Latest interest rate hike will have cumulative impact on Calgarians yyc
. It currently sits at 6.3 per cent, with expectations it will fall to three per cent by the middle of this year and to two per cent in 2024.Despite the hikes, Alberta’s economy has outperformed much of the rest of the country due to a resurgent oil and gas sector, a lower cost of living that has attracted record numbers of people to the province, and a diversified and growing jobs economy.
in 2023. Ann-Marie Lurie, the CREB’s chief economist, said a small increase in the interest rate will have little effect on the market.Article content “The growth in Alberta will be relatively resilient, resilient relative to that of other provinces, given some of the offsets from other things like the energy sector and relatively little exposure to the housing market,” said Marc Desormeaux, principal economist for Canadian economics.However, Laurie Campbell, director of client financial wellness for Bromwich and Smith, said even the small bump in the interest rate will ratchet up pressure on Albertans.
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