Recent changes to the mortgage stress test designed to cool down hot housing markets across the country may make it more difficult for some Albertans to purchase a home.

Whatever "new normal" is coming, the COVID-19 pandemic has reshaped many aspects of the real estate industry in Calgary and across Canada. From changes to the way homes are built, bought and sold, to shifts in buyer priorities and the economic forces at play, it's been a wild ride for REALTORS^®, builders, homebuyers and everyone in between.

Enticing discount mortgage rates have helped put Calgary's detached home market in rare form.

Historically low interest rates are helping boost the residential real estate market in Calgary and across the country, with the trend expected to continue throughout 2021.

The Bank of Canada has maintained its overnight rate target at 0.25 per cent, the effective lower bound, and released its updated outlook for the economy and inflation.

The Bank of Canada maintained its overnight rate target at 0.25 per cent and announced it would be scaling back some of its interventions in the market now that economic conditions are beginning to improve.

The Bank of Canada announced on April 15 that it would keep its overnight rate target at 0.25 per cent and that no additional rate cuts should be expected.

This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.

As governments and individuals around the world work to combat the spread of the COVID-19 virus, it has become clear the epidemic will have far-reaching impacts for Calgary's residents, businesses and economy.

In an unscheduled move, the Bank of Canada (BoC) recently announced it was cutting its overnight lending rate to 0.75 per cent, effective March 16. The move was made to counter the negative economic repercussions of the COVID-19 pandemic and plummeting oil prices.