Fort McMurray And Oil Prices
The Canadian economy has seen some improvements the past couple of weeks. Oil has climbed near the $50 mark, due in part to the Fort McMurray fires, as well as terrorist attacks in Nigeria, unrest in Libya and falling US stockpiles. Lot’s of speculation is out there predicting $50, 60, $70 + oil by summer’s end.
Alberta oil sand producers are now playing catch up after shutting down during the Alberta fires. While the Fort McMurray fires contributed to the climb in oil prices, it is not the only factor, so Alberta will benefit from the higher oil prices.
Full feature, 5 year fixed rates
~ Most Big Bank 5 year fixed rates are around 2.59%.
~ Most Monoline Lender* 5 year fixed rates are around 2.54%.
Basic Feature, 5 year fixed rates
~ Most basic feature mortgages are around 2.44%
~ Most Variable rates are around 2.35%.
*Monoline lenders are lenders that deal only in mortgages. They don’t sell RRSPs, or checking accounts etc. Mono = 1.
**These rates are generally competitive rates to give you a feel for where the market is at. Contact me for quick close deals and rate specials!
Calgary Key Market Indicators
~ WTI Crude Oil is at $49.33 this week (2 weeks ago it was at $46.21).
~ Natural Gas is at $2.17 this week ($2.10 2 weeks ago).
~ Canadian dollar is at $0.77 (2 weeks ago it was $0.78)
~ 5 Year bond is at 0.791 (2 weeks ago it was at 0.700).
~ Year over year (yoy) inflation in Calgary from April 2015 to April 2016 was 1.4%, March and February were also 1.4% (2.0% in January).
~ Year over year Canadian inflation in April was 1.6% March was 1.27%. February was 1.36%. In January it was 2.01%. In December it was 1.61%. The Bank of Canada preferred bandwidth is 1.0% to 3.0%.
~ Calgary unemployment dropped for the first time in a while to 8.3% in April. It was 8.6% in March. It was 8.4% in February and 7.7% in January.
~ Canadian unemployment in April was 7.1%.
~ Calgary’s population grew by 1900 in April.
“Don’t half ass anything. Whatever you do, always use your full ass.”