250-262-7496dan@remaxaction.ca

Dan Petersen

Committed to going the extra mile and ensuring that all of your needs are successfully met in a professional and honest manner. For Service and Commitment, let me help guide you with your next purchase or sale.

 

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The Top Five Reasons Canadians Will Move In 2024

Discover the top 5 reasons why Canadians are making a move in 2024. From reuniting with family to finding that dream home, it’s all covered. Now's the perfect time to explore the unique opportunities in our thriving real estate market.

Connect with me for a coffee and discussion regarding your unique situation.

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January 2024 | Bank of Canada Rate Announcement

The Bank of Canada maintains its overnight rate at 5%, with a focus on restoring stability. Global growth slows, inflation eases, and our nation's economy faces challenges. Despite near-zero growth, a gradual recovery is anticipated in mid-2024.

Seeking a trusted mortgage broker to guide you through the financing maze? Connect with me, and I'll hook you up with an exceptional mortgage broker who understands your unique needs.

Unlock the door to your dream home effortlessly!

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Interest Rates | A Historical Perspective

Interest rates have always fluctuated, but on average have hovered in the 5-10% range for the past three decades. And industry experts believe rates will potentially fall to the low 6 percent range by the end of 2024. Connect with me for an in depth perspective if you’re contemplating buying or selling your home.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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What's Ahead For The Housing Market?

As we start a new year, the real estate market is once again shifting. Many experts project that home sales will continue softening throughout most of the country due to higher for longer interest rates and lack of inventory.

Here is some information on the state of the housing market along with historical mortgage data to provide some perspective for the time we are in.

We will also look at the place we call home, and why Canada so often makes it into the top places to live charts.

I am always here to answer any questions you may have. Feel free to reach out any time!

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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The RE/MAX 2023 Canada Housing Barometer Report

"The RE/MAX 2023 Canada Housing Barometer Report examined average price and new mortgage values published by CMHC-Equifax Canada in 12 major markets from British Columbia to New Brunswick, to compare loan-to-value (LTV) ratios between Q3 2012 and Q3 2022.

The report found that LTV ratios had declined in 67% of markets (8) over the past decade, with the greatest drops noted in London and Moncton (21%), Halifax (15%), Hamilton (14%), Toronto (10%) and Ottawa-Gatineau (9%). 4 markets, including Calgary, Edmonton, Saskatoon, and Regina, were up over 2012 levels, a trend that is set to reverse in the years ahead as Alberta and Saskatchewan’s economic engines gain momentum and drive home-buying activity.

The lowest loan-to-value ratios were found in the most expensive markets, including Vancouver (50%), Toronto (53%), and Hamilton (54%) while the highest loan-to-value ratios were found in Regina (88%) and Edmonton (83%). Nationally, loan-to-value ratios hovered at 57%."

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

Read More | Canada Housing Market Risk Low, Despite Short-Term Contraction | Re/Max

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January 2023 - Bank of Canada Rate Announcement

The target for the overnight rate increased to 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. Quantitative tightening will continue. Inflation remains high and broadly based globally, but is trending down in several countries, reflecting lower energy prices and improvements to supply chains.

In the US and Europe, slowing economies are proving to be more resilient than at the time of the Bank’s October Monetary Policy Report (MPR). China’s lifting of COVID-19 restrictions revised the growth forecast and poses an upside risk to commodity prices. Russia’s war on Ukraine is still a source of uncertainty and financial conditions remain restrictive. The Canadian dollar has been relatively stable against the US dollar.

It’s estimated that the global economy grew about 3.5% in 2022, but will slow to about 2% in 2023 and then grow to 2.5% in 2024. Economic growth in Canada is stronger and the economy remains in excess demand. The labour market is tight as the unemployment rate is near historic lows. Businesses, however, are reporting ongoing difficulty finding workers. There’s evidence that the restrictive monetary policy is slowing activity, especially household spending. Services and business investments are expected too slow in addition to weaker foreign demand helping to allow supply to catch up with demand.

It’s estimated that Canada’s economy grew by 3.6% in 2022 but is expected to stall through to the middle of 2023, and then picking up again later in the year. GDP is expected to grow 1% in 2023 and 2% in 2024. Inflation has declined from 8.1% in June to 6.3% in December, reflecting lower gasoline prices and durable goods. 

Canadians are still feeling the hardship of high inflation in their essential household expenses, with persistent price increases for food and shelter. Short-term inflation is expected to remain elevated but inflation is projected to come down significantly this year.

Governing Council decided to increase the policy interest rate by a further 25 basis points. Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target, and remains resolute in its commitment to restoring price stability for Canadians.

Reach out with your questions in regards to how this impacts your home buying or selling decision.

Dan Petersen⁠

Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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Fort St. John Property Sales Down in 2022
"Real estate sales plunged 26% in Fort St. John in 2022, but average selling price of a single-family home saw a modest increase from 2021, according to year-end numbers from the BC Northern Real Estate Board. A total of 632 properties changed hands in Fort St. John last year, down 26% from the 796 properties sold in 2021."

| Read More | Matt Preprost | Alaska Highway News
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December 2022 - Bank Of Canada Rate Announcement

The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.⁠

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR).

In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows.

While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline. ⁠

Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year.⁠

CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%. ⁠

Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target. ⁠

Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.⁠

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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October 2022- CREA Housing Market Snapshot

“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart.

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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October 2022 - Bank of Canada Rate Announcement

When the overnight rate is increased, it becomes more expensive to borrow money. The increased costs of borrowing money are shifted from the bank onto the consumer by increasing the Prime Rate.

Pre-Approvals are likely to decrease.

Fixed-Rate Mortgages remain the same.

Adjustable Rate Mortgages will increase according to the new Prime Rate minus your discount. (Expect information in the mail).

Static Variable Mortgages payments remain the same but a portion of interest paid to the lender will change.

Reach out with your questions anytime. I can introduce you to a mortgage broker who would be happy to go over your options with you and help you find a mortgage that you're most comfortable with.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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September 2022 - Bank Of Canada Rate Announcement

Did you hear the news? The BoC increased the overnight lending rate by 0.75%, which is another increase for the 5th time in a row. The Prime rate is expected to increase by 0.75% to 5.45% and Variable rate mortgages will increase by 0.75%.⁠

The Bank’s committed to price stability and will continue to do what is required to achieve a 2% inflation target. As the effects of monetary tightening work their way through the economy, the BoC will assess how much higher interest rates need to go to return inflation to its target. The current inflation rate is measured at 7.6% decreasing from 8.1% in the previous month.⁠

The next announcement is scheduled for October 26th and there's certainly hope that October will be more positive.⁠

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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This Is Not A Bubble

Canada wasn't hit as hard as the US during the housing crisis in 2008, yet people worry whether today's hot market will lead to a similar crash? Economists don't think so. They see the activity as evidence of a boom -not a path to a bust. Here are a few factors that make this market unique?

Contact me with questions as to how this affects your buying or selling decision in 2021!

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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