THANK YOU FOR YOUR BUSINESS

I would like to take this moment and thank the Real Estate Professionals for their business support: Kathy York, Karm Sidhu and Leslie Martin

I would like to thank the following clients for their business: Wade Thackery, Ric Resch, Matt and Kari Sedman, Kim Roberts, Victor Prasad, Derise Siems, Shaun Nichols and Sontong Nguyen

Your business and the referrals you provide are greatly appreciated.

Sincerely Your Mortgage Broker,
Steven Faux

CALGARY REAL ESTATE

CALGARY - Calgary grew by another 22,500 people last year, according to the results of the latest census.

The city's population grew to 1,065,455 as of April 2009 - an increase of 22,563 from April 2008, according to the latest Calgary Civic Census results released this morning.

That growth rate comes out to about two per cent - roughly the same figure as the last census, where the city's population grew by 22,950.

“Calgary continues to post very impressive growth results,” Mayor Dave Bronconnier said.

The 2009 numbers migration and natural growth numbers were actually up slightly from the year before. In-migration into Calgary rose to 12,920, up 479 from the figure last year - but well off the high of 25,557 that was reported three years ago. Prior to this year's gains, in-migration had fallen by about 5,000 and 8,000 the previous two years.

Meanwhile, natural increase (difference between births and deaths) held steady as well, with this year's 9,643 figure echoing last year's 9,695.

According to the report, two communities - Sage Hill and Silverado - had growth rates higher than 100 per cent during that time. Sage Hill grew by 242.3 per cent, by far the biggest jump amongst Calgary neighborhoods, while Silverado gained 100.3 per cent. Both are relatively new developments.

Ten communities grew by more than 1,000 people, a list that is again dominated by newer communities. Panorama Hills in the northwest led the list with a gain of 2,156, with Tuscany as the only other northwest neighborhood on the list. Six of the communities with a net gain of more than 1,000 - including Auburn Bay, Cranston, Evergreen and New Brighton - were in the southern part of the city.

Article from the Calgary Herald, July 2009 issue

West Kelowna Fire

Boy, words can be hard to put together for life changing experiences. It has so many emotions and we all know someone who was a part of this if we were not directly a part of this experience our selves. As a resident of the Mission Hill area, I had the view of the Gorman's Mill/ Glenrose fire to the mountain tops... this was the view from my kitchen and living room each day.

Then from the deck we would watch the smoke and glow of Rose Valley fire come over the side of Mount Boucheri . I personally would like to take my hat off and please for me, pass on a "thank you" to whom ever you know that was fighting this fire. From the first moments I was watering homes down and helping people move items out as I was trying to evacuate friends up Glenrose Road. When I could no longer get up to evacuate their horses and other animals I along with some other great stand by`s jumped to the garden hoses. We soaked many of the homes and watched for hot ambers coming across Glenrose Road for about the first four hours. It was the most horrific, scary and exciting moment of my life.

From the brave home owners, firemen, pilots, RCMP, organizers ,the countless volunteers at the emergency centers, SPCA and Wal-Mart for the vouchers... WELL DONE!

This community was so terrific in it`s efforts to look out for anyone who was a effected by this experience, could you be any prouder to be from West Kelowna, BC, Canada.

'Til dust do us part

Martha Uniacke Breen, National Post

An architect-designer I know has a standing joke about most renovation estimates.

"First, you figure out what you feel is a reasonably accurate price, and what you feel comfortable spending. Then, double that figure. Add another 10% or so for contingencies, and you should just about get it right."

That may be a slight exaggeration, but it's true that the renovation that goes exactly as planned, right down to matching its original budget, is a rare thing indeed. Renovating is an art, not a science - especially with older homes - and so, naturally, is accurately predicting the final cost. But is it possible to avoid, or at least minimize, that ugly post-reno sticker shock?

According to CMHC's latest figures, an estimated 1.7-million households in 10 of Canada's largest cities spent a total of almost $21.3-billion on renovations in 2008, at an average of $12,600 per household. Of these households, 38% reported that the project went over budget, even though nearly 70% used a professional contractor for all or part of the job. Does this mean that contractors can't be trusted? Well, not exactly. But it could mean that there's a lot of confusion about how to approach the whole question of renovation financing.

David Potter, an independent financial advisor in Toronto, says that if blame should be laid, it lies equally on both sides of the contractor-homeowner partnership. "Often people don't have a well thought-out, articulate idea of what they want, and haven't done any research beforehand," he suggests. "For example, they know that they want their bathroom retiled, but haven't gone to the store to see what tiles cost or what the range of options are." Or they may go so far as to interview several contractors, but then not follow up on references, or just go with the cheapest quote.

"I think, personally, that to say you've gone over budget is a bit misleading, because if you go ‘over budget,' it may not have been planned properly in the beginning," says a prominent Toronto builder, who asked not to be named. "Everyone hears horror stories about the renovation that went way over budget and took way longer than expected, but it works both ways: What about the couple who argue over every decision, change their minds about the specs," or have other unrealistic expectations that complicate the contractor's job, and the project itself?

A certain amount of imprecision is a natural aspect of the estimator's art, and many contractors expect homeowners to be aware of that. "There's an underlying business philosophy that states ‘client beware' in whatever quote the contractor gives, because he knows that whatever contract he makes with you can be amended, usually to his advantage, if things change over the course of the renovation," says Mr. Potter. "Think about how estimates are done: to get a completely accurate quote, the contractor would have to do an enormous amount of research and investigation into materials, subtrades, and so on - which is unpaid work if the customer then chooses a different contractor. So it makes sense for him to give his best guess, knowing he can adjust later if necessary."

This is not necessarily dishonest; from the contractor's point of view, it just makes good business sense. After all, there are many variables beyond his control - ranging from your decision to go with the fancy tiles you saw in a magazine rather than his basic offering, to opening a wall and discovering structural damage or firetrap wiring. But a well-planned budget should allow for such contingencies right from the start: Mr. Potter recommends up to 30%, depending on the scope of the job, but it should not be less than 10%.

A lot of headaches could be avoided if homeowners just took the time to check out the contractor carefully before committing to a job. "You owe it to yourself to get three firm quotes; it's amazing how much they can vary, but it's because there are so many variables involved," says Mr. Potter. Often there's more than one way to approach a given project, and you should be just as wary of the cut-rate guy - perhaps more - than the contractor who pulls up in a Cadillac and quotes a Cadillac price. "Then, you must check references on any contractor you're considering, so you know if the guy is for real, both on the budget and on the time estimate as well. Ask former clients about the quality of his work: If it came in more or less on budget, if there were cost or time overruns, and if the whole project was handled pleasantly and efficiently."

One of the best ways to minimize financial surprises - especially with large-scale renos - is to work with an independent cost estimator, or in the case of a design-build company, a project manager whose principal job is to work with the architect and the trades to accurately estimate, and if necessary control, costs.

"The most important [safeguard] is to have your builder and architect in sync from the very beginning of the design process, so you can have realistic, hard numbers to create the design," advises the builder. "An architect is concerned about design; he doesn't necessarily know about the practicalities. The builder or project manager can foresee variables and realities that the architect may not be aware of, such as whether the project will infringe on a neighbour's landscaping, or require major structural changes." In most design-build or residential homebuilding companies, the company principal will take on the role of liaison between homeowner, architect and trades; his reputation depends on representing your interests fairly. But cost estimators can also work independently; you can find them in the Yellow Pages under Cost Estimators or Project Managers.

Rare indeed is the renovation that proceeds without at least some surprises. But if you have done enough research on the contractor to feel reasonably confident, and have properly prepared yourself for the process, it will help make your project go much more smoothly - for everyone involved, including your banker.

Thank you Rachelle Gregory from Merix Financial for this information and article.

Will 5-Year Mortgage Rates Fall Further?

Banks last raised mortgage rates on June 9, when the 5 year bond yield was at 2.68%.

Since then, the 5-year yield (which guides fixed mortgage pricing) has fallen to 2.44%, but bank rates have not budged.

BMO economist, Doug Porter, told the Toronto Star it’s because banks "want to be convinced that it is not a flash in the pan and that any retreat in yields is sustained."

He says: "I believe that we are probably not too far away from that point. It might take a little more of a deeper rally (in bond prices) to make it completely convincing."

The often quoted CIBC economist, Benjamin Tal, thinks yields could fall another 0.05% to 0.10%, but any drop in fixed-rates will be short-lived. "By the end of the year, we'll start seeing rates rising," he says.

If rates do drop another 0.10%, it would translate into a $5.50 monthly payment savings for every $100,000 of mortgage. That’s a total savings of $478 over five years, assuming a 25-year amortization and typical fixed rates.

But remember, trying to time bond and mortgage rates is financially hazardous. While you’re waiting, rates can move the wrong way—quickly.

You’re usually better served by focusing on factors that can dwarf a 0.10% rate savings, like finding a mortgage with the optimal term and just the right amount of flexibility (pre-payment options, openness, readvanceability etc.). Too much flexibility is a waste, and too little can cost you in the long-run.

Home sales strengthen in second quarter

SUSAN KRASHINSKY - Tuesday, July 14, 2009

The housing market is continuing to rebound, according to numbers released Tuesday by the Canadian Real Estate Association.

Home sales were up 31.5 per cent from last quarter and up by 1.4 per cent year-over-year, the first annual increase since late 2007.

The rise in sales was most marked in June, which showed the first annual increase in unit sales since November, 2007, with a jump of 17.9 per cent since last year.

“The gap's been closing since the beginning of the year,” said CREA chief economist Gregory Klump. “Given the strong snap back in a number of major markets, it was anticipated that this would be the month when we surpassed year-ago levels.”

There are three factors contributing to this recovery, said Michael Gregory, a senior economist with BMO Nesbitt Burns. First, affordability has improved. Another factor is that as the prospects for economic recovery rise, people may be feeling less threatened on the job security front. Finally, unlike in some other countries, Canada's banks are still in a position to make loans and are showing a willingness to do so, he said.

Recession over, growth resumes: Bank of Canada

Breaking News from The Globe and Mail
Kevin Carmichael
Thursday, July 23, 2009

Ottawa — Canada's recession is over, and the country is beginning what will be a long reconstruction of the wealth destroyed by the financial crisis, the Bank of Canada said Thursday.

Gross domestic product will expand at an annual rate of 1.3 per cent this quarter, compared with an earlier forecast for a contraction of 1 per cent between July and September, the central bank said in its latest monetary policy report.

The dramatic shift is the result of stronger financial conditions, surprisingly high consumer and business confidence and a first-half contraction that was less severe than the economic catastrophe the central bank was bracing for when it last published its views on the economy in April.

If the bank's new forecast proves correct, Canada's first recession since the early 1990s lasted three quarters, making it one of the shortest downturns on record.

Canada's economy was operating about 3.5 per cent below its production capacity, a hole that will take well into 2011 to fill, the central bank said. The automotive and forestry industries are restructuring, business investment is weak and unemployment continues to rise.

All that will make the recovery fragile, and explains why the central bank recommitted Tuesday to keep the benchmark lending rate at a record low of 0.25 per cent until the middle of next year.

“We believe the economy will grow this quarter,” Bank of Canada Governor Mark Carney said at a news conference. “This isn't a foregone conclusion. Policy is important. Monetary policy is important. Fiscal policy is important, and the caveat, effective implementation of policy outside our borders, remains important.”

The bank's revisions are based on a domestic economy that has weathered the global recession better than policy makers expected and confidence that the rebounds in the United States and China are about to give a lift to exporters and commodity prices.

In April, the central bank predicted the economy would collapse by 7.3 per cent in the first quarter, a reading that instead came in as a 5.4 per cent contraction. The former would have been the worst on record; the later is the biggest decline since the recession of the early 1990s.

“With the reiteration of the conditional commitment to keep rates unchanged, it seems like the compass continues to point to a slow, but eventual recovery,” said TD senior economics strategist Charmaine Buskas.

The central bank left its second-quarter outlook unchanged, predicting GDP shrank 3.5 per cent between April and June.

Consumer spending likely increased in the period, bringing forward purchases that policy makers originally assumed would occur later this year or even next, the report said. Household credit has remained surprisingly high, reflecting the central bank's efforts to lower borrowing costs to encourage purchases of houses and other big ticket items.

Over the months ahead, the Bank of Canada is counting on exporters to take over from consumers.

The U.S. economy is “at its trough,” and Canadian exporters will benefit disproportionately from the rebound because of their tight trade links with the world's largest economy, the Bank of Canada said. China's growth also is remarkably strong, which will provide a boost to commodity prices, the report said.

The biggest threat to the bank's outlook is the dollar, which has surged more than 5 per cent this month, jumping more than 90 cents (U.S.).

Policy makers worry about persistent strength in the currency because it makes Canadian exports less competitive abroad. The central bank's forecast for economic growth of 3 per cent in 2010 and 3.5 per cent in 2011 is based on an assumption that the loonie's value will average 87 cents over that period.“A stronger and more volatile Canadian dollar could act as a significant drag on growth and put additional downward pressure on inflation,” the report said.

The central bank is mandated by law to keep inflation advancing at a pace of about 2 per cent a year. The bank's inflation outlook remains largely unchanged from April. Policy makers predict the consumer price index declined in the second quarter, will drop 0.7 per cent this quarter and eventually reach 2 per cent in the second quarter of 2011.

Financial conditions also could take longer to return to normal, since unexpected losses at financial institutions could trigger another crisis of confidence in credit markets, or bond traders could demand higher yields because of concern over rising budget deficits, the report said.

“Fragility in the global economy persists,” the central bank said. “Financial deleveraging by banks, households and firms is continuing, mirrored by ongoing adjustments on the real side of the economy.”

In Toronto, Finance Minister Jim Flaherty agreed the economy is moving into a phase of “modest” growth.

“Consumer confidence is relatively strong and growing, we are seeing good home sales numbers (and) some improvement in retail sales,” Mr. Flaherty said.

Weekly Market Commentary

TSX rises 3.1%, Bank of Canada forecasts positive, third-quarter GDP growth

Canada’s S&P/TSX composite index added 3.1% over the week ended July 24, 2009 as generally upbeat second-quarter earnings in the U.S. combined with a brightening outlook for the global economy to drive the world’s major equity markets sharply higher.

The benchmark’s Financials and Industrials sectors led the advance, climbing 5.7% and 3%, respectively. The benchmark’s commodities producers also enjoyed solid gains on the week as prices for crude oil and metals rose in anticipation of higher global demand. Energy producers rose 2.7% while materials producers added 2.1%. Of the benchmark’s 10 sectors, only the Consumer Staples sector failed to participate in the weekly rally.

The Canadian dollar also surged on the week, climbing more than 3 cents against its U.S. counterpart, to close above US$.92... Learn More

This article of intrest was presented By Jocko Toic at the Investors Group. If you would like more one on one information, please feel free to contact him at:

Jocko Toic - Consultant
Investors Group Financial Services
3500 Carrington Road, Suite 102, Westbank BC, V4T 3C1
Ph. (250) 707-3265 Cell (250) 869-9636
Fax (250) 768-4563 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
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Steve's Rates

YourMortgages.ca Premium Rates
Mortgage Term	Our Rates	Standard Rates
Variable Rate	2.65%	3.00%
6 Month Closed	4.75%	4.95%
1 Year Closed	2.89%	3.75%
2 Year Closed	3.05%	4.05%
3 Year Closed	3.65%	4.55%
4 Year Closed	4.01%	5.24%
5 Year Closed	4.19%	5.15%
7 Year Closed	5.05%	5.55%
10 Year Closed	5.15%	6.95%
15 Year Closed	9.05%	0.00%
18 Year Closed	9.05%	0.00%
25 Year Closed	9.15%	0.00%

Rates are subject to change with very little notice and certain conditions may apply to individual mortgage applications, QAC, E&OE

For the best rates call 1-866-993-8787.

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Kieth R. Sutfin
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A Quote to Note:

You need to be aware of what others are doing, applaud their efforts, acknowledge their successes, and encourage them in their pursuits. When we all help one another, everybody wins.
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