Mortgages rates are at their lowest now. You can save hundreds of dollars each month on your mortgage payment if you can stand riding the variable.

"More than 28% of Canadians have a variable-rate product tied to prime, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP). If you negotiated a deal before October of last year, chances are you are now borrowing money for as little as 1.35%. That's based on deals that at one point saw the banks giving 90 basis points off prime. Prime is now 2.25%.

The average sale price of a home last month in Canada was $306,366. Based on a 25% downpayment and a 25-year amortization, your monthly payment would be $962.61 at 1.35%. Convert that to a five-year fixed-rate term and you're probably going to have to consider a 4% mortgage rate and a monthly payment of $1,289.04."

Todd and I spent about 5 hours weighing the benefits of one set of mortgage terms over another for one of our properties. I didn't want to spend time doing that but that is what banks count on. It's easiest to lock in and say, "Well I may not have got the best deal but it was safe and easy to do this".

That's all right if you don't mind up paying an extra $300 a month because it was too hard to think about your mortgage terms or maybe because it was sunny outside.

Keep an eye on the penalties on your mortgage they can pack a wallop if you decide to sell early. Sometimes a little negotiation with your lender can get out of them.

There is now one convenient location to get news and videos from Don R. Campbell, REIN and other real estate experts. We've updated our Alberta News section and posted crucial videos to help you get all the facts you need to invest with confidence. It's all laid out in an easy to use format.



Click here to get informed.

I stumbled on the Worthwhile Canadian Initiative blog through wordpress.com. There are some great posts here on the Canadian economy.

This one  is very relative for those who are interested in real estate and afraid the Canadian market is going to follow the U.S housing market meltdown.

And as a bonus this entry on The economic impact of canoeing is really interesting.

Alberta's economy will take some hits before rebounding in 2010 according to Premier Ed Stelmach.

"It's just not oil and gas prices, but it's the value of the dollar, the manufacturing sector, and that's why we're promoting Alberta globally, because we have to find new markets for our products."

RBC says that Saskatchewan, Manitoba and Nova Scotia are expected to show economic growth in 2009. The rest of the provinces should be on track by 2010.

So basically Alberta, a province with until recently the most growth, will experience negative growth like most other Canadian provinces until 2010.

What's the good news?

"The good news here is the downturn is giving the province's overheated economy time to breathe and is allowing energy companies time to redevelop their stalled megaprojects to being more environmentally friendly."

"As an example, the Canada West Foundation mentions Imperial Oil's announcement of its $8-billion Kearl oilsands project last month: "Sign of the times: the announcement included a mention of greenhouse-gas emission targets and was realistic about the technology upgrades required to meet them. The next cycle of oilsands development should be quite different from the previous one." Read More Good News About Alberta's Economy

If you're young and time is on your side losing money on investments are a set back but you know you have time to right most financial upsets. However, when the time to earn is long gone losing your savings is a big hit and you'll probably want some payback.

A group of seniors in Germany, kidnapped, held and tortured their financial adviser for losing their life savings.

"Retirees in Germany were so upset with their financial adviser that they ambushed him outside his home and beat him with their walkers, the adviser claims. Then they taped his mouth closed and hauled him into a car. "It took them quite a while because they ran out of breath," the financial adviser, James Amburn, told the U.K.'s Daily Mail. The kidnappers ranged in age from 60 to 74."

When you're a steward of money the responsibility of managing your client's funds is not to be taken lightly. You have to be willing to take the ups and the downs.

In this case it was a few broken ribs, cigarette burns and captivity.

Read More

If you really want to know what's going on with the economy in Canada and aren't afraid of knowing the REAL facts not the hype then you must go to this event:


Real Estate Investment Network(TM) (REIN(TM)) will host the Canadian Economic Summit on June 26th in Edmonton. Some of Canada's top economists will be providing unbiased opinion and analysis on the fundamentals of the Canadian economy (locally and nationally) and its impact on the bottom line for investors and business owners. Among the speakers will be Mary MacGregor, Chief Economist for the Government of Alberta.

Other speakers include:

Carl Gomez, Bentall Capital's Vice President, Research.

Ron Gilbertson, President and CEO of Edmonton Economic Development Corporation

Todd Hirsch, Economist and Media Commentator

Peter Kinch, Author and Canadian mortgage expert

Don R. Campbell, Bestselling author & market analyst

"The market will no longer cover up mistakes and blind guesses. Actions and investments must be better planned, and better planning comes from knowledge," said Don Campbell, President of REIN. "These experts will provide unbiased analysis of where we are heading as a country and how that will affect you and your business."

Topics on the agenda include:

- Long-term effects of high unemployment rates, cancelled capital projects and economic stimulus packages

- Today's world economies, how long will the turbulence last

- Will lending environment continue to tighten

- Positioning your company and investments for recovery

- Assessing the real estate market - when should you invest

- Inflation? Deflation? Recession? Depression? What the economic fundamentals really tell us and the affect on businesses, labour markets, oil prices and retail sales

Complete information at

REIN ECONOMIC SUMMIT

WHEN & WHERE: June 26th at 7:00 PM

Shaw Conference Centre in Edmonton Alberta - Hall D

Contacts:
Real Estate Investment Network
Kelly Marvetz-Todd
604 856-2825
kelly@reincanada.com