Interest Rates and Real Estate

How is the Canmore Real Estate Market as we are moving into 2024?

Are you a potential buyer and wondering if this is the right time to buy in Canmore? Or are you a potential seller, wondering if you should list your property? Take a look at how the Canmore market has been developing since the Bank of Canada raised the interest rates!

On March 2nd 2022, after leaving its overnight lending rate at 0.25% for two years during the Covid-19 pandemic, the Bank of Canada raised interest rates by 25 basis points to 0.50 percent.

In an effort to curb soaring inflation after the pandemic, the Bank of Canada raised its policy interest rate from 0.25 to 4.25 per cent in 2022. Two more rate hikes followed in 2023 until on July 12, 2023 another 25-basis-point hike (3rd increase in 2023) brought the bank’s overnight lending rate to the current five per cent.

Current projections from economists indicate that interest rates might begin to decrease some time during...