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May 2011

Found 3 blog entries for May 2011.

Interest Rate Update

Penny & Steven Donnan on Wed, May 15 2011 wrote:

Benjamin Tal, Deputy Chief Economist at CIBC World Markets, has predicted that the 5 Year fixed mortgage interest rate will go up by between 50 and 80 basis points starting in July. The Bank of Canada may also move to increase the prime rate which affects variable rates and some lenders are reducing their variable rate discounts.  Make sure you call us for an interest rate hold as soon as possible so you don't miss out on current rates in the 4% range!  Mr Tal also predicted that the "new normal" price for a barrel of oil will be in the $90 - $100 range, so get used to paying at least $1 per litre for gasoline. In fact, $1 per litre sounds pretty good right now. 

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Higher priced homes selling faster as listings trend down

Calgary, May 2, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), City of Calgary year-to-date sales declined by 4 per cent compared to the first four months of 2010.  The decline was offset by a 14 per cent drop in listings recorded over the same period, resulting in lower inventory levels, and a moderate growth in average prices.
In April 2011, single family home sales were 1,217, while 2,299 listings came to market, a decline of 10 per cent over April 2010 and 25 per cent, respectively.  Inventory levels rose slightly over March 2011 levels, but remained well below inventories recorded in April 2010, and close to the long term average, indicating the market

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Variable rate discounts are disappearing.

"We believe a variable rate increase is on the horizon and this one is not connected to Prime. This will not affect Canadians that already have a mortgage but could be a significant hit to people seeking a mortgage right now.
Yesterday, FirstLine Mortgage, a CIBC Company, announced they were moving their variable rate from P-.65% to P-.40%.  This 0.25% change by FirstLine was explained by their claim that variable rate mortgages carry very little profit in the current market. We have unofficially heard the same complaint recently by several lenders.   In fact, lately, a few small lenders have moved up there variable rates.  But, CIBC's FirstLine Mortgage company is the first major lender to announce this

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