Plastic?

Only 40 sleeps until Christmas and it seems that the Bank of Canada celebrated by releasing plastic $100 bills into circulation yesterday. Banks would certainly prefer that we all use plastic for payments however, they were hoping it would be by way of debit and credit cards which they can charge user fees on. The $100 bill is just the beginning, $50 bills will be released in May and $20, $10 and $5 bills are scheduled to be available in 2013. With the release of these new bills, the Bank of Canada is showing that it understands that cash is still king and respecting that Canadians need a currency they can count on. The new polymer bill costs almost double what paper bills costs to produce at $0.19 however, they are also estimated to last 2.5 times longer. Paper bills will be slowly removed from circulation, so be prepared to tell your kids that "once upon a time" money was made of paper.

In mortgage news, interest rates are staying stable with only minor movements in fixed rates and variable discounts. With prime expected to stay low until 2013, it is unlikely that deep discounts will return any time soon to variable products.

If you are looking to buy your first home, tomorrow is the last day to register for the First Time Home Buyers Seminar and Tour happening on Sunday, November 20 from 1pm - 4pm in Langley. The tour will begin at the Sutton West Coast Realty office on Willowbrook drive where in a 45 minute seminar we will explain the ins and outs of buy a first home. This will be followed by a tour of available properties in the Langley/Clayton area. Please email me by Wednesday, November 16th at 9pm to register at jamiemoi@jamiemoi.com

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultants for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to check out our Facebook page at

www.facebook.com/JamieMoiMortgageTeam.