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Unemployment May 2016

By | Calgary Economy, Life Quotes, Mortgage Minute | No Comments

Unemployment Stats…

Alberta’s unemployment rate jumped from 7.2% to 7.8% in May due to the Fort McMurray fires.  Ontario and Quebec each posted strong job gains in May (21,600), offsetting the effects of Alberta’s drop on the overall Canadian Unemployment rate.  Calgary unemployment dropped a touch from 8.3% to 8.1%.

Todd Hirsch, chief economist at ATB, is optimistic that we may have reached the bottom of the recession in Alberta, as oil prices have become more stable lately.  He recently speculated that this should contribute to improving Alberta’s unemployment rates in the coming months.

BORROWERS:

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%

Variable rates
~ 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!

ECONOMICS:

Calgary Key Market Indicators

Business
~ WTI Crude Oil held at $49.07 this week (last week it was at $49.69).
~ Natural Gas is at $2.56 this week (last week it was at $2.47)

Money
~ Canadian dollar is at $0.78 (last week it was at $0.78)
~ 5 Year bond fell a little further to 0.563  (last week it was at 0.625)
~ 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 1.66% 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%.

People
~ Calgary unemployment dropped a touch further to 8.1% in May.  It was 8.3% in April.  It was 8.6% in March. It was 8.4% in February and 7.7% in January.
~ Canadian unemployment in May dropped slightly to 6.9%, from 7.1% in April.
~ Calgary’s population grew by 1800 in May.

LIFE:

“A few seeds makes a small harvest, but a lot of seeds makes a big harvest.”

– 2 Corinthians 9:6

CMHC Survey Results

By | Calgary Economy, Life, Life Quotes, Mortgage Minute | No Comments

CMHC Survey Results… and a new puppy!

So… first off, I didn’t get this out yesterday because our family was distracted by puppies!  We put a deposit down on a 3 week old miniature schnauzer, scheduled to come home with us mid July.  Our 9 year old schnauzer is going to be a step mom!

And now… back to our regularly scheduled program…

The Canadian Housing And Mortgage Corporation (CMHC) released it’s annual survey results last week.

While the broker channel lost a little market share in the first time home buyers market, it gained some ground with customers in their subsequent mortgage dealings.

Mortgage Broker Market Share

  • 51% of First Time Home Buyers used a mortgage broker (55% last year)
  • 42% of repeat buyers used a mortgage broker (42% last year)
  • 38% refinancers used a mortgage broker (33% last year)
  • 26% renewers used a mortgage broker (21% last year)

Lender loyalty has dropped for renewers (from 86% to 81%) and repeat buyers (from 77% to 73%).

Personally, I am optimistic that as the mortgage broker industry matures, we will continue to see increased market share as clients become loyal to brokers and broker brands instead of banks.

Read the full survey results here:

http://www.mortgagebrokernews.ca/files/file/mortgage-consumer-survey-2016.pdf

BORROWERS:

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%

Variable rates
~ 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!

ECONOMICS:

Calgary Key Market Indicators

Business
~ WTI Crude Oil is at $49.69 this week (last week it was at $49.33).
~ Natural Gas is at $2.47 this week (last week it was at $2.17)

Money
~ Canadian dollar is at $0.78 (last week it was at $0.77)
~ 5 Year bond fell to 0.625  (last week it was at 0.791)
~ 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 1.66% 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%.

People
~ 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.

LIFE:

“A good friend pours water on the fire of our fears, and throws gasoline on the passions of our dreams.”

– Kris Vallatton

Fort McMurray And Oil Prices

By | Calgary Economy, Life Quotes, Mortgage Minute | No Comments

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.

 

BORROWERS:

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%

Variable rates
~ 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!

ECONOMICS:

Calgary Key Market Indicators

Business
~ 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).

Money
~ 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%.

People
~ 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.

LIFE:

“Don’t half ass anything.  Whatever you do, always use your full ass.”

– unknown

Alternative Mortgages

By | Alternative Mortgages, Calgary Economy, Life Quotes, Mortgage Minute, Mortgage Options | No Comments

Alternative Mortgages

There are many alternative products available for clients that don’t fit the bank mould due to their type of income, or credit history.

  • Business for self mortgages where reported income is low
  • Cash income sources (ie. roommate pays cash that will help pay the mortgage)
  • Equity lending (strong net worth, low declared income)
  • Private and 2nd mortgages
  • Bruised or damaged credit
  • Consumer proposals
  • Former bankruptcy

If you or a client of yours may benefit from one of these products, please give me a call.  I am happy to see if there’s a match right now, and/or help people understand what changes they may need to make to qualify down the road.

 

BORROWERS:

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%

Variable rates
~ 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!

ECONOMICS:

Calgary Key Market Indicators

Business
~ WTI Crude Oil is at $46.21 this week (last week it was at $43.33).
~ Natural Gas is at $2.10 this week ($2.10 last week).

Money
~ Canadian dollar settled in a little at $0.78 (last week was $0.77)
~ 5 Year bond is at 0.700  (last week it was at 0.691).
~ Year over year (yoy) inflation in Calgary from March 2015 to March 2016 was 1.4%, February 2015 to February 2016 was also 1.4% (2.0% in January).
~ Year over year Canadian inflation in 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%.

People
~ 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.

LIFE:

“Someone who is rebellious does not want a solution.  Set limits until there is true repentance.”

– Lovingonpurpose.com