False Creek: live a sustainable lifestyle in a new home located in an emerging Vancouver neighbourhood. Cressey’s latest development, James, offers all of the above to new homebuyers. ›› p.4
July 1, 2010
Banks drop fixed mortgage rates Late last week, two of Canada’s big banks dropped some of their posted mortgage rates. Other banks across the country quickly followed suit to match the average onetenth of a percentage point (0.10) cut announced by Royal Bank of Canada and TD Canada Trust last Thursday. The drop affects only fixed-mortgage rates and went into effect last Friday at RBC and TD. The next day, CIBC and National Bank announced separately that their five-year closed mortgage rate would fall to 5.89 per cent, the same level as RBC and TD. Changes took effect Saturday at CIBC and on Monday for National. The changes cut 0.10 percentage points from existing rates across multiple terms. RBC, TD and CIBC Cameron Muir also lowered the rate on six-month convertible mortgages by one-tenth of a percentage point; the rate offered by RBC and CIBC falls to 4.85 per cent and TD’s falls to 4.75 per cent. British Columbia Real Estate Association chief economist Cameron Muir notes that Canadian banks raise or lower fixed-term mortgage rates in response to changes in their borrowing costs in the bond markets. “Mortgage rates key off of the bond market,” Muir says, and notes European debt issues are likely having an effect on the bond market. “Bond yields have gone down and as a result, we have seen some downward pressure on rates.” Prime rates last changed on June 1, rising by one-quarter of a point after the Bank of Canada increased its key rate from a historical, all-time low. CONTINUED ON P.2
Randy and Georgina Kruzeniski enjoy the master bedroom suite in their South Surrey home. The master suite was one of the reasons they chose to purchase the new Raicon home. Rob Newell photo
Heavenly havens at home Master bedroom suites are becoming spa-like sanctuaries MAGGIE CALLOWAY You have spent years bringing up a family and the master bedroom has slowly turned into a depository of odds and ends. The weekly ironing, done at night while watching a talk show, turned the ironing board into a
permanent bedroom fixture. But not anymore. The kids have moved on, or at the very least are at an age where parents need not be available 24/7, and it’s time to think about the master bedroom, and how to create a space just for yourself or for you and your partner. A bedroom is the most personal space in the house, seldom seen by guests, so homeowners should express themselves here
without consideration to anything other than sensual comfort. The master suite is not the place to express a wild colour side: this is a place where, at the end of the day, homeowners go to wind down, to relax and to sleep, so decorating for pleasure and luxury – no matter what size the master bedroom – is key. Metro Vancouver developers know how CONTINUED ON P.2