Calgary Real Estate – September 30, 2023 Statistics from CREB came out today, October 3.  Here is a brief summary: Average prices are up 3.4% month over month (m/m); Median prices are up 5.1% m/m; However the most important statistic the, Home Price Index, shows no change m/m.  Prices are continuing to increase in the lower priced categories, especially in the NE and East of the city. Thi ...

Houses in Calgary are flying off the shelf!

I just did a review for a client living in Douglasdale/Glen and found that in the last three weeks most houses sell, when they are priced right till they accept an offer, within four days!  This makes it difficult for both buyers and sellers.  If you are considering a move…Let me help.

Stats Canada - Data released September 27, 2023House price increases in Calgary being driven by increasing immigration and a lack of housing supply. Statistics Canada has releases population growth data showing that Canada’s population grew by 3.0% year over year to the end of Q3 2023.  At the same time Alberta’s population grew by 4.1% year over year to the end of Q3 2023. This population g ...

Is Canada’s Consumer Price Index (CPI) coming under control? On September 6, 2023 The Bank of Canada (BOC) left interest rates unchanged from the previous rate announcement.  This may signal that we have seen an end to interest rate increases! The BOC has a target CPI of 2% that they would like to see in Canada.  In June of last year the CPI was 8.1% (due to recovery from Covid and the Russ ...

Hello All;The main headline for Calgary home prices to the end of July 2023 is that they continue to increase… but at a slowing rate compared to previous months.  This price increase is in spite of higher borrowing costs; and is driven by a lack of supply, as can be seen by the attached graph. This increase in prices is not uniform throughout the city or by property class.  The largest price ...

Jobs, the Economy and Interest Rates There were 60,000 new jobs created in Canada in June. This is three times higher than was forecast!  Unemployment was also up slightly, to 5.4%, this month over last month.  This shows that there were more people searching for work.  Wage growth is up 4.2% year over year; however a month ago wage growth was up 5.1%.  On an adjusted basis it could be argue ...

Future interest Rate Hikes for the Bank of Canada The Bank of Canada, in an unexpected move, raised interest rates by 0.25% on June 7, 2023.  The prime rate now stands at 4.75%.  The Bank of Canada wants to see inflation at about 2% and the numbers were showing that this was not being achieved so the decision was made to raise the rate. There may be further interest rate hikes in the near f ...

Future Interest Rate Moves – June 1, 2023 Canada’s Gross Domestic Product (GDP) is showing underlying strength. April saw growth in the GDP and there is modest growth expected for the second quarter in Canada. The strength of housing is surprising to many economists given the recent increase in interest rates. Based on all this the expectation is that the interest rate will not see a chang ...

CMHC (Canada Mortgage and Housing Corporation) New housing starts fell in March by an annualized rate of 11%!  From 241,000 units last MCorporation)arch to 214,000 units this March.  Economists had expected construction of new housing units to fall by 1.2%.  They were out by a factor of 10! This will lead to strong upward pressure in the housing market as renters and buyers compete for incr ...

The Bank of Canada held interest rates steady at 4.5% today – April 12, 2023.

The Bank of Canada anticipates that the inflation rate will fall to 3% by mid 2023.  However, the target is to have inflation at or below 2% by 2024… this may be more challenging, so the door remains open for future interest rate increases.  Stay tuned!