Bank of Canada – Key Interest rate hold – March 8, 2023 This is the first rate hold after eight consecutive increases, bringing the Key interest rate from 0.25% to 4.5%! Inflation is slowing which is the good news.  A wait and see approach is now in the works. External factors (the USA and Europe) will play into events going forward as they are talking of increasing rates.  If they do and ...

Bank Of Canada – March 9,2023. The Bank of Canada’s next meeting to review interest rates is March 9, 2023.  It is generally expected that at this meeting there will be a rate hold, with the expectations that later this year rates may go up somewhat.  The likelihood that they will go down is not expected at this point.

Report from Calgary – Real Estate Prices Today is March 1, 2023 and the statistics have just come out… House prices are up 3% month over month.  Last month prices were up by 1%.  Two months does not make a trend, but given the low house inventory and strong sales (relative to inventory) the price pressure will continue to be upwards for the near future.Happy Spring!!

Follow this link to the community of Hawkwood information.

This Graph goes well with my previous post.

Bank of Canada – Key Interest rate Projections The Bank of Canada (BoC) key interest rate is now at 4.5%, the highest it has been in fifteen years.  Further increases are on hold for now.  According to a BoC quarterly survey of “market participants” none said that rates would go higher this year.  Some thought rates could fall by 0.75% by December 2023. Most participants think rates will be ...

These four Statistics tell the Story Sales: in January are 1199 properties sold, that is 40% lower than this time last year.  What it shows it that there is a lack of product for buyers. New Listings: 1852 properties available to buy. That is 25% lower than this time last year. What it shows is that people who have houses do not want to sell them. Inventory: 2451 properties: that is down b ...

January 26, 2023 The City of Calgary has chosen SNC-Lavalin to be the delivery partner for Calgary’s Green Line LRT. SNC-Lavalin will be the construction project manager for Phase 1. Phase 1 will be 18 km in length and run from Eau Claire in the downtown area to Shepard in the South East. Construction is to start in 2024 and be complete in 2027. Total project will be 47 km in length and ...

Bank of Canada raises the lending rate by 0.25%.Next schedlued date for interest rate adjustments is March 8, 2023.Inflation is coming down slowly, but still above the target of 2%.  The irony is that the increased interest rates are contributing to increased inflation because housing costs are going up due to the increasing rates!

CREB 2023 Market Forecast - Summary 1. Elevated lendng rates are expected to weigh on sales throughout 2023;2. Sales will still be above pre-pandemic levels;3. In-mirigration and employment growth will offset the higher lending rates;4. Price growth is expected to be flat overall for 2023.  With perhaps, lower prices for the upper end properties and higher prices for the lower price point proper ...