Mortgage Rates!
Are Mortgage rates going up in the new year? Will they continue to rise?
Mortgage rates are on the incline. In fact they have been for the past 2-3 weeks. Are the rates set to go higher? Most likely they will in the New Year due. This is due to the cost of Inflation being at a 14 year high at almost 5%
What can we expect from the Bank of Canada in the new year?
We can expect that interest rate to increase as well. At this point we do not know when and by how much. Stay tuned, get your mortgage refinance now and if a first time homebuyer now is for sure the time to buy your dream home. As of the latest meeting the Bank of Canada has kept the rate the same.
What can we expect in the real estate industry into 2021?
A good question that may be a bit difficult to answer. 2021 has been a great year, low interest rates, low house prices, and a pretty good inventory in the Central Alberta Area. If those continue into the next year we should expect to see another year of fairly low rates and house prices. Having said that you just never know what might change up in any of those areas so time will tell. Household debt is always a key factor as well so if that can be contained, inflation curtailed and a steady job security it should all line up to another good mortgage and real estate market.
Alberta is a bit unique in Canada as we are still heavily supported by the oil and gas industry however that is starting to see changes as the tech industry is beginning to take hold. We are living all told in a very interesting time, exciting to say the least!
