Are Canmore Real Estate Prices still increasing? Let’s take a look at the first Quarter of 2024!
There is a lot of uncertainty in the real estate market these days. Uncertainty is less than ideal for any market. On March 6th of this year, the Bank of Canada announced that their inflation target rate of 2% has not been met yet and they kept their rate at 5%. Now there is anticipation building up for a rate drop this June or July.
There are a lot of factors speaking for this. The core inflation eased to 3.5%. Unemployment rates in the country increased and many businesses are freezing hiring. Arrears are increasing. In 2024/2025 there will be over 2 million mortgage renewals coming up, adding stress to household budgets.
However, inflation in the U.S increased to 3.5% in March (from 3.2%), propelled by surging gas and mortgage prices, which could delay rate cuts in the US. And experts doubt that Canada would reduce its rates earlier than the US due to impacts that this would...