It's been a little while since I shared Jason McLean economic and mortgage update on my Blog, so here it is:
The European Central Bank has indicated that it may resort to quantitative easing to stimulate inflation. Despite an improving economy, the spectre of deflation remains and the ECB is well aware of the need to consider all possible measures to avoid the downward economic spiral, and the spiking of sovereign debt in many member nations, that deflation would cause. The apparent success of quantitative easing in the US over the past few years will only encourage the adoption of a similar stimulus program in Europe.
US jobless claims rose slightly last week but this is just a blip for a steadily improving labour market. Despite concerns over various conflicts around the world, specifically Russia-Ukraine, the US markets have shrugged off any minor negative news and have pushed the major stock indexes close to record territory. The US economy will still require some other major global markets to assist with increasing global demand but for the meanwhile, the US economy remains the lone bright spot amongst the largest global economies.
In Canada, economic growth was higher than expected in January although the overall level of growth is still lower than desired. The optimism generated by the improved growth and an improved trade surplus along with a strong US economy, has caused the Canadian dollar to remain higher than expected. The dollar is currently at $0.9059 but many economists continue to expect a decline in the short to medium term due to weak economic growth and concerns over low inflation levels.
Mortgage rates continue to be very low as most lenders are pushing rate “specials” for the spring market. Keeping in mind that a lot of lenders have specific geographical lending areas and prefer properties that are zoned regular residential, there are still many lenders that will finance in Whistler. It is always recommended that potential purchasers speak to a local broker to get an accurate picture of possible financing rather than relying on something that their cousin’s mechanic in Vancouver was able to obtain.
Please remember that 80% financing is available for qualified US residents at great rates!
I am always available to assist you
Cheers,
Jason McLean BSc, AMP
The Mortgage Centre: Garibaldi Mortgage
fax: 604-935-3390
cell: 604-935-9190
Jason McLean
