{"id":64955,"date":"2022-03-04T10:53:43","date_gmt":"2022-03-04T17:53:43","guid":{"rendered":"https:\/\/saitjournalism.ca\/?p=64955"},"modified":"2022-03-04T10:54:15","modified_gmt":"2022-03-04T17:54:15","slug":"creb-predicts-4-increase-in-home-prices-for-2022","status":"publish","type":"post","link":"https:\/\/saitjournalism.ca\/thepress\/2022\/03\/04\/creb-predicts-4-increase-in-home-prices-for-2022\/","title":{"rendered":"CREB predicts 4% increase in home prices for 2022"},"content":{"rendered":"
\"\"
A CIR Realty sign in Auburn Bay, Calgary on Monday, Feb. 7, 2022. CIR Realty is one of Canada’s real estate brokerages. (Photo by Abby Panes\/The Press)<\/figcaption><\/figure>\n

T<\/span>he Calgary Real Estate Board (CREB)\u2019s annual forecast<\/a> states that there will be a four per cent increase in prices this year. Chiquie Lebaquin, a Real Estate Agent in Calgary shares her insight on how the forecast means to her sales.<\/p>\n

I<\/span>nterest rates have been low throughout the pandemic, but were raised by the Bank of Canada on Jan. 26, 2022.<\/p>\n

\u201cEven if we have the lowest rate, if there is no inventory, if there is no house to buy, what do we buy?\u201d Lebaquin said.<\/p>\n

Based on the CREB forecast summary, lending rates are expected to cool the demands this year, but rates will remain low.<\/p>\n

\u201cEven if the market is spiking high, it won\u2019t always be high,\u201d Lebaquin explained.<\/p>\n

\u201cAt some point, the market will correct itself, which is why it is expected.\u201d<\/p>\n

Ann-Marie Lurie, CREB Chief Economist, said to also expect a four per cent increase of prices this year. However, Lebaquin says that nowadays, the prices are based on the value of the houses themselves.<\/p>\n

\u201cThe question is, how much are you willing to pay to get the house that you want,\u201d Lebaquin said.<\/p>\n

\u201cEven if we have the lowest rate, if there is no inventory, if there is no house to buy, what do we buy?\u201d -Chiquie Lebaquin<\/p><\/blockquote>\n

Manel Magtanong, one of Lebaquin\u2019s clients, says that her family is planning to sell their house, but will not look to buy a new house during this season.<\/p>\n

\u201cWe\u2019re not looking to buy a new house yet as these days are not a good time,\u201d Magtanong said through a phone call interview.<\/p>\n

\u201cIt\u2019s hard to invest in one right now, because most clients are bidding to get houses,\u201d she added.<\/p>\n

\u201cWe\u2019re just planning to sell our house and we will just rent and wait for the meantime.\u201d<\/p>\n

The CREB annual forecast was released on Tuesday, Jan. 25, 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

The Calgary Real Estate Board (CREB)\u2019s annual forecast states that there will be a four per cent increase of prices this year. Chiquie Lebaquin, a Real Estate Agent in Calgary shares her insight on how the forecast means to her sales.
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