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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.⁠
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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). ⁠
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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. ⁠
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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. ⁠
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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.⁠
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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%. ⁠
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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. ⁠
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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.⁠

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

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Sales slowed to 1,648 units, a year-over-year decline of 22%, but 12% above the 10-year average. Year-to-date sales remain nearly 10% above last year’s record high. The year-to-date sales growth has been driven by a surge in both⁠ apartment condominium and row sales.⁠

There was a pullback in new listings and inventories fell to the⁠ lowest level reported in November since 2005. The pullback in both sales and new listings kept the months of supply relatively tight at below two months. ⁠

The tightest conditions are occurring in the lower-price ranges as supply growth has mostly been driven by gains in the upper end of the market.

Despite the lower supply levels, prices have trended down from the peak reached in May of this year. Even with the adjustments that have occurred, November benchmark prices continue to remain nearly nine per cent higher than levels reported 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!⁠

Canmore vacation home values rise 23 per cent to $1.59 million. Meanwhile, the median price of condos in the community rose by just 5.9 per cent to $663,400. It’s a good place to hang your hat with less tourists than Banff.

Read More by Josh Aldrich | Calgary Herald

“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.⁠

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

Your tone of voice and the words that you use can sometimes be the difference in whether a conversation is positive or not. Here are some great books to check out that offer tips on ways you can ensure that your conversations have the best outcomes. What will you start with first?⁠

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

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October sales eased compared to last year’s levels, mostly to slower activity in the detached sector. However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only 2 months to go, 2022 will likely post a record year in terms of sales.

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85% and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000. While conditions are not a tight as what was seen earlier in the year, with only 2 months of supply, conditions remain tighter than historical levels.

We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges. As of October, prices have eased by 4% relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities.

It is also important to note that the October benchmark price is still nearly 10% higher than levels reported 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!⁠ 

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 

During this time of year, our thoughts are filled with gratitude for those who have supported us in our personal lives and careers. Here are some ideas on how to host an event that extends that gratitude to helping others in need.⁠
⁠
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
Home Evaluation Form
Search for your home today 

I hope you and your family had an amazingThanksgiving. Here's to the best in the coming year. Thank you to those of you who stopped by our Thanksgiving Pie Pick Up event on Saturday. It was a success and great to see all of your smiling faces + want to say a HUGE THANK YOU to all of our sponsors!

I'm appreciative of all of your trust when it comes to buying or selling real estate and I can never thank you enough. If questions arise regarding buying or selling, just remember I'm just a phone call away.⁠

Jason Streich⁠

Online shopping can be easy and fun. But unfortunately, there are many scammers who want to steal your identity and your money. The information here provides tips on ways you can protect your personal information and your finances when shopping online.

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

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