When the Canadian government has allowed extended amortization period, such as increasing the maximum from 25 to 30 years—there have been both positive and negative impacts on the housing market and economy.

Positive Impacts:

1. Increased Affordability for Buyers (Short-Term):

•    A 30-year amortization reduces monthly mortgage payments, which can make homeownership more affordable, particularly for first-time buyers. This helps buyers qualify for higher mortgage amounts with lower initial monthly costs, making it easier to enter the market.
•    This was seen after the 2008 global financial crisis, where the amortization period was extended to boost housing activity.

2. Boost in Housing Demand:

•    Longer amortizations can stimulate demand in the housing market. When monthly payments become more affordable, more people enter the market, driving up sales and activity. This can help stimulate the overall economy, especially in times of economic slowdown.
•    The mid-2000s saw a surge in housing activity in Canada after the introduction of 30, 35, and even 40-year amortizations.

3. Economic Stimulus:

•    A higher volume of home purchases can positively impact construction, renovation, and other housing-related industries. This contributes to economic growth and job creation in the short term.

Negative Impacts:

1. Higher Total Interest Costs:

•    While monthly payments are lower with a longer amortization, borrowers end up paying significantly more interest over the life of the loan. This increases the overall cost of homeownership, especially for those who keep their mortgage for the full amortization period.
•    For example, extending a mortgage to 30 years can mean tens of thousands of dollars more paid in interest compared to a 25-year mortgage.

2. Increased Housing Prices:

•    With more buyers qualifying for mortgages and higher borrowing amounts, there is often upward pressure on housing prices. The extra demand, coupled with limited supply, can drive up prices in major markets, making it harder for new buyers to enter the market.
•    After the amortization increases in the mid-2000s, Canada's housing prices surged, leading to concerns about housing affordability in the long run.

3. Housing Market Vulnerability:

•    Increased borrowing capacity can lead to higher household debt levels, which makes the economy more vulnerable to interest rate hikes or financial shocks. As buyers take on more debt, they become more sensitive to changes in mortgage rates, and a sudden increase in rates can lead to financial distress.
•    In response to these risks, the Canadian government reduced the maximum amortization back to 25 years in 2012, partly to reduce household debt accumulation and cool the housing market.

4. Potential for Over-leveraging:

•    Longer amortizations can lead some buyers to over-leverage themselves, taking on more mortgage debt than they can reasonably afford. This increases the risk of mortgage defaults, particularly in times of economic downturn or interest rate hikes.

The extension of amortization periods to 30 years can provide short-term benefits, such as improving affordability and stimulating housing demand. However, the long-term consequences, including higher debt levels and rising housing prices, can exacerbate affordability issues and increase financial risks for homeowners. This trade-off has made it a contentious policy tool, often introduced in times of economic slowdown and scaled back when overheating the market becomes a concern.

Nice Drop, Bank of Canada! What Does a 4.25% Policy Rate Mean for Calgary Real Estate Today?

With the **Bank of Canada’s recent rate cut to 4.25%**, there’s a lot of chatter about what this means for those of us in the Calgary real estate market. Lower rates might sound like good news, but what’s the real story? And where will this take us, Calgarians? Let’s break it down.

Lower Borrowing Costs – A Win for Buyers?

First off, let’s talk about what’s on everyone’s mind—**borrowing costs**. A rate cut means that **mortgage interest rates are likely to follow**, making it cheaper to borrow. If you’ve been sitting on the fence about buying a home, this might just be your cue to make a move. With interest rates lower, your monthly payments will shrink, meaning you can afford a bit more house for the same budget. 

For **first-time buyers**, this could be a real boost—maybe that dream home isn’t so far out of reach after all. And for those already in the game, it’s a good time to look at **refinancing** your mortgage to lock in those lower rates

What Does This Mean for All of Us?

We’re seeing the real estate market soften, not just in Calgary but across Canada. So, will this rate cut be enough to turn things around? Well, maybe. While lower borrowing costs should **spur some buying activity**, there’s still the question of **inflation**—and let’s be real, that’s hitting everyone’s wallets hard right now.

For buyers, it’s a bit of a balancing act. Yes, lower interest rates help, but with the cost of living still sky-high, people might still be hesitant to make big financial moves. **Consumer confidence** is key here, and right now, it’s not as strong as it could be.

Where Will This Take Us, Calgarians?

Let’s zoom in on what’s happening right here in Calgary. We’re not immune to what’s happening in the broader economy, but we do have some unique factors at play. As an energy-driven city, **oil prices** and **global markets** play a big role in shaping our local economy. Right now, we’re seeing a bit of a slowdown in real estate activity, but this rate cut could keep things from cooling down too much.

For **sellers**, this is a moment to take a breath. Buyers could return to the market, but prices aren’t likely to shoot back up as they did during the pandemic boom. It’s time to be **realistic about pricing** and patient with potential buyers who might still be cautious.

And for **investors**? Cheaper borrowing costs mean it’s a good time to start thinking about adding to your portfolio—especially rental properties, since demand for affordable housing remains high.

What’s Next?

So, will the rate cut turn Calgary’s real estate market around? It’s hard to say for sure. In the short term, we could see some **stabilization in home prices** and a few more buyers re-entering the market. But in the long run, everything will depend on whether we can keep inflation in check and avoid sliding into a full-blown **recession**.

Calgarians, stay tuned. The next few months will be telling as we navigate this mix of **lower rates, soft markets, and economic uncertainty**. Keep an eye on local trends, and if you’re in the market for a new home or investment, this rate cut might just give you the opportunity you’ve been waiting for.

My Final Thoughts

The Bank of Canada’s rate cut is a nice drop, but it’s not a silver bullet. It’s a tool to help balance the housing market and combat inflation, but how effective it will be remains to be seen. For now, it’s a cautiously optimistic sign for Calgary’s real estate market.

Stay tuned, stay savvy, and let’s see where this rate cut takes us next!

### 30-Year Amortizations

Now Available for First-Time Homebuyers 

Starting August 1, 2024, lenders can now offer 30-year amortizations for insured mortgages to first-time homebuyers purchasing new builds. Rules around this are very narrow: 

1. Must be a First Time Home Buyer
2. Must purchase a New Build
3. Must be under $1 million

Our take on this:

Pros

Lower Monthly Payments: Extending the amortization period to 30 years reduces the monthly payment burden, making homeownership more accessible for first-time buyers.

Increased Homeownership: More young Canadians, particularly Millennials and Gen Z, will be able to purchase homes due to the lower monthly payments.

Supports Affordability: Coupled with the Tax-Free First Home Savings Account, this measure can significantly reduce the financial strain on first-time homebuyers.

Generational Fairness: The policy aims to level the playing field, ensuring younger generations have better access to homeownership opportunities.

Cons

Higher Long-Term Costs: While monthly payments are lower, the extended amortization period results in higher total interest payments over the life of the mortgage.

Increased Debt Levels: Borrowers may take on more debt than they would with a shorter amortization period, potentially leading to financial strain if their circumstances change.

Market Impact: The policy could lead to increased demand for new builds, driving up prices in the short term.

Stimulates Construction: The policy incentivizes the construction of new homes, but we already cannot build fast enough for the demands today and into 2030. Housing starts for all areas in Canada decreased 9% in June 2024.

Potential for Overbuilding: Incentivizing new construction could result in an oversupply of homes, especially if market conditions change.

Financial Risk: Extended mortgage terms may pose a risk if borrowers face job loss, interest rate increases, or other financial difficulties over the longer term.

30 Year Ammortization for Insured Homes

Housing Supply Picture

Housing Starts June 2024

**August 1, 2024**

#### Supply Levels Improve, Easing Pressure on Prices

With the busy spring market behind us, we are starting to see shifts in supply levels. In July, there were 2,380 sales and 3,604 new listings, leading to a sales-to-new listings ratio of 66%. This change has supported an increase in inventory, which rose to 4,158 units. Although this is still 33% below the typical July levels, it marks the first time inventory has surpassed 4,000 units in nearly two years.

The majority of this supply growth occurred in homes priced above $600,000. This increase in higher-priced homes has helped ease the extreme sellers’ market conditions experienced throughout the spring.

“While supply challenges persist, particularly for lower-priced homes, the availability of more options in both the new home and resale markets has alleviated some of the upward pressure on home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This aligns with our expectations for the second half of the year. If inventories continue to rise, we should see more balanced conditions and stability in home prices.”

July sales eased by 10% compared to last year's record high but remained above long-term trends for the month. The pullback in sales has been particularly noticeable in homes priced below $600,000.

Despite the rise in inventory and slower sales, the months of supply increased to 1.8 months. This level still favors sellers but is a significant improvement from the less than one month of supply reported earlier this year.

The improved supply has slowed the pace of monthly price growth across all property types. In July, the total residential benchmark price was $606,700, similar to last month and nearly 8% higher than last year's levels.

********************************************************

### Detached Homes

In July, detached home sales fell by 8%, with a 15% rise in sales for homes priced above $600,000 not enough to offset a 50% decline in lower-priced homes. This decline in lower price ranges reflects limited availability, as inventories and new listings continue to fall for lower-priced homes. Year-to-date detached sales have eased by just over 1% compared to last year.

With 1,098 sales and 1,721 new listings this month, inventories rose to 1,950 units. While still low by historical standards, this gain pushed the months of supply to nearly two months, supporting some stability in prices. The unadjusted benchmark price in July was $767,800, similar to last month but 11% higher than last July.

### Semi-Detached Homes

Relative affordability continues to attract buyers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, a 6% increase over last year. The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76% sales-to-new listings ratio and months of supply at 1.5 months.

While the pace of monthly price growth has slowed, the unadjusted benchmark price of $687,900 is nearly 12% higher than last year. The highest price growth continues to occur in the city's most affordable North East and East districts.

### Row Homes

Gains in new listings for row homes, relative to a pullback in sales, caused the sales-to-new listings ratio to fall to 73% this month. This supported gains in inventory levels, with the months of supply rising to 1.3 months. While conditions still favor sellers, this shift prevented further monthly price gains. Nonetheless, the benchmark price of $464,200 is still nearly 15% higher than last year. Year-over-year price gains range from a low of 13% in the City Centre and North districts to over 20% in the North East and East districts.

### Apartment Condominiums

July saw a slowdown in apartment condominium sales to 659 units, with a significant drop in sales for properties priced below $300,000. Limited supply choices for lower-priced units prevented stronger sales activity. New listings in July reached 1,043 units, causing the sales-to-new listings ratio to fall to 63%. This supported inventory gains, with months of supply exceeding two months. Improved supply relative to sales helped slow the pace of monthly price growth. However, the unadjusted benchmark price of $346,300 is still 17% higher than last year.

### Regional Market Facts

********************************************************

#### Airdrie

New listings in Airdrie rose to 287 units, the highest level ever reported for July, while sales slowed to 186 units, supporting inventory gains. Despite improvements, the 298 units are still 26% below typical July levels. Inventory gains have occurred across most price ranges, but conditions remain tight, especially in the lower price ranges. The unadjusted benchmark price in July was $553,900, similar to last month but 8% higher than last year.

#### Cochrane

July sales in Cochrane improved over last year, contributing to an 8% year-to-date gain. While new listings also increased compared to last July, it wasn't enough to significantly shift low inventory levels. With a sales-to-new-listings ratio of 83% and months of supply at 1.5 months, the market remained tight, and prices continued to rise. In July, the unadjusted benchmark price reached $576,600, nearly 1% higher than last month and 9% higher than last year.

#### Okotoks

A pullback in sales relative to new listings in Okotoks supported gains in inventory levels. While inventory levels are 25% higher than last year, the 85 units still reflect exceptionally low levels, about half of what is typically seen in July. With a sales-to-new-listings ratio of 78% and months of supply at 1.3 months, conditions continue to favor sellers. Despite monthly price fluctuations, the unadjusted benchmark price in July reached $622,200, over 6% higher than last July.

***information taken from CREB's statistic package released Aug. 1, 2024

MAY SALES STATS 2024

Implications for the Detached Sector

Shift in Sales Dynamics: The decline in year-over-year sales, especially in lower price ranges, indicates a shift towards higher-priced homes. This suggests a possible affordability issue for buyers looking in lower price brackets.

Rising Inventory in Higher Price Ranges: The increase in new listings and the subsequent drop in the sales-to-new-listings ratio to 68% support inventory growth, particularly in higher price ranges. This could lead to more options for buyers with higher budgets but may also signal a slowing demand in this segment.

Tight Supply for Affordable Homes: The continued fall in inventory levels for homes priced below $600,000, accounting for only 13% of the detached market, highlights a significant supply shortage in the affordable segment. This exacerbates affordability challenges and limits options for first-time buyers and those with lower budgets.

Seller's Market Conditions: With just over one month of supply, the detached market remains a seller's market. This favors sellers, leading to faster sales and potentially multiple offers on properties, particularly in the lower price ranges.

Price Appreciation: The rise in the unadjusted benchmark price to $761,800, with a 13% year-over-year increase, indicates strong price appreciation across the detached sector. This trend reflects high demand relative to supply, especially in more affordable districts.

Broad-Based Price Gains: The improvement in prices across all districts, with the most significant gains in the most affordable districts, suggests a broad-based demand for detached homes. Buyers are likely stretching their budgets to secure homes, driving up prices even in typically less expensive areas.

In summary, the detached sector is experiencing a seller's market with rising prices and tight supply, especially in the affordable segment. Buyers face challenges with affordability and limited options, while sellers benefit from favorable market conditions and price appreciation.

Implications for the Semi-Detached Sector

Sales Growth: Despite a year-over-year decline in recent sales, year-to-date sales have increased by nearly 11%, indicating overall strong performance and demand in the semi-detached sector.

Increased New Listings: Similar to the detached sector, the semi-detached sector has seen an improvement in new listings, leading to a drop in the sales-to-new-listings ratio to 72%. This indicates a more balanced market with slight inventory growth.

Seller's Market: With just one month of supply, the semi-detached market remains a seller's market. This tight supply means that sellers have an advantage, with properties likely selling quickly and potentially receiving multiple offers.

Rising Prices: The benchmark price for semi-detached homes reached $678,000 in May, which is over 1% higher than the previous month and 13% higher than last May. This indicates strong price appreciation due to ongoing high demand and limited supply.

Market Conditions: Persistently tight market conditions continue to drive up prices, suggesting that the demand for semi-detached homes is robust, and buyers are willing to pay higher prices to secure these properties.

In summary, the semi-detached sector is experiencing strong year-to-date sales growth, slight inventory gains, and tight supply conditions that favor sellers. Prices continue to rise due to high demand and limited availability, making it a competitive market for buyers.

Implications for the Row Sector

Sales Increase: May reported 540 sales, contributing to a 16% year-to-date rise, indicating strong and growing demand in the row sector.

Increased New Listings: The rise in new listings has helped support gains in inventory levels, providing more options for buyers despite the overall tight market conditions.

Inventory Distribution: While inventory levels have declined for properties priced below $400,000, increases in higher-priced row properties have contributed to overall inventory gains. This suggests that more expensive row properties are becoming more available, while affordable options remain scarce.

Seller's Market: With a sales-to-new-listings ratio of 78% and less than one month of supply, the row market continues to favor sellers. These conditions indicate high competition among buyers and quick turnover of available properties.

Price Growth: The benchmark price reached $462,500 in May, nearly 2% higher than the previous month and over 19% higher than last year. This significant price growth reflects strong demand and limited supply, pushing prices up rapidly.

In summary, the row sector is experiencing robust sales growth, increasing new listings, and overall inventory gains primarily in higher-priced properties. The market remains highly competitive, favoring sellers, and driving significant price increases. Buyers face challenges with affordability and limited supply in the lower price ranges.

Implications for the Apartment Condominium Sector

Strong Sales Growth: Demand for affordable homes is driving significant growth in apartment condominium sales. May sales continued to rise, contributing to a 19% year-to-date increase, marking a record high for this period.

New Listings and Inventory: Gains in new listings have helped stabilize inventory levels, preventing further declines. While overall inventory remains similar to last year, increases in properties priced over $300,000 have offset significant decreases in lower-priced homes.

Seller's Market Conditions: With just over one month of supply, the market remains in favor of sellers. This tight supply condition results in quick property turnovers and high competition among buyers.

Price Increases: Prices continue to rise compared to both last month and the previous year. Year-over-year price gains are particularly notable in the North East and East districts, exceeding 30%, while the City Centre experienced the lowest price growth at 13%.

In summary, the apartment condominium sector is experiencing robust demand, particularly for affordable homes, leading to record-high sales growth. New listings have helped maintain inventory levels, but the market remains tight, favoring sellers. This strong demand and limited supply are driving substantial price increases, especially in certain districts.

High demand coupled with low inventory continues to drive significant price gains in Calgary's real estate market, particularly in February.

Despite a rise in new listings to 2,711 units, sales surged by nearly 23 percent compared to the previous year, totaling 2,135 units. This surge in sales, fueled by increased new listings, maintained an exceptionally high sales-to-new listings ratio of 79 percent, ensuring inventories remained near historic lows. As a result, the months of supply fell to just over one month, nearing the tight levels seen during last spring.

Ann-Marie Lurie, Chief Economist at CREB®, noted, "Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth. It is this strong demand and low supply that continues to drive price gains in Calgary." Notably, the most significant supply challenge is for homes priced under $500,000, with inventories falling by 31 percent compared to the previous February.

In February, the unadjusted detached benchmark price reached $585,000, marking a gain of over two percent compared to the previous month and over 10 percent higher than the same period last year. The East district experienced the highest year-over-year price growth at 25 percent, while the City Centre reported the slowest price growth at under five percent.

For detached properties, although new listings improved to 1,195 units, sales rose by 20 percent year-over-year to 954 units, predominantly in the higher price range of over $600,000. Tight market conditions drove the unadjusted detached benchmark price to $721,300, nearly three percent higher than the previous month and over 13 percent higher than last February.

Semi-detached properties saw a brief rise in listings compared to sales, with 223 new listings met by 191 sales, resulting in an 86 percent sales-to-new-listings ratio. This prevented significant changes to the low inventory situation, leading to a monthly gain of over two percent in the unadjusted benchmark price, reaching $639,100.

Row properties witnessed a rise in new listings to 457 units, contributing to strong price growth with the unadjusted detached price reaching $436,500, over two percent higher than the previous month and nearly 19 percent higher than last February.

In the apartment condominium segment, sales reached 638 units in February, with the unadjusted benchmark price rising to $329,600, marking a 17 percent gain over last February. Despite a seasonal uptick in inventory levels, the market continued to favor sellers with just over one month of supply.

Regionally, Airdrie, Cochrane, and Okotoks all experienced similar trends of improved new listings but continued low inventory levels, contributing to significant price gains in their respective markets.

Overall, the combination of low inventory levels and high demand continues to put upward pressure on home prices in Calgary and its surrounding regions.

Information gathered from CREB. 

Market Report for February 2024

Increased Affordability: Lower interest rates make borrowing cheaper, and this increased affordability often stimulates demand for real estate. In a city like Calgary, where household incomes are high, the combination of lower interest rates and robust incomes could prompt more individuals and families to consider buying homes.

Buying Frenzy: If the perception in the market is that lower interest rates are creating a favorable environment for buyers, it could trigger a buying frenzy. Buyers may be motivated to enter the market quickly to take advantage of lower borrowing costs and secure properties before prices rise further.

Supply and Demand Dynamics: If the demand surges due to a buying frenzy, and the supply remains tight, this could lead to upward pressure on home prices. In a situation where demand outstrips supply, sellers may be in a strong position to negotiate higher prices.

Competition among Buyers: A heightened demand for properties could lead to increased competition among buyers, potentially resulting in bidding wars. This competitive environment tends to drive prices higher.

Impact on Affordability: While lower interest rates can make borrowing more affordable, the rapid increase in demand and prices may counteract this effect. It's essential to consider how the overall impact on affordability will unfold in the local market.

Potential Policy Responses: In the face of a sharp increase in prices and concerns about housing affordability, there might be policy responses from local authorities or regulatory bodies. This could include measures to cool the market or address affordability challenges.

As Greater Calgary Real Estate professionals in Calgary, we closely monitor market trends, we stay informed about potential policy changes, and we will provide guidance to our clients helping navigate these cricial dynamics. 

Bank of Canada holds rates steady with talks shifting to timing of cuts - RBC

House prices will be on the rise forecasting a 6.5% increase, with supply challenges ahead. 

"Chief Economist Ann-Marie Lurie underscores this dynamic, stating, "Despite higher rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration. The challenge was limited supply, especially for low-priced homes with the strongest demand. This resulted in significant price growth with the largest gains in our lowest-priced homes.”

As the report looks ahead to 2024, Lurie anticipates another strong year for sales, stating, "We expect potential buyers, who were on the sidelines due to limited supply choices, to re-enter the market as lending rates ease and listings improve. At the same time, interprovincial migration and a healthy labour market should continue to support stronger sales activity.”

Supply remains an issue this year, but gains in new home starts and new listings are expected to support some modest gains.

“Conditions are not expected to be as tight as in 2023," Lurie said, "but supply growth takes time, and sellers’ market conditions are expected to persist through the spring, driving further price growth in 2024.”

Supply growth is anticipated to be driven mainly by upper price ranges, decelerating the pace of price growth for higher-priced properties. Meanwhile, lower-priced properties are expected to face continued tight conditions, contributing to sustained price gains." Calgary Real Estate Board

Download CREB Forecast 2024

🏡 Calgary's 2023 Real Estate Landscape: A Year in Review 📊

As we bid farewell to 2023, lets reflect on the dynamic trends that shaped Calgary's real estate market. Despite challenges such as higher lending rates and persistent inventory constraints, the year witnessed noteworthy shifts and resilient performances across various property types.

The year began with a total of 27,416 sales, a slight ease from the previous year's peak. However, levels remained significantly higher than long-term trends, showcasing the market's robustness post-pandemic. Interestingly, there was a notable shift towards more affordable apartment-style condominiums, indicating changing consumer preferences.

Market Dynamics and Influencers:

"Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market," noted CREB® Chief Economist Ann-Marie Lurie. The juxtaposition of strong demand and low supply levels contributed to unexpectedly robust price growth throughout the year.

Property Type Insights:

Detached Homes:

The detached market experienced an annual decline of nearly 20%, particularly in lower price ranges. Limited supply choices prompted consumers to explore alternative housing styles. Despite the challenges, the persistently tight market conditions supported a benchmark price rise of nearly eight percent in 2023.

Semi-Detached Homes:

Similar to the detached sector, year-over-year sales for semi-detached homes declined by 10%. This decline, driven by pullbacks in lower-priced homes, did not hinder price growth, which rose by seven percent on an annual basis.

Row Homes:

Limited supply choices in lower price ranges contributed to an 11% decline in annual sales for row homes. Seller-favored conditions throughout the year led to an annual benchmark price gain of over 13%, with varying growth rates across districts.

Apartment Condominiums:

Apartment-style properties stood out as the only property type reporting a gain in sales, reaching a record high of 7,884. Despite tightening conditions favoring sellers, the 2023 benchmark price rose by over 13%, surpassing the previous 2014 high.

Regional Market Facts:

Airdrie:

Sales in Airdrie declined by 24% primarily due to pullbacks in detached homes. Despite low inventory levels, seller-favored conditions drove a benchmark price rise of nearly five percent.

Cochrane:

Both sales and new listings in Cochrane fell, impacting inventory levels. Despite recent gains in new listings, conditions remain relatively tight, driving a four percent increase in detached benchmark prices.

Okotoks:

Challenges in supply affected Okotoks, impacting sales and prices. Despite recent improvements in new listings, inventories remained near record lows, with prices rising over six percent annually.

All information taken from the Calgary Real Estate Board (CREB) For more insight, please refer to https://www.creb.com/News/CREBNow/2024/January/Strong_migration_and_low_supply_drive_Calgary_housing_prices_in_2023/

#CalgaryRealEstate #YearInReview #MarketTrends2023 #Homeownership #CalgaryHousing #RealEstateInsights

In celebrating our company's top performers of 2023, I am immensely proud to highlight their exceptional achievements in navigating the challenging real estate landscape. Faced with higher lending rates, persistent inventory constraints, and record-high prices, our top-performing agents demonstrated unparalleled resilience and adaptability. Their ability to not only sustain but enhance housing demand, particularly for affordable options, speaks volumes about their dedication and expertise. In a market where achieving success required overcoming substantial obstacles, our top performers shone brightly, showcasing the unique value they bring to our team. Their success, even in the face of challenges like high-interest rates and a growing population, is a testament to their strategic prowess and unwavering commitment to delivering outstanding results for our clients. Congratulations to our top performers for embodying excellence in every aspect of their work!