Its October 14, 2022, and a report from CMHC just came out. Interest rates will keep rising until banks are pretty much issuing mortgages in the 7% rate. Its steep. Sure. But its temporary. Want a lower interest rate? I suggest waiting until summer 2024. Around that time, we will see the Bank of Canada lower its interest rate. They have historically done this and have confirmed this in their latest report. However, one needs to weigh the negative interest rate against the possible increase in housing prices in Alberta in 2023. Since Calgary is unique from the rest of Canada, and Calgary has a solid positive job forecast, it is safe to say that the negative interest rate will have a greater impact on the rest of Canada compared to Alberta.
Also, I'm sensing a strong shift in attitude from the top banks when it comes to lending in Alberta... they want to. So banks are more apt to approve mortgages in Alberta than anywhere else just based on the principle that our economy is expected to out-perform other provinces, this making Alberta a safe place to lend. But if you want more information on how these factors affect your buying and selling decision, let me meet with you privately and confidentially, give you the numbers and discuss your options. No pressure. Just straight facts. Then the decision can be yours and you will be informed.