Alberta Mortgage & Real Estate State of the Union - May 2023
After a creative break, I decided it was time to give ya'll an update on the mortgage market and how real estate is performing in Alberta. From a fresh, new office locale too!
Alberta State of the Union Highlights:
The real estate market in Alberta remains balanced to strong (great for homeowners looking to sell or refinance).
Interest rates are levelling out but it remains to be seen if the Bank of Canada will continue pushing on inflation with further increases.
Canadians are returning to fixed rates in droves as they are tracking substantially lower than variable trends, with some borrowers even choosing 3 and 4 year terms instead of 5, the thought being that eventually rates will drop again.
Bottom line is that there remains uncertainty in the economy, but Alberta's is comparatively strong, with the province leading population growth in Canada for 2022. If you are the market to purchase a home or even just considering it, get your pre-approval and RATE HOLD in now!
Planning ahead for a mortgage always saves time, money and stress. Get in touch!