Weekly Newsletter

Wednesday, December 29, 2010 Current Rates: Terms The Bank Our Rates 1 Year 3.35% 2.54% 2 Years 3.60% 3.05% 3 Years 4.15% 3.19% 4 Years 4.94% 3.59% 5 Years 5.15% 3.59% 7 Years 6.35% 4.50% 10 Years 6.50% 4.95% VIRM 3.00% 2.20% The prime rate is 3.00% Shawn Mooney (403) 945-8769 mortgages@shawnmooney.com Contact Info: AIRDRIE, Alberta (403) 945-8769

Current News: ·         Worries about our ability to pay the mortgage Dec 23, 2010 — As Canadians spend the final days before Christmas adding more charges to their credit cards, Finance Minister Jim Flaherty is concerned about the impact rising interest rates will have on Canadian family budgets in 2011. In an exclusive year-end interview with QMI Agency, Flaherty said his main concern regarding the record level of debt Canadians are carrying is the level of mortgage debt and the rising number of home equity loans. ·         Credit union seeks compensation due to fraud Dec 23, 2010 — What could be one of the largest real estate frauds in Ontario history is now playing itself out in a complex court case started by the liquidators of the Croatian (Toronto) Credit Union Limited. The lawsuit seeks recovery of $6.5 million in damages for fraud from the former general manager of the credit union, five lawyers, a real estate broker, and dozens of individuals alleged to be involved in 27 cases of mortgage fraud. ·         Top five Montreal real-estate deals of 2010 Dec 23, 2010 — With the Seville Theatre project selling out in hours, it's not a surprise that 2010 is being called the year of the condo. Although the final numbers haven't yet been published, the Canadian Mortgage and Housing Corp. already expects condo housing starts in 2010 will exceed the all-time high of 10,053 units set in 2004. ·         IMF warns of risks to Canada's muted growth Dec 22, 2010 — The IMF forecast modest growth for this year and next, in line with the Bank of Canada. But it warned of the risks to that outlook, suggesting the federal government should not rush to balance its budget too quickly and that the central bank should keep interest rates low.