Are we turning the corner? My predictions:

Over the past month, some interesting things have happened; the Canadian Mortgage Bond Market has inched its way up, the Canadian Dollar appears to be leveling off, real estate sales have strengthened across the country, Oil is up (from where it was in February), the financial indexes aren't moving as drastically as they had been earlier this year, and job loss numbers have decreased month over month. What does all this news mean? is Canada out of the woods yet, or is this just the type of statistical anomaly to be expected in the economic climate we live in today?

To be completely honest, I don't know what all this news means. However, what I believe is that many factors that would indicate prolonged stability returning to the Canadian economy are here. Many financial analysts around the Globe are forecasting that the Canadian economy should recover in late 2009. If we are in fact beginning to climb out of the chaos that was the later half of 2008 and first half of 2009, things will be changing --almost all for the better, but not only for the better. In Particular, a recovering economy could mean higher interest rates, and larger accompanying monthly mortgage payments for Canadians looking to purchase a home, and for existing homeowners with Variable Rate mortgages. We have already seen fixed rate mortgage interest rates move up by nearly 0.8% since May as some albeit muted confidence has returned to the market. For those with variable rate mortgages who are wondering when to lock in their mortgage interest rate --this may be a time to look at rates and evaluate their situation. Of course, what we are seeing could simply be that statistical anomaly many expected to see, meaning we maybe haven't reached the end of this 'gray rainbow' just yet. It would certainly seem to be a good time to prudently evaluate your finances.

For more information, or to discuss the pros and cons of locking in a variable rate mortgage at this time, call Anuj Gupta, AMP, BComm, Mortgage Associate with Alberta Mortgage at 780-479-2222 ext 14 or visit www.albertamortgagecentre.com today.