-eng.asp
Mortgage changes target ‘reckless’ buyers: Flaherty
New mortgage rules
Paul Vieira, Financial Post with files from Garry Marr in Toronto
OTTAWA -- Jim Flaherty, the Finance Minister, says he is targeting "reckless" speculators who buy up multiple condominium units in the country's biggest cities with new rules introduced yesterday that will make it tougher for Canadians to get a mortgage.
The reforms were submitted after nearly a week of non-stop warnings from people ranging from a prominent money manager to former Bank of Canada governor David Dodge about an impending housing bubble. The concern was that the real estate market was getting ahead of itself, as buyers took advantage of record-low interest rates to acquire homes.
In introducing the tougher mortgage requirements, Mr. Flaherty said there was "no clear evidence" of a real estate bubble in this country, the kind of which sideswiped the U.S. economy and sparked the worldwide financial crisis.
"The measures will not affect the ability of a Canadian family to buy a house. It will affect those who are speculating," the Finance Minister said. "What we're getting at is the speculation in multiple condominium units in particular which we see in Vancouver, Montreal, Toronto and in some other places in Canada."
Home builders were taken aback by the measures introduced, saying they could result in "severe implications" for the condo and housing markets.
The changes, scheduled to come into effect on April 19, will make it harder for first-time buyers to qualify for government-backed mortgage insurance -- from either Crown agency Canada Mortgage and Housing Corp. or private-sector providers -- which is required if down payments are less than 20% of the property's value.
Borrowers now have to meet standards for a five-year fixed-rate mortgage, even if the buyer wants a shorter-term, variable rate product.
Some analysts, however, indicate the shift is not as big as it appears. Eric Lascelles, chief economist at TD Securities, said the revamped rule likely means the minimum household income cutoff for Canadian mortgage applicants would be about $5,000 to $8,000 higher.
Further, Ottawa has raised the minimum down payment on rental income properties -- where the buyer does not plan to live -- to 20% from 5%.
Mr. Flaherty said one goal is to protect Canadians from overextending themselves financially as interest rates are likely to climb from present historic lows. The other, he added, is to root out speculation in real estate, which he suggested was happening with greater frequency based on prebudget consultations.
"I don't know how that serves the Canadian people and why the government should insure mortgages like that," Mr. Flaherty said. "People can do it with their own money and if they can find someone who will lend them the money on an uninsured basis. But I just don't want CMHC and the Canadian people to be in the business of guaranteeing speculative mortgages."
Derek Holt, vice-president of economics at Scotia Capital, said the condo market could feel the pinch. Industry experts estimate roughly 40% of condo purchases are investment-related, with buyers looking to rent the units for income and perhaps sell them at a later date at a higher price.
"Evidence of the greatest speculative excess has been in the condo segment in the past few years," Mr. Holt said.
Others weren't so sure. Ben Myers, executive vice-president of Urbanation, a Toronto firm that tracks the city's condo market, said the move would have "very little" impact because most condo builders already require down payments of 15% to 20% for their units once they are occupied.
Still, home builders were shocked by Mr. Flaherty's contention that the real estate market was at the mercy of speculators.
"I don't know if they have thought this through as to who a speculator is," said Peter Simpson, chief executive of the Greater Vancouver Home Builders Association. "Just because someone buys a second property doesn't make them a speculator."
He added that these new regulations, combined with the coming harmonized sales tax in British Columbia on July 1, could lead to a "perfect storm" that hits the province's housing market.
The chief operating officer of the Canadian Home Builders Association, John Kenward, said the rule aimed at condo speculation came as a surprise to his members.
"It had not been the subject of conversation [between the government] and the industry," said Mr. Kenward. "It could have serious implications going forward. We don't know why it was introduced."
Overall, Mr. Lascelles said, the economic implications from the proposed moves "are unlikely to be severe, and we expect the housing market to slow its ascent without crashing back down to Earth."
SUMMARY OF CHANGES
*Borrowers must qualify for a five-year fixed rate mortgage instead of a three-year loan when calculating gross debt service and total debt service ratios.
*Refinancing will be capped at 90% for government-backed high-ratio mortgages versus 90% previously.
*A down payment of 20%, instead of 5%, will be required for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
WHAT CHANGES MEAN FOR A $337,000 HOUSE
*The difference between a three-year mortgage rate and a five-year mortgage rate is currently in the range of about 50-100 basis points. The average house in Canada costs $337,000, which means that this change will require that mortgage applicants have the capacity to absorb an extra $2,500 per year in mortgage costs than in the past, according to calculations by Eric Lascelles at TD Securities. Effectively, the minimum household income cut-off for Canadian mortgage applicants is now about $5,000-8,000 higher than it was previously, to fulfill the new rule. http://www.financialpost.com/news-sectors/economy/story.html?id=2569008
Financial Post
Have a great day!
The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.
"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:
Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.
Here is the link for this article on the Dept of Finance website http://www.fin.gc.ca/n10/10-011-eng.asp
Mortgage changes target ‘reckless’ buyers: Flaherty
New mortgage rules
Paul Vieira, Financial Post with files from Garry Marr in Toronto
OTTAWA -- Jim Flaherty, the Finance Minister, says he is targeting "reckless" speculators who buy up multiple condominium units in the country's biggest cities with new rules introduced yesterday that will make it tougher for Canadians to get a mortgage.
The reforms were submitted after nearly a week of non-stop warnings from people ranging from a prominent money manager to former Bank of Canada governor David Dodge about an impending housing bubble. The concern was that the real estate market was getting ahead of itself, as buyers took advantage of record-low interest rates to acquire homes.
In introducing the tougher mortgage requirements, Mr. Flaherty said there was "no clear evidence" of a real estate bubble in this country, the kind of which sideswiped the U.S. economy and sparked the worldwide financial crisis.
"The measures will not affect the ability of a Canadian family to buy a house. It will affect those who are speculating," the Finance Minister said. "What we're getting at is the speculation in multiple condominium units in particular which we see in Vancouver, Montreal, Toronto and in some other places in Canada."
Home builders were taken aback by the measures introduced, saying they could result in "severe implications" for the condo and housing markets.
The changes, scheduled to come into effect on April 19, will make it harder for first-time buyers to qualify for government-backed mortgage insurance -- from either Crown agency Canada Mortgage and Housing Corp. or private-sector providers -- which is required if down payments are less than 20% of the property's value.
Borrowers now have to meet standards for a five-year fixed-rate mortgage, even if the buyer wants a shorter-term, variable rate product.
Some analysts, however, indicate the shift is not as big as it appears. Eric Lascelles, chief economist at TD Securities, said the revamped rule likely means the minimum household income cutoff for Canadian mortgage applicants would be about $5,000 to $8,000 higher.
Further, Ottawa has raised the minimum down payment on rental income properties -- where the buyer does not plan to live -- to 20% from 5%.
Mr. Flaherty said one goal is to protect Canadians from overextending themselves financially as interest rates are likely to climb from present historic lows. The other, he added, is to root out speculation in real estate, which he suggested was happening with greater frequency based on prebudget consultations.
"I don't know how that serves the Canadian people and why the government should insure mortgages like that," Mr. Flaherty said. "People can do it with their own money and if they can find someone who will lend them the money on an uninsured basis. But I just don't want CMHC and the Canadian people to be in the business of guaranteeing speculative mortgages."
Derek Holt, vice-president of economics at Scotia Capital, said the condo market could feel the pinch. Industry experts estimate roughly 40% of condo purchases are investment-related, with buyers looking to rent the units for income and perhaps sell them at a later date at a higher price.
"Evidence of the greatest speculative excess has been in the condo segment in the past few years," Mr. Holt said.
Others weren't so sure. Ben Myers, executive vice-president of Urbanation, a Toronto firm that tracks the city's condo market, said the move would have "very little" impact because most condo builders already require down payments of 15% to 20% for their units once they are occupied.
Still, home builders were shocked by Mr. Flaherty's contention that the real estate market was at the mercy of speculators.
"I don't know if they have thought this through as to who a speculator is," said Peter Simpson, chief executive of the Greater Vancouver Home Builders Association. "Just because someone buys a second property doesn't make them a speculator."
He added that these new regulations, combined with the coming harmonized sales tax in British Columbia on July 1, could lead to a "perfect storm" that hits the province's housing market.
The chief operating officer of the Canadian Home Builders Association, John Kenward, said the rule aimed at condo speculation came as a surprise to his members.
"It had not been the subject of conversation [between the government] and the industry," said Mr. Kenward. "It could have serious implications going forward. We don't know why it was introduced."
Overall, Mr. Lascelles said, the economic implications from the proposed moves "are unlikely to be severe, and we expect the housing market to slow its ascent without crashing back down to Earth."
SUMMARY OF CHANGES
*Borrowers must qualify for a five-year fixed rate mortgage instead of a three-year loan when calculating gross debt service and total debt service ratios.
*Refinancing will be capped at 90% for government-backed high-ratio mortgages versus 90% previously.
*A down payment of 20%, instead of 5%, will be required for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
WHAT CHANGES MEAN FOR A $337,000 HOUSE
*The difference between a three-year mortgage rate and a five-year mortgage rate is currently in the range of about 50-100 basis points. The average house in Canada costs $337,000, which means that this change will require that mortgage applicants have the capacity to absorb an extra $2,500 per year in mortgage costs than in the past, according to calculations by Eric Lascelles at TD Securities. Effectively, the minimum household income cut-off for Canadian mortgage applicants is now about $5,000-8,000 higher than it was previously, to fulfill the new rule. http://www.financialpost.com/news-sectors/economy/story.html?id=2569008
Financial Post
Have a great day!
Tuesday, 16 February, 2010
Mortgage Rate Sheet
Cameron Financial Consultants Ltd.
Rates as of February 16, 2010
Don’t miss this opportunity to Finance a New Home, Rental, Second Home, Renovate and Refinance!
Customer service is my #1! I work evenings and weekends!
Term Our Rates Posted Rates
*3 Year ARM Quick Close Prime MINUS .30%
*5 Year Fixed Quick Close 3.69%
1 Year Fixed 2.65% 3.65%
2 Year Fixed 2.95% 3.95%
3 year Fixed 3.50% 4.30%
4 Year Fixed 3.69% 5.04%
5 year Fixed 3.89% 5.39%
5 Year CashBack 5.39%
*3 Year ARM Quick Close special is 1.95%! Must close within 30 days.
*5 Year Fixed Quick Close special must be closed by March 26th, 2010.
PRIME Rate is 2.25%
Courtesy of: **Please note that all rates outlined
are applicable for the quoted date.
Rates may change, be extended or
withdrawn at any time. Applicants
must meet the requirements and
qualify for the products being offered.
Angela Ziniewicz, Mortgage Associate
Cameron Financial Consultants Ltd.
Cell: 403-473-2600
Fax: 403-855-1183
Email: angela@cameronfinancial.ca
Web: http://cameronfinancial.ca
Rates as of February 16, 2010
Don’t miss this opportunity to Finance a New Home, Rental, Second Home, Renovate and Refinance!
Customer service is my #1! I work evenings and weekends!
Term Our Rates Posted Rates
*3 Year ARM Quick Close Prime MINUS .30%
*5 Year Fixed Quick Close 3.69%
1 Year Fixed 2.65% 3.65%
2 Year Fixed 2.95% 3.95%
3 year Fixed 3.50% 4.30%
4 Year Fixed 3.69% 5.04%
5 year Fixed 3.89% 5.39%
5 Year CashBack 5.39%
*3 Year ARM Quick Close special is 1.95%! Must close within 30 days.
*5 Year Fixed Quick Close special must be closed by March 26th, 2010.
PRIME Rate is 2.25%
Courtesy of: **Please note that all rates outlined
are applicable for the quoted date.
Rates may change, be extended or
withdrawn at any time. Applicants
must meet the requirements and
qualify for the products being offered.
Angela Ziniewicz, Mortgage Associate
Cameron Financial Consultants Ltd.
Cell: 403-473-2600
Fax: 403-855-1183
Email: angela@cameronfinancial.ca
Web: http://cameronfinancial.ca
Wednesday, 10 February, 2010
CREA Forecast... What do you think?
CREA forcasts record home market this year
Garry Marr, Financial Post
Canadian real estate sales and prices are poised to set records this year, according to a new forecast that is bound to reignite calls in some quarters for tighter lending rules.
The Canadian Real Estate Association, which represents 100 boards across the country, said Monday it expects existing-home sales to reach 527,300, a 13.3% increase from a year ago and a 1.2% increase from the record high set in 2007.
The new-home market appears to be picking up steam, too. Canada Mortgage and Housing Corp. said there were 186,300 starts in January on a seasonally adjusted annualized basis, the highest level of new construction since October 2008.
Bank of Canada governor Mark Carney has warned about rising levels of household debt, which is reaching record levels. Finance Minister Jim Flaherty has suggested he is prepared to tighten mortgage requirements and continues to monitor the market.
"One of the legitimate concerns of the Finance Minister might be if you make qualifying for mortgage default insurance prematurely restrictive that it will quell housing activity even as erosion in affordability continues," said Gregory Klump, chief economist with CREA.
There are have been some rumblings that the government is considering new rules that would require buyers who need mortgage insurance to have at least 10% down and amortize their mortgage over just 25 years instead of the current 35 years.
Anybody with less than a 20% downpayment must get mortgage insurance, if they are borrowing from a financial institution governed by the Bank Act.
Mr. Klump's group contends the market is going to correct on its own in the second half of 2010. CREA has called for sales to drop 7.1% in 2011. The group says that while prices will rise by 5.4% in 2010, to a record high of $337,500, they will drop by 1.5% in 2011.
That view of the housing market is not out of step with some economists, who say that once interest rates rise and inventory levels increase, price increases will shrink. Year-over-year price increases in some markets, such as Toronto, have been around 20% for the past few months.
"There is still a sense of urgency to get into the market. The market will continue to be strong over the next few months," said Benjamin Tal, senior economist with CIBC World Markets, adding he could see new construction also touching 200,000 starts before beginning to fall.
Part of that urgency in the housing sector is being driven by the introduction of the harmonized sales tax in Ontario and British Columbia on July 1. The tax would apply to real estate services and could increase the cost of buying a home by a few thousand dollars.
"It's a factor fuelling a higher level of activity in Ontario and British Columbia," Mr. Klump said. "What's more Canadian than avoiding taxes?"
Elton Ash, vice-president of Re/Max of Western Canada, said he thinks the forecast put out Monday was a little optimistic for 2010, specifically the 4.2% price increase for British Columbia. "But I also think the market will be better in 2011 [than CREA]."
Mr. Ash is actually in favour of some measures to cool the market, like reducing the amortization period back to 25 years. But he wonders whether increasing the downpayment will take some people out of the housing market.
"I think leaving it at 5% would be okay," Mr. Ash said.
Garry Marr, Financial Post
Canadian real estate sales and prices are poised to set records this year, according to a new forecast that is bound to reignite calls in some quarters for tighter lending rules.
The Canadian Real Estate Association, which represents 100 boards across the country, said Monday it expects existing-home sales to reach 527,300, a 13.3% increase from a year ago and a 1.2% increase from the record high set in 2007.
The new-home market appears to be picking up steam, too. Canada Mortgage and Housing Corp. said there were 186,300 starts in January on a seasonally adjusted annualized basis, the highest level of new construction since October 2008.
Bank of Canada governor Mark Carney has warned about rising levels of household debt, which is reaching record levels. Finance Minister Jim Flaherty has suggested he is prepared to tighten mortgage requirements and continues to monitor the market.
"One of the legitimate concerns of the Finance Minister might be if you make qualifying for mortgage default insurance prematurely restrictive that it will quell housing activity even as erosion in affordability continues," said Gregory Klump, chief economist with CREA.
There are have been some rumblings that the government is considering new rules that would require buyers who need mortgage insurance to have at least 10% down and amortize their mortgage over just 25 years instead of the current 35 years.
Anybody with less than a 20% downpayment must get mortgage insurance, if they are borrowing from a financial institution governed by the Bank Act.
Mr. Klump's group contends the market is going to correct on its own in the second half of 2010. CREA has called for sales to drop 7.1% in 2011. The group says that while prices will rise by 5.4% in 2010, to a record high of $337,500, they will drop by 1.5% in 2011.
That view of the housing market is not out of step with some economists, who say that once interest rates rise and inventory levels increase, price increases will shrink. Year-over-year price increases in some markets, such as Toronto, have been around 20% for the past few months.
"There is still a sense of urgency to get into the market. The market will continue to be strong over the next few months," said Benjamin Tal, senior economist with CIBC World Markets, adding he could see new construction also touching 200,000 starts before beginning to fall.
Part of that urgency in the housing sector is being driven by the introduction of the harmonized sales tax in Ontario and British Columbia on July 1. The tax would apply to real estate services and could increase the cost of buying a home by a few thousand dollars.
"It's a factor fuelling a higher level of activity in Ontario and British Columbia," Mr. Klump said. "What's more Canadian than avoiding taxes?"
Elton Ash, vice-president of Re/Max of Western Canada, said he thinks the forecast put out Monday was a little optimistic for 2010, specifically the 4.2% price increase for British Columbia. "But I also think the market will be better in 2011 [than CREA]."
Mr. Ash is actually in favour of some measures to cool the market, like reducing the amortization period back to 25 years. But he wonders whether increasing the downpayment will take some people out of the housing market.
"I think leaving it at 5% would be okay," Mr. Ash said.
Friday, 5 February, 2010
Read the latest copy of informed home buyer/seller
Click on the title to connect to a copy of the latest issue of informed home buyer/seller!
Cheers
Gemma
Cheers
Gemma
Tuesday, 2 February, 2010
Pricing recommendations from a professional can save you money!
So much truth in this link! Read it before you list... I want to be your LAST Real Estate agent...http://www.brokeragentsocial.com/VIPREALTYPLATINUM/blog/4293/
Mortgage Rate Sheet
Cameron Financial Consultants Ltd.
Rate Sheet as of 01/31/10
**Please note that all rates are applicable for the quoted date. Rates may change, be extended or withdrawn at any
time. Applicants must qualify for the products being offered.
Don’t miss this opportunity to Finance a New home, Rental, Second home, and HELOC!
Term Our Rates Bank Rates
5 Year Fixed Quick Close (30 Days) 3.75%
3 Year ARM Quick Close (30 Days) Prime MINUS .30%
6 Month Convertible 4.60%
1 Year Fixed 2.65% 3.65%
2 Year Fixed 2.95% 3.95%
3 year Fixed 3.50% 4.50%
4 Year Fixed 3.85% 5.14%
5 year Fixed 3.99% 5.49%
1 Year Open 6.55%
5 Year 5% CashBack 5.49%
Courtesy of: Angela Ziniewicz, Mortgage Associate
Cameron Financial Consultants Ltd.
Cell: 403-473-2600
Fax: 403-855-1183
Email: Angela@cameronfinancial.ca
Rate Sheet as of 01/31/10
**Please note that all rates are applicable for the quoted date. Rates may change, be extended or withdrawn at any
time. Applicants must qualify for the products being offered.
Don’t miss this opportunity to Finance a New home, Rental, Second home, and HELOC!
Term Our Rates Bank Rates
5 Year Fixed Quick Close (30 Days) 3.75%
3 Year ARM Quick Close (30 Days) Prime MINUS .30%
6 Month Convertible 4.60%
1 Year Fixed 2.65% 3.65%
2 Year Fixed 2.95% 3.95%
3 year Fixed 3.50% 4.50%
4 Year Fixed 3.85% 5.14%
5 year Fixed 3.99% 5.49%
1 Year Open 6.55%
5 Year 5% CashBack 5.49%
Courtesy of: Angela Ziniewicz, Mortgage Associate
Cameron Financial Consultants Ltd.
Cell: 403-473-2600
Fax: 403-855-1183
Email: Angela@cameronfinancial.ca
Monday, 1 February, 2010
Basement Suites make them safe
Please take a minute to print this checklist provided by the city of Calgary and determine whether your basement suite would pass inspection... Remember it isn't a matter of saving money it is a matter of life and death. Last year a young woman from Cochrane died because she was trapped in her basement suite during a fire... Please pass this information along to anyone who may be interested!
Cheers
Gemma
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