If you’re wondering if now is a good time to buy a home, you’re certainly not alone — it’s been one heck of a year for real estate in Canada!

If we look back to February 2022, national home sales were up as buyers jumped into an early Spring market; this trend continued for a few months and it was definitely a seller’s market, properties were going into multiple offers (many selling for over list price) and interest rates remained near historic lows.

With inflation rapidly rising, the war in Ukraine continuing, several aggressive rate hikes by the Bank of Canada, we find ourselves in a very different market today – a housing correction.

Buyers can now take a breath and find themselves with more negotiation power than they did earlier this year.  While the Vancouver and Toronto markets saw the biggest shift and decline, here in Alberta (and more broadly, the Prairies) we’re looking pretty solid!  We continue to see an influx of population, strong employment, affordable real estate (and those Vancouver and Toronto investors are also taking notice).

*OAC. Illustrative purposes only. Payment comparison as of Dec 1/22. Rates subject to change without notice.

Remember, the historic low rates of 2020 and 2021 were emergency cuts intended to provide support to the Canadian financial system and the economy during the Covid-19 pandemic (we all knew they wouldn’t last). “NORMAL” interest rates are actually in the range of 5-6% (… and if you’re paying rent, well, that’s pretty much 100% interest!).

So, is it a good time to buy?  Absolutely!

If you are thinking about purchasing, there’s no time like the present — let’s get started!