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What does Calgary’s real estate market have to do with the picture I’m holding at 0:37 in the video above, and where are we heading in 2023? Today I’m sharing the truth about our market and my predictions.
If you look at the picture from a distance, many people will see a skull, which is often associated with thoughts of death, doom, and gloom. In a way, that’s what you see in the news or on social media, which is why it’s dangerous to believe everything you see there. Upon closer look at the picture, at 1:07 in the video, you get another view, and the perspective changes. That’s a lot like the Calgary market. Some people can see the negative, while some see the positive.
One of the things that people see that contributes to the negativity in the market is interest rates and their continuing increases. As you may have heard, the Bank of Canada just raised interest rates by another 25 basis points. They may not lighten up on rates until 2024 to fight off inflation. Right now, inflation is over 8% and came down to 6% in December. They want to get it around a two or three mark.
On the positive side, some great news and events are happening in our area. For example, Canada announced that it will have an aircraft manufacturing facility just outside of Calgary. The Economist also rated Calgary as the number one city in North America, contributing to our positive net migration. If you don’t know, net migration is the number of people moving into Calgary and Alberta versus moving out. The greater the demand for homes in our area, the greater the prices.
If you want to learn something specific about your property or have other real estate-related concerns, call or email me. I’m always happy to help.
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