2024 Real Estate Market Predictions

2024 Real Estate Market Predictions

Experts feel the Canadian real estate market’s success in 2024 relies on where the Bank of Canada decides to take interest rates.

The recent rate hold came as no surprise to most. Instead, the questions being asked surround WHEN will rate cuts happen and by HOW much? Many economists are predicting a rate cut as early as April, while others are predicting a rate cut closer to June.

With the increase in consumer confidence starting, we saw a slight jump in the number of homes sold in December in comparison to that of November.

This uptick in buyer activity has continued into January as we see a strong start to the year in the local market.

A rise in buyer confidence, combined with continued demand and an increase in inventory are trends predicted for 2024.

Although jumping into the market now may present opportunity to “beat” the spring market, it is important to remember that the best time to buy or sell is when it makes most sense for you and your goals. It is important to work with a Realtor® who is committed to ensuring your best interests are protected regardless of where the rates sit.