Canyon Meadows, Calgary  -  Announcing a price reduction on 144 Cantrell Drive SW, a 1,040 sq. ft., 3 bath, 5 bdrm single story. Now MLS® $339,900 - .

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Open House at 151 Cougartown Close SW from 1:30 to 4PM on August 21!  Hope to see you there!

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Even though there’s been some cooling in recent months, most economists agree that Canada’s economy is still in pretty good shape. Sure, April’s GDP (Gross Domestic Product) numbers were flat and retail sales were down, but this is in line with expectations for less dramatic growth in the second half of the year. Considering that inflation remains close to the Bank of Canada’s forecast, there’s still a good chance that the Bank will raise the overnight rate by 0.25% on July 20th.

Storm clouds are gathering.

However,  the Bank also has to consider what’s happening in other countries, and the outlook there is much less optimistic. Globally, governments and companies are trying to reduce debt, which inevitably slows growth. New financial regulations are forcing banks to hold additional capital and reduce risk, which reduces the availability of credit. And stock markets have been plunging on nervousness about whether the recovery can stay on track.  Faced with these uncertainties, some economists are beginning to think the Bank of Canada might take a break from rate hikes until the storm clouds pass.

Let’s see what happens on July 20th.  It’s in turbulent times like these that you need personalized analysis and advice.  Give me a call and we can review your options.  Marianne LePan  403-278-7000.  Have a great day.

Copy and paste of a reply I received while I look for a cleaning crew - from Kijiji... 

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Hello! The following is a reply to your "Need a weekly house cleaner" Ad on Kijiji:

Another example of a recent transaction utilizing a Home Equity Line of Credit was for a client wanting to purchase a revenue property.

They knew they wanted a revenue property but were very nervous of applying for a mortgage - not wanting to be tied down for many years. Essentially, they decided they would not move forward and purchase a revenue home because the conventional mortgage scared them off.

This was of course until we discussed the option of the Home Equity Line of Credit (HLOC). By utilizing the HLOC, they have full control of how fast or slow they want to pay the property off - averting being locked in for many years in a mortgage. By avoiding the conventional mortgage, they also deflected additional costs and stresses of needing appraisers and financing conditions to make their revenue home purchase.

With using a HLOC, they also had the options to look at properties that required extra funds for renovating - as the HLOC was available to cover those costs as well - further, the buyers are able to complete the work at their convenience - not under a time constraint as you would be when obtaining a home renovation allowance on a new mortgage. Saving you time, stress and ultimately money.

This process only takes a couple weeks to organize - from start to finish - my clients owned their revenue property - with very strong positive cash flow in just 8 weeks. This could be you!

In the past month, two clients of mine were in need of downsizing into adult living style homes - offering amenities geared toward their mature lifestyle. In both cases, they were very stressed on how to make this transition seamless with lining up possession dates as their equity was tied up in their current homes. Feeling as though they had to wait and sell their current home, while potentially missing the opportunity to purchase their new home to another buyer was very nerve-racking.

A work around we used in both cases, was a very simple solution they had no idea was available. This was simply applying for a line of credit against their current home, allowing them to securely purchase their new home using this equity. Utilizing the Home Equity Line of Credit (HLOC) took the stress of selling their current home to complete the new home purchase right out of the equation.

While they take possession of their new home, the buyer only has to cover the interest on the borrowed amount in the line of credit - much less than a mortgage payment.

This has taken the largest stress out of the equation - resulting in an absolutely seamless transition to their new lifestyle.

For those of you with family members who are looking at adjusting their lifestyle to adult living communities, seriously consider this option to alleviate added stress - a stress that is not needed in an already overwhelming experience.

Good morning:   Rate update.   Prime remains at 2.50%, qualifying rate remains at 5.99%.

For further details on rates go to http://www.findnewdigs.com/Mortgage_Rates/page_2054071.html

There is a new adjustable rate mortgage available at prime (2.50%) less .70% = 1.80%.  This is a closed 5 year term mortgage with no prepayment options available.  Also, unless there is a bona fide sale of your home, the mortgage is closed for full repayment for the full term.  If you have a bona fide sale of your home you will have early payout penalty of  3 months interest and a discharge administration fee.    If you think the terms of this mortgage are what you are looking for, give me a call and we can discuss further.

Great inventory of  homes for sale,  great time for you to invest in your first home or an upgrade.  Refinancing options are also available if you need some cash to invest or to consolidate debt.

If you have received your mortgage renewal from your Bank – give me a call to discuss your options.  Your  final mortgage decision should be based on informed options. 

Have a great day!  Marianne LePan  403-278-7000