For those of you that are currently sitting on the fence waiting to time the real estate market bottom take a look at this!

All indications are that mortgage rates are poised to rise again this week by approximately .50%. This marks the second consecutive rate increase in the past 45 days totaling an overall increase of close to 1%! Though the Bank of Canada has not raised it’s rates from its historic low of .25%, borrowing costs for the mortgage lenders has increased; driving rate increases for consumers. As we have been noting here in our blogs for some time, statistics had been pointing towards a market bottom in Calgary. Most recent statistics show that prices of single family homes are now on the rise as inventory levels shrink and unit sales increase. Has the market bottom come and gone?