Millrates for 2011 for various Cities and Towns

The following are is a list of updated millrates for various towns and cities.
Sylvan Lake-Residential 7.784 Commercial 13.298
Ponoka-Residential 8.3587 Commercial 13.298
Rocky Mountain House Residential 9.855 Commercial 11.1356
Lacombe Residential 9.1909 Commercial 12.4624
Bentley Residential 11.27794 Commercial 16.25294
Eckville Residential 10.75 Commercial 16.806
Rimbey Residential 9.1784 Commercial 12.0772
Red Deer 8.2209 Commercial 16.0387
Many of these rates are including both the additinal taxes collected for school and senior housing but it is always a good idea to check in with the municipal office for any changes.

Bigger Effort by Canadians to Pay Off Mortgage Sooner

The Spring 2011 CAAMP/Maritz survey has found that mortgage holders - especially those who have purchased their homes recently are making considerable efforts to accelerate repayment of their mortgages.

Increased monthly payments:

·  22% of mortgageholders have increased their monthly payments during the past year,

·  16% had increased their payments in prior years (but not in the past year)

·  62% reported they had never increased their payments. 

Made a lump sum contribution:

·  18% have made a lump sum contribution to their mortgage in the past year

·  17% did so in prior years (but not in the past year).  

·  65% who reported that they had never increased their payments.

These payments are in addition to amortization that would occur via scheduled payments.

*Of the respondents, 40% (800 repondents) were homeowners with mortgages. The remainder were renters, homeowners without mortgages or individuals who lived with their families.  

Source: CAAMP.ca

Great New Low Rate

Mortgage Intelligence has another new lender who loves to help my clients save money on interest.
They are offering 3.51% for a limited time for my clients who are either purchasing or refinancing. This rate does not apply for those who are looking for a preapproval.

Protecting Clients Assets-CHIP Home Income Plan

This is the time of year when your senior clients pay their income and property taxes.
With restricted cash flow, many seniors resort to drawing down on investments in order to meet their tax obligations.
I offer my clients a sound, tax-efficient alternative … CHIP Home Income Plan.
CHIP Home Income Plan proceeds are not added to income for tax purposes.
Best of all, CHIP will allow you  to pay taxes and increase your cash flow without sacrificing your investment assets.
In certain situations, where unregistered investments generate income, CHIP Home Income Plan interest expense may be applied to gain tax deductions, further reducing your clients’ taxes.
And there are more great benefits:

• no interest or principal payments due until your clients choose to move or sell
• no income, credit or medical qualification required
• Rates starting at 4.75% and 50 bps rate discount when interest payments are made annually

 Seniors are the fastest-growing segment of the population.  Like no other generation, they have been living longer, spending more, and saving less.  I can help you meet your needs by providing you with a long-term borrowing solution that will meet your needs.

Mortgage Rate Outlook

On April 12th, the Bank of Canada

announced that it was leaving the

Target for the Overnight Rate

unchanged at 1.0 per cent. The last

increase in the overnight rate

occurred on September 8, 2010 when

the Bank of Canada raised it by 25

basis points. The Bank of Canada is

expected to resume raising the

overnight rate in the fourth quarter of

2011. Mortgage rates, particularly

short term mortgage rates and

variable mortgage rates, are expected

to remain at historically low levels.

According to CMHC’s base case

scenario, posted mortgage rates will

remain relatively flat in 2011 before

increasing moderately in 2012. For

2011, the one-year posted mortgage

rate is assumed to be in the 3.1 to 3.5

per cent range, while three and

five-year posted mortgage rates are

forecast to be in the 4.1 to 5.6 per

cent range. For 2012, the one-year

posted mortgage

rate is assumed to

be in the 3.4 to 4.3 per cent range,

while three and five-year posted

mortgage rates are forecast to be in

the 4.2 to 6.3 per cent range.

Rates could, however, increase at a

faster pace if the economy ends up

recovering more quickly than

presently anticipated. Conversely, rate

increases could be more muted if the

economic recovery is more modest in

nature.

Source: CMHC

Rate sheet for June 3 2011-Check out the new low 5 year fixed