Carlos Montes Calgary Real Estate

November 23, 2010 Mortgage Update by Jen Mikla Calgary Mortgage Planner

I just spent the weekend in Montreal at our annual associations mortgage conference.  There were lots of interesting sessions and information present at the conference.  One of my favorite speakers Benjamin Tal, Chief Economist for CIBC world markets had a pretty positive outlook on the Canadian mortgage market, always good to hear.  Some keys things of interest from him were rates to remain low for at least next 6 months and we will reach a point in the near future where it won’t matter if you take a fixed or variable as they will be fairly similar.  Real Estate prices may drop on a national level by an average of 5%-10% but there will be no bubble like some people seem to expect.  All in all a good forecast.

Last week rates started to increase slightly but are still very attractive with five year fixed as low as 3.69%. Variable rate still available at prime -.70.  Who knows when we might see the next hike, so getting a rate hold in place is a good idea!  And who doesn’t like knowing exactly what they can afford?

Stay warm and drive safe! :)

Jen Mikla, AMP
Mortgage Planner
Mortgage Architects
P: 403.863.9770
F: 403.398.1360
E: jen@mortgagewithjen.com
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