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.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠ 

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The strong sales for both condominium apartment and row properties was not enough to offset the declines reported for other property types. City sales eased by nearly 12% compared to last year. ⁠With 1,901 sales in September, activity is still far stronger than levels prior to the pandemic and is well above long-term trends for September. ⁠With recent pullbacks in sales and thanks to strong levels earlier in the year, year-to-date sales remain 15% higher than last year’s levels. ⁠
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In September, new listings declined by 10%. With a sales-to-new-listings ratio of 72% it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21% lower than last year’s levels. ⁠The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than three months and the shift to more balanced conditions is causing some adjustments to home prices. ⁠
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While prices have slid from the highs seen in May, as of September, benchmark prices remain 11% higher than last year and 6% higher than levels reported at the beginning of the year.⁠

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

Read Full CREB Market Report⁠
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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.⁠
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Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

August sales are comparable to the strong levels recorded last year and well above long-term trends for the month. While sales have remained relatively strong, there still a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.⁠

New listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply. Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. ⁠

This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.⁠

For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11% higher than last year.⁠

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

Read Full CREB Market Report⁠ 
Home Evaluation Form
Search for your home today 

Calgary housing sales totalled 18,694 units in the first half of 2022, with sales in the second quarter nearly matching the record high pace set in the first quarter of the year. 

This is NO surprise with eager consumers wanting to get into the market with low pre-approval rates. New listings struggled to keep pace leaving inventories relatively low and the months of supply relatively tight. This caused prices to trend up in the second quarter relative to both the previous quarter and year.

July saw a 1% increase from the Bank Of Canada. After 4 consecutive rate increases, the overnight lending rate has jumped to 2.5% and pushed mortgage rates up to their highest levels in over a decade. The lending rate increases have impacted home sales and are expected to weigh on sales over the second half of the year, offsetting some of the strong gains reported over the first half of the year. 

Supply adjustments in the market have been slow however, the pullback in demand is expected to help support more balanced conditions. With market conditions easing and a higher cost of borrowing, prices are expected to trend down in the second half of the year, offsetting some of the stronger than expected gains in the first half of the year. 

Despite the pullbacks, we anticipate that the annual benchmark price will remain higher than levels reported last year.


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Jason Streich⁠ 
Greater Calgary Real Estate⁠ 
403 807 2204⁠ 
jstriech@shaw.ca⁠

I hope this post finds you well and healthy as we all continue doing our part in social distancing as new cases of COVID-19 continue to impact the Calgary region. Throughout this year, there have been several hurdles we've all had to overcome as we adjust our lives to a new normal.With that being said, the real estate market has been resilient following a slower than usual second quarter. June and July were the busiest months with 1,747 sales and 1,835 sales respectively.

At the end of September of this year, inventory levels were down when compared to levels in August. This is a good thing because it brings down the number of months inventory is sitting which ultimately begins to strengthen the price. These actions are leading us to the point where we’re beginning to slide into a sellers market.The benchmark price of detached homes is $468,000, which is up 6.1% when compared to Q1 when the benchmark price was $450,000. Overall, the price of homes is up 1.3% when compared to September 2019.

3,237 sales occurred in Q1 and 5,110 sales occurred in Q3, which is an increase of 50% and tells us that people are actively committed to buying and selling. When looking at YTD sales from 2019 to 2020, sales are down by 9.3%. At the end of September in 2019, 12,956 sales had occurred and at the end of September in 2020, 11,747 sales have occurred.

When looking at the bigger picture, I believe sales and inventory are healthy; we will most likely see the price of homes continue to increase and we'll probably end the year with similar sales numbers to 2019.

Overall, the real estate market in Calgary is in a good place and I think it will remain the same for the next little while. I don’t believe things will return to the way they were when COVID-19 was first becoming a prominent force in our lives because we all have a better understanding of how to manage our processes so we can continue to buy or sell homes.

Interested in knowing what your home is worth? 
Click here to be redirected to my website where you'll enter your property information. It only takes a few minutes and I will then conduct a Comparative Market Analysis of your home.