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Cory Kline, AMP - Mortgage Agent
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Mortgage Agent
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Market Update and Economic Forecast...

Updated Thursday, November 8, 2012
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Rates remained unchanged the past week.

In the article below is a summary of an economic forecast given by Craig Alexander of TD Bank, one of Canada's top economist, last evening. It is worth your time to review the information.
Regular 5 year money is currently in the 2.99% - 3.19% range.
We now have 2 lenders, both conventional and high ratio, offering 10 year funds at 3.89%.

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and a longer term at today's record low rates.

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars.

Bank prime is 3.00%

The next meeting of the Bank of Canada is December 4, 2012.

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.

-Cory Kline 705-794-1283

TD Economic Forecast
Craig Alexander
Senior Vice President & Chief Economist
TD Bank Financial Group
 
 

Economic Summary
 

 

  • Global healing from the financial crisis is to continue, but slowly and with a risk filled environment.
  • European crisis to remain the #1 risk.
  • U.S.recovery is still fragile, but recovery pieces are beginning to fall into place.
  • U.S. Fed is doing everything they can to stimulate growth.They are still down 4.5 million jobs.
  • The Fiscal Cliff- he feels the U.S. parties will not allow this to happen.
  • Emerging markets are to pull off a soft landing.
  • The Canadian economy has fared better than most, but needs to transition to export and investment led growth to record a substantial expansion.
  • Interest rates are expected to stay low until 2015, following the U.S. rate pattern.
  • How do you make a politician make decisions they do not want to?- Have a crisis-this will continue to play out around the world the next several years.
  • Canada-Consumer and Government can no longer be the engine of growth.
  • Housing market- There is no bubble-The risk is not evenly distributed across Canada-some areas(Vancouver and GTA condo market) are at risk on the short term picture. Longer term, immigration and demographics will correct the GTA condo market.

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