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Mortgage Update - Dec. 8, 2009

Blog by | December 8th, 2009

December 8, 2009 - Mortgage News and Rate

Real Estate in the third and fourth quarter is continuing to show strength from last years lows. Sales in Vancouver this past November has increased 252.7% from 2008's November. What is even more shocking than that statistic is that home prices in October increased close to 20% from a year ago which is the highest year over year increase in two decades for a month. http://www.financialpost.com/news-sectors/story.html?id=2299543

With our 5 year fixed rate now under 4% (3.89% currently), more and more of our clients are starting to go with fixed rate mortgages. A panel on Mortgage Broker News showed that a panel of the top 50 mortgage brokers in Canada see the public starting to lock into fixed rates as they see the current rates as the bottom. Attached is the article http://www.mortgagebrokernews.ca/news/quotthis-is-the-bottomquot-for-fixed-and-variable-mortgage-rates-industry-panel/39077

In November, the Canadian economy added close to 79,000 new jobs and in the United States there were only 10,000 jobs lost which was far more bullish than economists had been anticipating. Although job gains/losses are condsidered to be a laggging indicator, it is proving that our economy is showing more signs of strength which will continue to drive our economy out of the recession much quicker than anticipated. http://www.theglobeandmail.com/report-on-business/canada-pumps-out-the-jobs/article1388321/

For more information on Okanagan real estate please contact:
Alexandra Rebagliati
MacDonald Realty
Associate Broker/Property Manager
Tel: 250.870.2792