CanadianMortgageTrends.com has a great read on choosing an appropriate Mortgage Term.
We too find that the vast majority of our clients are focused on the interest rate. The interest rate is important, it affects the cost of borrowing, however it is not the sole factor to base your mortgage decision on.
The Bank Of Canada announced that there will be no change to their Interest Rates. This marks the 11th consecutive time that the the borrowings costs have remained unchanged.
Meanwhile a number of banks have recently dropped their 5-year lending rates to record lows.
There has been a lot of media attention regarding a BMO rate special of 2.99% on a 5 year fixed. However, there are some other details you must also consider, rather than solely the interest rate.
· Full Payout allowed only on sale to non-related individual. That means even by selling to a family member you cannot get out of the mortgage. Must be sold to a 3rd party.
· Limited pre-payment options.
· 90 day quick close, so no long possessions possible.
· Rate being offered from January 12 – January 25th only.
Actual text from BMO: “Full repayment before maturity can only occur if property is sold to an unrelated purchaser at fair market value or if the mortgage is renewed or refinanced into another BMO mortgage product. Prepayment charges will apply.”
Even if you try refinancing to another BMO product, full prepayment penalties would apply.
The Municipality released a tentative schedule for the Snow Removal.
· Abasand – scheduled to start January 15
· Beaconhill – schedule to start January 22
· Dickinsfield – scheduled to start January 20
· Downtown – snow removal started on January 9
· Greyling Terrace – scheduled to start January 15
· Prairie Creek – scheduled to start January 24
· Thickwood – scheduled to start January 23
· Timberlea – snow removal started on January 9
· Waterways – scheduled to start January 17
· Wood Buffalo – scheduled to start January 18
Tim Hortons are “working aggressively” to get a third location in Fort McMurray.
However cars continue to spill out of the Tim Hortons drive-thru onto Thickwood Boulevard, and Hardin St. Bylaw Services says it’s just a matter of time until those violating the no stopping zone will be fined.
Motorists can be fined for poor winter driving: RCMP.
“The maximum speed limits posted along the highways are for ideal road conditions when it is warm and dry,” said Cpl. Adam Schedlosky, Community Policing unit commander with Wood Buffalo RCMP in a release. “Drivers need to remember to drive according to the road and weather conditions. It is important to remember to keep a safe distance between yourself and the vehicle in front of you to avoid situations where you may have to brake suddenly.”
The release says motorists can face fines for not driving safely for the conditions, including a possible $172 fine for driving too fast for road and weather conditions and $402 for careless driving.
The Municipality announced that the La Loche Winter Trail will open to traffic today.
The mounties caution motorists to avoid Highway 63 due to icy conditions.
The roads in the city aren’t much better, so if you absolutely must drive, be extremely cautious.
The Municipality announced that the Fort Chipewyan winter road will Open December 15.
Housing starts in Wood Buffalo are slower than they were at this time last year, with the number of single detached units being down by 24.9% compared to 2010. The lower number of housing stats is not due to a lack of demand or of growth, but rather to a lack of open lots.
When the Kyoto Protocol, which Canada signed in 1997, expires in 2012 Canada’s participation in the agreement will also expire. Federal Environment Minister Peter Kent added that Canada would continue to pursue a target of reducing greenhouse gas emissions by 17% from 2005 levels by 2020.
