Is it time for an upgrade? With remote work becoming the new norm, the demand for bigger homes is soaring! Now is the time to find your dream space in this evolving market.
Let's chat about your next move!
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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Ready to make a move? Despite low inventory and high mortgage rates, families across Canada are still finding their dream homes.
What's the top reason for moving? Watch and find out! Now's the time to prepare for your next chapter. Reach out – I'm here for you every step of the way.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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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.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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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.
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Whether you’re on the hunt for your dream home, stepping into homeownership for the first time, or need a trusted mortgage broker, I’ve got you covered! Let’s turn your real estate goals into reality.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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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
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
"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
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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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
Read Full Report
“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
Your Trusted Partner in Real Estate. Contact me at 250-262-7496 for all your property needs.