Weekly Newsletter

Wednesday, March 30, 2011 Current Rates: Terms The Bank Our Rates 1 Year 3.50% 2.64% 2 Years 3.75% 3.18% 3 Years 4.35% 3.35% 4 Years 5.14% 3.64% 5 Years 5.34% 3.84% 7 Years 6.60% 4.79% 10 Years 6.75% 4.99% 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: ·         Creating a tax-deductible Canadian mortgage Mar 29, 2011 — The way that mortgages are treated in the Canadian tax code is slightly different than in the U.S. One main difference is that the interest on a mortgage for a principal private residence in Canada is not tax deductible. However, no taxes are payable on any capital gains upon selling the home. But what if there was a way to take advantage of the capital gains exemption, and make the interest tax deductible? ·         Get a lock on mortgage rates Mar 29, 2011 — Even though there was a drop in some of this week's fixed-rate mortgage products, some rates are expected to go up this year. Why the inconsistency between fixed and open rates? Fixed-rate mortgages follow bond yields, which have fallen recently. Variable rate mortgages reflect changes in the Bank of Canada's prime rate, which is expected to rise. ·         U.S. home prices fall again Mar 29, 2011 — Residential real estate prices dropped in January by the most in more than a year, raising the risk that U.S. home sales will keep slowing. ·         Affordable housing projects receive $252M Mar 29, 2011 — The provincial government will spend about $252 million over five years to build thousands of new residences for people with modest incomes. The five-point plan uses a mix of loans for developers, tax incentives for homeowners and Habitat for Humanity funding to create at least 4,600 new affordable spaces throughout Saskatchewan.