Just when you thought things were going to settle down... we are now headed into competing offer territory AGAIN! So not only are "affordable" starter home prices set to rise again (we expected this) but I'm seeing a tremendous amoun t of higher-end homes $900,000+ receiving competing offers as well. The latest Bank of Canada rate decrease was met with most of the major banks mirroring the mortgage rate decrease. Not only is this a welcomed relief to those in variable rate mortages but also those in the process of renewing their mortgage this year. So who's doing all this buying? Well with the rental vacancy rate between 4-6% right now, its people who have moved to Alberta, decided to rent for a couple years and now are buying. This AND those who want to move up into a better area or with more square footage. I've known this for 25 years now... when interest rates go down, people buy pricier homes and acreages. So expect acreages to fly off the shelf this year too!