Big changes to the Real Estate Market in February
The selling price of properties in Calgary has mushroomed! Detached properties have risen by 6.5% month over month! If things keep going as they are prices will double in less than a year!
Today the Bank of Canada raised its lending rate by 0.25% and indicated that interest rates will jump to 1.25% more quickly than expected. Inflation is expected to be significantly higher in the near term than previously thought.
As the attached graph shows Calgary has not seen market conditions this tight since 2006/2007 when house prices doubled! Will it happen again?