Real Estate Market Showing Promise

Real Estate Market Showing Promise

Michelle Pinon News Advertiser

Market conditions might prove advantageous for people wanting to purchase property in 2020. Most recently, the Town of Vegreville dropped lot prices in the Fox View subdivision by $20,000 to more accurately reflect market conditions, and to attract interest to the area, which is located along 60 Avenue between 54 and 55 Avenues. Altogether, there are 15 lots for sale and range in price from $46,940 and $49,910.

Ralph Soldan, a real estate agent with Royal LePage Homewise Realty, see’s a lot of potential in the market. “I’m an optimist,” said Soldan, who always looks on the bright side of things. He is hoping things will return to normal in four weeks, and keep thinking positively.

On March 27, the Bank of Canada lowered its target interest rates for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic.

According to the Bank of Canada, “The spread of COVID- 19 is having serious consequences for Canadians and for the economy, as is the abrupt decline in world oil prices. The pandemic-driven contraction has prompted decisive fiscal policy action in Canada to support individuals and businesses and to minimize any permanent damage to the structure of the economy.”