Health Report
The dollar hit another high last week closing at over 94 cents, it's highest since July 1977. That is up 43.4% over the last 5 years. The performance of the Loonie is only one of the recent "vital signs" that is pointing to a healthy economy!
The Canadian Loonie has been driven up by the continued strength of commodity prices and take-over bids that have been capturing recent newsprint - so much so that there is speculation of a rate hike in the near future as Bank of Canada Governor David Dodge tries to control inflationary pressures. This is an unusual situation in that it is most unlikely that the U.S. Fed will raise rates at all for the fear of fueling the continuing U.S. housing slump.
The good news continues with Canadian unemployment at 6.1% which is at a level not seen in over 30 years. Housing in April rose an average of 9% with Alberta and Saskatchewan continuing to boom at 29.8% and 23.8% respectively!
- Excerpt from the Mortgage Industry Summary, provided to us by Catherine Evel, Accredited Mortgage Professional, Home Loans Canada.