Rising interest rates are going to slow down the extremely active housing market, understandably. It's not predicted to be a large decline, so we're going to see this market that favours sellers right now cool down into a more balanced market over the course of this year. Multiple offer scenarios and competitive, higher-than-market-value home sales will begin to decrease, and the supply of home inventory will start to increase. Here in the Prairies though, we may not see those conditions begin for a while yet. We've seen interest rates begin to rise, but buyer demand is still quite high. In addition, homes out are are more affordable than the rest of the country. The current interest rate will affect mortgage payments of a BC home (avg price = $740,000) more than a SK home (avg price = $271,000). So, it makes sense that our situation isn't likely to slow down right away.
Don't let the news of the overall outlook for Canada trouble you. Our provincial situation will provide a nice cushion for the upcoming year. That's all for now!