|Rate Market Pressure Eases!|
Rates as of June 17, 2009
Fixed Rate Mortgages
6 month convertible 4.60%
1 year open 6.55%
1 year closed 2.75%
2 year closed 3.05%
3 year closed 3.65%
4 year closed 4.09%
5 year closed 4.39%
7 year closed 5.80%
Variable Rate Mortgages
5 year closed - Prime* +.40%
5 year open - Prime* +1.00%
Home Equity Line Of Credit
Please call for product availability and rates.
Information from sources deemed to be reliable. Product availability and borrower qualification apply.
*Prime = 2.25%
Global West Mortgages
Canada's housing market shows more recovery signs: CREA
Last Updated: Monday, June 15, 2009 | 1:21 PM ET Comments66Recommend40
Canada's housing market showed more signs of a rebound in May, with the national average residential price reaching its highest monthly level on record, the Canada Real Estate Association said Monday.
Driven by price gains in some of the most expensive markets in the country, the national average resale price rose to $319,757, up 0.4 per cent from the previous record set in May 2008.
CREA said that over the past four months, the national residential average price has recovered 16.4 per cent from the low in January.
New record high prices were also seen in Saskatchewan, Ontario, Quebec, New Brunswick, and Nova Scotia.
"Fueled by a string of monthly increases in activity, the number of transactions in May reached the highest point since July 2008," said CREA chief economist Gregory Klump.
"Inventory levels are still high in many markets, but fewer new listings and rising sales activity suggests that the selection of homes available for sale may shrink as the year progresses," Klump said.
The supply of homes up for sale needs to be drawn down further before average price increases become more widespread among local markets."
On a seasonally adjusted basis, home sales rose eight per cent to 37,649 units in May from April.
"This marks the fourth consecutive monthly increase in seasonally adjusted activity," CREA said. "Seasonally adjusted activity in May was 43 per cent above where it stood in January 2009."
BMO Capital Markets economist Douglas Porter said low borrowing costs, more affordable prices in many markets and some pent-up demand after the slow fall and winter period have given support to the market.
Beaches, Ski Hills, Orchards, and Vineyards: The Okanagan Valley has got it all!!
People have been coming to play in Canada's most perfect valley for years now, towing wakeboard boats, snowmobiles, quads, bringing bathing suits, golf clubs and ski's, both for the water and snow uses!
In less than 20 years, wine, tourism, and recreational property have supplanted fruit farming as the economic foundation for the region! Greater Kelowna, with a population of $162,000, is the fifth fastest growing city in the nation, behind only Calgary, Edmonton and 2 Toronto Satellites. What was once a remote hideaway unto itself in the mountains has become a top 10 on Arthur Frommer's, an influential travel writer, "must see destinations" of the world! The Okanagan Valley is evolving at an unprecedented speed, and if it stays on it's current trajectory, one of the great biodiversity hot spots on the North American Continent!
Our changing concept on retirement is just one of the forces behind the influx of property buyers in our area! While the rest of the country crawls through a wet and cold spring, the Okanagan is already a summery Eden, where winter turns to golf and boating at a breakneck pace! Winters are powder packed and ski hills ranked nationally as some of the best!
The Okanagan Valley is one of the warmest areas in Canada, and considered a premier wine valley. Where else in the world can you ski, play a round of golf, go boating, and visit a winery all in ONE day!
As we continue to work on our Real Estate business, no matter what aspect of the transaction one is involved in, tell those who seek our advice about the area and do it with pride!
And Remember to take some time to enjoy what we are blessed to be part of!