Our Best Rates May 22, 2012

In This Issue

• Our Best Rates
• Five renovations that pay off: Basement reno is #4

Our Best Rates

Terms	Posted Rates	Our Rates
6 MONTHS	4.45%	4.40%
1 YEAR	3.20%	2.75%
2 YEARS	3.55%	2.99%
3 YEARS	3.95%	3.19%
4 YEARS	4.64%	3.19%
5 YEARS	5.44%	3.29%
7 YEARS	6.35%	3.99%
10 YEARS	6.75%	3.99%
Rates are subject to change without notice. OAC E&OE

CURRENT PRIME RATE IS

3.00%

PRODUCT	RATE
Variable Rate Mortgage:	2.90%

Home Renovations

Five renovations that pay off: Basement reno is #4

Basement renovations are on the "most wanted" list of home improvements for many families as they look to expand quality living space in their homes. An unfinished basement is just an opportunity waiting to be exploited and a great way to increase the square footage of your home!

Keep in mind that these can be expensive renovations, but expect your improvements to return from 50% to 75% of the money you invest according to the Appraisal Institute of Canada. Doing high-quality work yourself, of course, can boost your return – but poor-quality work can cost you if buyers see a project that has to be redone.

In general, a basement renovation that involves finishing or refinishing ceilings and walls – and installing attractive and durable flooring – will show buyers the living potential of the space. As ever, if you're planning to sell your home in the near future, it's a good idea to consider that the next owner may not share your decorating tastes. Painting your basement in your favourite shade of purple is unlikely to be as attractive to a buyer as it is to you!

If your basement is unfinished, or if it is very dated or in shabby condition, then you should expect a nice return on your renovation investment!