Dan Petersen

As the famous saying goes, don’t judge a book by its cover – except, of course, when we’re talking about real estate. When buyers are hunting for their dream home, curb appeal can be the deciding factor on whether or not they want to take a closer look inside. Here are five curb appeal tips to set your listing apart from the others on the block.

Improve Your Curb Appeal | 5 Easy Tips to Get Started

Start with the Basics

One of the first things potential buyers will see is your driveway, and it is one of the easiest things for you to fix. Ensure your garbage and recycling bins are always neat and tidy, and keep an eye out for garbage and debris that you can easily clean up as it appears. Look for cracks in the sidewalk and driveway, and hire a professional to fix them up so guests will be impressed as soon as they step out of their car.

Be the Light in Their Eye

From taking the perfect selfie to making your home brighter, we can all agree that lighting is important. Not only should you ensure all light bulbs are working correctly, but make sure that your lighting fixtures are clean, stylish, and in good condition. If you have it in the budget, updating your light fixtures can have a large impact on your curb appeal.

Groom the Gardens

Not everyone has a green thumb, but even if your gardens aren’t the envy of the neighbourhood, you can still ensure they are clean and well maintained. Overgrown flowers and shrubs can be unappealing and turn away potential buyers, and taking care of them is simple. All you will need is a pair of garden shears and a little elbow grease and your yard will be in tiptop shape in no time!

Give the Lawn a Trim

There is nothing like an unkempt lawn to turn away buyers! Tending to your lawn is important whether you’re selling or not, but ensuring your grass is healthy and regularly cut will be a big key to your success. If you’re lawn isn’t quite as green as you would like it, you can also spray your lawn with a green spray paint that is created specifically for grass and is both non-toxic and environmentally friendly.

Clear the Dirt!

Over time, your home can build up a fine layer of dirt. Fortunately, it is easy enough to clear it off! Whether it’s a pressure washer or the strongest setting on your garden house, clearing off that extra dirt is an easy task for a lazy summer afternoon in the sun! Start with the sidings of your home, and from there take it to the sidewalks, driveway, and anything else that could use a bit of freshening up.

The best part about summer curb appeal is it doesn’t need to be an annoying task you put off for weeks. Wait for a weekend where the sun is shining bright and the air is warm, and start checking these items off your list. With the beautiful weather and a cold glass of lemonade you will have the best curb appeal on the block in no time at all!

Curious what your home is worth? Connect with me for a complimentary market evaluation!

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

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It has been more than a year since the Bank of Canada (BoC) raised interest rates, and now the policy rate is the highest since before the global financial crisis. Has Canada’s housing market baked rates into the cake? Are homebuyers taking advantage of the modest correction in residential property prices? Is the real estate sector bracing for the typically busy homebuying spring season?

The latest March 2023 numbers potentially offered a sneak preview of what to expect over the next few months. 

According to the Canadian Real Estate Association (CREA), home sales rose 1.4 percent month-over-month in March but remained down more than 34 percent year-over-year. The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 15.5% year-over-year. The national average home price was down nearly 14 percent from the same time a year ago, sliding to $686,371. When the Toronto real estate market and the Vancouver housing industry are removed from the equation, national home prices are about $530,000. 

So, with this in mind, what are some of the key trends in today’s Canadian real estate market? 

Economic Concerns

Unsurprisingly, concerns over the cost of living are playing a crucial role in the home buying and even selling process in 2023.

A new study commissioned by RE/MAX found that 59 percent of Canadians have at least one financial worry as they navigate the housing market: rampant price inflation (34 percent), the lack of affordable housing in their neighbourhood (25 percent), and the rising cost of rent impacting their ability to save for and purchase a home (25 percent). But even the broader economy is weighing on homebuying decisions, particularly among first-time homebuyers. The study revealed that 42 percent of first-time homebuyers are sitting on the sidelines of the Canadian real estate market due to the consternation surrounding the economy.

Overall, evolving conditions in the economic landscape have altered the buying decisions of 72 percent of Canadians.

Barriers to Homeownership Before the coronavirus pandemic, real estate prices in the major urban centres, particularly Toronto and Vancouver, were obstacles for households trying to accomplish the dream of homeownership. A common strategy was to relocate to a rural or suburban community. But with prices higher than they were before the COVID-19 public health crisis, this might no longer be feasible. 

Put simply; there are too many barriers to homeownership. 

The report commissioned by RE/MAX highlighted a series of barriers to entry to the country’s housing sector:

Economic Uncertainty (46 percent)
High Interest Rates (44 percent)
Not Enough Savings (36 percent)
Dislike the Neighbourhood (34 percent)
Language and Terminology (31 percent) 

Real Estate Agents

Real estate agents have always been critical to the homebuying and selling journey. Without them, you might set yourself up for too many headaches, and Canadians realize this. In fact, for the latest crop of homebuyers, 69 percent acknowledged that their real estate agent made them feel less stressed throughout the process.

Despite conceding the pressing need for real estate agents, buyers and sellers still have set criteria for realtors. Specifically, nearly half (49 percent) of Canadians list a real estate agent’s ethical credentials to be of the utmost importance, which is especially true for millennials (65 percent) and Generation Z (56 percent).

In the end, it is all about honesty, says Alisha, a repeat homebuyer in Alberta.

“[Our real estate agent] was very honest with us when we were doing our inspection,” she said in the report. “She went through it. She’s a mother of older kids now and went through it as if she was our mom, and she was like, ‘Make sure you ask them about this and do this.’ I felt she really cared.” 

Space for Work and Play

In the early days of the public health crisis, families learned that they needed more space since they would be confined to their homes for work, school, and a broad array of other activities, like entertainment and exercise.

Therefore, the post-pandemic modern life requires more space at home, meaning that they need to better utilize floors, rooms, and walls in the kitchen, living room, bedroom, and everywhere else.

“People learned during COVID that they can perform a lot of their working functions at home, which has implications for what the home is. The home is also a workplace, and the design of the home needs to accommodate that,” said Ken Greenberg, the former director of urban design and architecture of the city of Toronto, in the report. 

At the same time, Canadians desire a healthier work-life balance. Forty-seven percent of remote Canadian workers are struggling to achieve this desire, and a third of Canadians report feeling burnout.

Ultimately, it is about the home allowing families to “shift their mindset,” says Chelsea Hamre, a RE/MAX real estate agent.

“People are bringing more intentionality and purpose to how they are utilizing space. The office needs to feel different from the kitchen or the bedroom. They’re looking for spaces that can shift their mindset,” she stated. 

The Community

In recent years, it has often felt like the idea of community has been abandoned. Some assert that this is more pronounced in the big cities. However, experts argue that the pandemic diminished this feeling since more households gathered in parks instead of in front of their television sets.

As a result, more households have become accustomed to frequenting public areas, whether streets or outdoor cafes. In fact, more than half (56 percent) of Canadians consider community spaces as something they consider when purchasing a home and the same percentage report that a vibrant local community is something they consider when buying a home. Of course, safety is paramount, too. Seventy-three percent of Canadians list neighbourhood safety as a top priority when deciding where to buy. 

Homebuying Sentiments

Is the Canadian real estate market still moderating? Many markets across the country are shifting into balanced territory, and this, according to a survey, is the greatest cause for optimism (34 percent). 

But there are several other wishes that homebuyers need:

New ‘missing middle’ housing
Eco-friendly housing options
Liveability in rural areas
Car-free infrastructure
Updated road infrastructure

Source

I am sharing with you some well-researched facts about the “real state” of the real estate market. Of course, all real estate is local — what happens in other areas can be quite different. Please always know you can contact me anytime with your questions and I will get those answers for you.

The Bank of Canada implemented a 0.25% increase in its target for the overnight rate, bringing it to 5%. This adjustment signifies a shift towards a more restrictive monetary policy with the objective of addressing inflationary pressures.

Mortgage costs for individuals with variable rate mortgages will see a rise. The mortgage rate for variable rate mortgages and secured lines of credit will increase by 0.25%, translating to an additional approximate monthly payment of $16 per $100,000 borrowed.

Global financial circumstances have become more restrictive, with bond yields on the rise in Canada, the US, and Europe. This trend has been influenced by major central banks indicating the necessity for additional interest rate hikes as a measure to tackle inflation.

Elevated bond yields have resulted in an upward movement in all fixed mortgage rates. This presents a difficulty for individuals with maturing mortgages, as they will face the task of renewing their mortgages at significantly higher rates.

The economy has exhibited stronger-than-anticipated growth, especially in the United States, which serves as Canada's primary trading partner. Although global inflation is showing signs of easing, persistent and resilient inflation is being fueled by strong demand and tight labor markets.

Take action today and secure your financial future. Reach out for a referral if you're in need of a fantastic mortgage broker who can help you make the right decisions and find the best mortgage options tailored to your needs.

I have the power to connect you with trusted individuals who share your vision in your new city. Reach out to me for an unmatched referral experience that will ensure you find the perfect match for your real estate needs.

Let's make your move seamless and exciting!

Discover the magic of a minimalistic coat closet with these 5 quick facts:

1. Streamlined essentials: Embrace minimalism by curating a collection of versatile coats that cover your needs.

2. Clever storage solutions: Optimize your space with efficient hangers, hooks, and shelving, maximizing every inch.

3. Seasonal rotation: Practice a seasonal approach by storing off-season coats elsewhere, keeping your closet clutter-free.

4. Capsule wardrobe bliss: Create a capsule wardrobe of timeless and functional coats that effortlessly elevate any outfit.

5. Mindful maintenance: Regularly assess your coats, donate or sell ones that no longer serve you, and keep the closet tidy.

This month I am sharing some strategies on how to stay healthy when traveling, whether it is by car or plane. Check out these tips on sleeping well, food and water safety, and easy ways to stay active

Dan Petersen⁠
REMAX Action Fort St John
(250) 262-7496⁠
dan@remaxaction.ca⁠

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In a recent move, the Bank of Canada has announced an increase in its target for the overnight rate, bringing it to 4.75%. The Bank Rate has also been adjusted to 5%, while the deposit rate now stands at 4.75%. Alongside this rate hike, the Bank continues its policy of quantitative tightening, indicating a tightening of monetary conditions. These decisions come as the global economic landscape experiences shifts in consumer price inflation, economic growth, and financial conditions. In this blog post, we will delve into these developments and their implications for Canada's economy and beyond.

Decreasing Global Consumer Price Inflation:
Consumer price inflation worldwide has shown a downward trend, primarily driven by lower energy prices compared to the previous year. While this provides some relief, underlying inflation remains stubbornly high. Central banks across major economies are signaling the possibility of further interest rate hikes to restore price stability, indicating a concerted effort to address inflationary pressures.

The United States Economy: Resilient Consumer Spending Amidst Slowing Growth:
The US economy has shown signs of slowing growth; however, consumer spending has surprisingly remained resilient. This resilience, coupled with a tight labor market, highlights the underlying strength of the US economy. Nonetheless, policymakers are monitoring the situation closely, considering the potential impact of higher interest rates on economic expansion.

Stalled Economic Growth in Europe, Yet Persistent Upward Pressure on Core Prices:
Europe's economic growth has essentially stalled, presenting a challenge for policymakers. However, upward pressure on core prices persists, indicating potential inflationary concerns. Balancing these factors becomes crucial as central banks navigate monetary policy decisions in the region.

China's Growth: Slowing Down After an Initial Surge:
China, a key player in the global economy, experienced a surge in growth during the first quarter of the year. However, expectations are now shifting toward a slowdown in growth. This transition raises questions about the overall trajectory of the Chinese economy and its potential implications for global markets.

Tightening Financial Conditions Reflecting Pre-Bank Failure Era:
Financial conditions worldwide have tightened, resembling the conditions seen before the bank failures in the United States and Switzerland. This tightening underscores the need for caution and prudence in monetary policy decisions, as central banks seek to strike a balance between stimulating economic growth and maintaining financial stability.

Canada's Stronger-than-Expected Economic Performance:
Canada's economy outperformed expectations in the first quarter of 2023, demonstrating a robust GDP growth rate of 3.1%. The nation experienced broad-based consumption growth, even after accounting for population gains. Demand for services rebounded, while spending on interest-sensitive goods increased. Additionally, the housing market displayed recent signs of renewed activity. These positive developments indicate the resilience and strength of Canada's economic fundamentals.

The Bank's Decision to Increase the Policy Interest Rate:
Based on an accumulation of evidence, the Bank of Canada decided to increase the policy interest rate. The move reflects the view that the existing monetary policy was insufficiently restrictive to bring supply and demand into balance and return inflation sustainably to the 2% target. Alongside the rate increase, the Bank continues its policy of quantitative tightening, aimed at normalizing the Bank's balance sheet and complementing the restrictive stance of monetary policy.

As any parent knows, having kids means making sure your home is a safe and comfortable place for them to play, explore, and grow. But small renovations are a great place to start if you want to go beyond the basics of childproofing and creating a genuinely family-friendly space. Here area few simple yet effective child-friendly home renovations.

Install Carpet: carpet can be a great way to make a home more child friendly. Carpet provides a soft and comfortable surface for children to play on and is safer than hardwood or laminate floors, as it reduces the risk of slipping and falling. When selecting carpet for your home, consider using softer materials such as nylon or wool that are more comfortable for crawling and playtime. Also, be sure to choose carpets with a low pile that won’t trap crumbs or pet hair. A low-pile carpet also makes it easier to clean up spills and messes. If you are concerned about allergies, look for carpets with hypoallergenic properties.

Invest in Sturdy Furniture: when it comes to child-friendly home renovations, investing in sturdy furniture is essential. Kids are curious and full of energy, and their furniture needs to be able to handle that. Look for pieces made from durable materials like wood, metal, or plastic that won’t easily break when your little ones are playing. Choose furniture with rounded edges, so there are no sharp corners to injure them. Ensure any upholstered pieces have tightly woven fabric that won’t rip or snag easily. For more budget-friendly options, consider pieces that can grow with your kids, such as adjustable-height desks and chairs. These will last years and save you money in the long run. Finally, look for pieces that are easy to clean and maintain to make it simpler for you when accidents do happen.

Install Padding on Sharp Corners: sharp corners can be dangerous for curious toddlers just learning to crawl and explore their environment. To ensure the safety of your little ones, consider adding padding to sharp corners in your home. This can easily be done by purchasing corner protectors or creating homemade solutions. Corner protectors come in a variety of shapes, sizes and colours, so it’s easy to find something that fits your style. You can also make your own with felt, foam rubber or even cardboard! Simply measure the size of your corner and cut the material to size, then attach it with glue or double-sided tape. This is an inexpensive and easy way to make sure your little ones stay safe from sharp corners.

Install Baby Gates: baby gates are essential for protecting your child from hazards and keeping them from accessing areas that may be off-limits. Installing baby gates can be a great way to add an extra layer of safety and security to your home. When it comes to installing baby gates, you’ll want to look for ones that are easy to use, adjustable, and sturdy enough to provide a secure barrier for your little one. There are a variety of different styles available, so you’ll need to decide which one is best suited for your particular needs. If you have stairs in your home, you’ll want to make sure you invest in a gate designed specifically for stairways. These gates have special features designed to keep your little one safe and away from stairs. You’ll also want to consider any gaps or doorways you may need to block off and get the right type of gate for each area. Once you’ve installed the gate, take a moment to double-check that it’s secure and safe for your child. If you have any questions or concerns about installing baby gates, consult a professional to ensure you’re doing it correctly. With the right gate installed in the right places, your home will be much safer and more secure for your little one.

Add Storage: creating a child-friendly home often requires making changes that may seem small but can make a big difference. Adding storage is an integral part of ensuring that your home is safe and comfortable for your children. Storage can help keep toys, books, and other items organized and out of the way, making it easier for your children to find what they need and for you to keep track of things. Storage options range from large built-in cabinets and shelves to smaller bins or toy boxes. Smaller options like baskets and crates can also work well if you don’t have room for large built-in storage. When selecting storage solutions, look for durable items that will stand up to everyday use by your children. If you have small children, avoid storage with small pieces that could be choking hazards and opt for storage with smooth edges and rounded corners instead. Adding storage to your home can make a big difference in creating a safe and comfortable environment for your children. With careful selection of the right storage solutions, you can ensure that your home is both child-friendly and organized.

Install Cabinet Locks: installing cabinet locks is an essential step to making your home safe and secure for children. These locks will prevent children from accessing potentially dangerous items in cabinets, drawers, and other storage areas around the house. Cabinet locks come in a variety of styles, so it is essential to consider which option is best for your home.

From adding safety features to updating the look and feel of your home, these small renovations can have a big impact on the comfort and safety of your family.

P.S. If you’re ready to tackle some bigger renovations, don’t hesitate to reach out. I'm happy to provide recommendations to trusted professionals who can take on anything from mechanical to electrical, to plumbing.

Fort St. John is a city located in northeastern British Columbia, Canada. Here are some potential benefits to living in Fort St. John:

Natural beauty: Fort St. John is located in a beautiful natural setting, with the Rocky Mountains to the east and the Peace River to the north. This makes it a great place for outdoor activities like hiking, skiing, and fishing.

Growing economy: The city's economy is driven by the natural resource sector, including oil and gas, forestry, and agriculture. This has led to a strong job market and good salaries for many workers.

Affordable housing: Compared to some other Canadian cities, housing in Fort St. John can be relatively affordable, which can be a draw for people looking to buy a home.

Community spirit: Fort St. John has a strong sense of community, with events and festivals throughout the year that bring people together. This can make it a welcoming place for newcomers.

Access to amenities: Despite its remote location, Fort St. John has many amenities that you might expect to find in a larger city, including shopping centers, restaurants, and cultural facilities.

Overall, living in Fort St. John can offer a combination of natural beauty, economic opportunities, and community spirit that may be appealing to some people. What do you love about living in Fort St. John

Are you considering a move? Whether you're buying or selling, don't navigate the complex real estate market alone - reach out to me for expert guidance and a winning plan!

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Photo by @fsjcity

Here are some tips on how to have a stress-free move. I encourage you to keep this handy for when you have a move coming up yourself or you know someone who has one planned. I also have a link to a website where you can check to see if your mover is registered or if they have any complaints lodged against them.

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

The Bank of Canada has decided to maintain its target for the overnight rate at 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. The bank is also continuing its policy of quantitative tightening.

Inflation in many countries is easing, but measures of core inflation in advanced economies suggest persistent price pressures, especially for services. Global economic growth has been stronger than anticipated, but is expected to weaken as tighter monetary policy continues to feed through those economies.

In Canada, demand is still exceeding supply and the labour market remains tight. Economic growth in the first quarter looks to be stronger than projected in January, but consumption is expected to moderate this year.

CPI inflation is expected to fall quickly to around 3% in the middle of this year and then decline more gradually to the 2% target by the end of 2024. The Bank remains prepared to raise the policy rate further if needed to return inflation to the 2% target

I'm here for you every step of the way. If you need a referral to a great mortgage broker, please reach out anytime.

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

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Expertise: I'm a trained and licensed professional who has a deep understanding of the real estate market, local housing trends, and the legal and financial aspects of buying and selling property. I provide valuable advice and guidance throughout the process, helping you make informed decisions and avoid costly mistakes.

Access to listings: I have access to a vast network of listings and can help you find properties that meet your specific needs and budget. I can also help you navigate the complex process of making an offer and negotiating with the seller.

Marketing and networking: If you're selling a property, I can help market your property to potential buyers and leverage my network of contacts to help find a buyer quickly and efficiently.

Support and guidance: Buying or selling a property can be a stressful and emotional process, and a I can provide valuable support and guidance throughout the process. I can help you navigate the many challenges that can arise, from negotiating with the other party to dealing with issues that may arise during the inspection or closing process.

Legal protection: I can help ensure that all aspects of the buying or selling process are handled legally and ethically, helping to protect you from potential legal issues or disputes down the line.

Real estate is a valuable investment and I can help you navigate the complex world of real estate and ensure that you get the best possible outcome for your property transaction. If you or someone you know is ready to buy or sell, connect with me! I love to help!

I am sharing with you highlights of some of the hottest home design trends experts are seeing this year. I also offer information on the ways some homeowners are incorporating colour and natural materials to create a warm and relaxed luxe environment in their home.

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

The Bank of Canada has decided to maintain the overnight rate target at 4.5%, the Bank Rate at 4.75%, and the deposit rate at 4.5%. The Bank is also continuing its policy of quantitative tightening.

The global economic environment is consistent with the Bank's January Monetary Policy Report, with inflation decreasing due to lower energy prices and global growth continuing to slow.

In Canada, economic growth was flat in the fourth quarter of 2022, and there was a significant slowdown in inventory investment. Consumption, government spending, and net exports all increased, but household spending was impacted by restrictive monetary policy, and business investment weakened.

The labour market remains tight, with employment growth strong, but productivity has declined. Inflation decreased to 5.9% in January due to lower energy prices, but price increases for food and shelter remain high.

The Bank expects CPI inflation to come down to around 3% in the middle of this year. The Bank will continue to monitor economic developments and the impact of past interest rate increases, and is prepared to raise the policy rate further if necessary to restore inflation to the 2% target.

The Bank is committed to achieving price stability for Canadians.

Reach out with your questions about how this impacts your home buying or selling decision. And if you need a mortgage broker, I can connect to you a like-minded individual.

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

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Before heading into the long weekend I want to say a massive THANK YOU to the most incredible clients in Fort St. John!


The year has had a good start and as we approach the Spring market, I can feel it getting busier. You deserve the best experience and being prepared prior to listing will help keep you ahead of the curve when the Spring market arrives.

What’s in it for you?
- A Client-First Experience
- Professional Photography, Videography & 3D Experience
- Refined Listing & Marketing Strategy
- Systems to keep you updated & in charge

When you’re ready, call/text (250) 262-7496⁠, or email dan@remaxaction.ca⁠⁠⁠. I love to help!

The real estate market has changed so much over the past 2 years and continues to do so! This month I am sharing details on some of the interesting trends we are seeing for 2023.

If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!

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

B.C.’s Cooling-Off Period⁠

Home buyers are now able to back out of a residential purchase within a set period after signing a contract thanks to BC’s new Home Buyer Rescission Period, also known as the “cooling-off period.” This change to real estate law was done so by the government of BC to help ‘cool off’ the market and the speed of decision making. Taking effect on January 1, 2023, it regulates all residential real estate, with few exceptions, regardless of whether a licensed real estate representative is involved in the transaction.⁠

Home Buyer Rescission Period⁠

Home buyers can choose to rescind a contract within 3 business days after the final acceptance of a firm and binding offer. It applies to all contracts, regardless of subjects, and cannot be waived by either the seller, buyer, or their representatives. Home buyers can legally withdraw from the firm and binding offer in exchange for a fee of 0.25% of the purchase price. ⁠ ⁠

If you have any questions about the new regulations, I encourage you to contact me as I would be happy to walk you through the new regulation and its implications for buying and selling.⁠

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

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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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