Dave Grime shares his predictions for the Real Estate market.
January 3, 2024
Happy New Year to everyone!
As we roll into 2024, what will happen in the housing and real estate market this year?
Well, there are many predictions about interest rates. Our interest rates currently sit at 5%, up 4.75 percentage points since March of 2022. We’ve held steady at 5% over the last couple of announcements from the Bank of Canada.
Top policymakers for the Bank of Canada and other economic and financial forecasters have made it clear that rate cuts are probable in the new year.
With many Canadians looking at mortgage renewals in 2024-2025, this is good news.
The interest rate hikes have definitely cooled the housing market and stabilized prices in 2023. Currently, the overheated market is a thing of the past.
I’m expecting a busy spring market, as Buyers who have waited to see what was going to happen with the last potential interest rate hike are now at ease. After the Christmas season, active Buyers are making their plans for 2024.
When will the market start to heat up again? It’s hard to say. I look at the market cycles as a pendulum, and we’re at the bottom currently.
It WILL start another upward trend in the spring, so keeping my eye on market activity is key.
If you are a Buyer…now is the time with good inventory and lots of selection.
Sellers are happy to see showings and are willing to work with offers within reason.
In the headwaters region of Orangeville, Dufferin, Caledon, and Erin, I will continue to keep an eye on when this upward trend starts, so stay tuned!
Please keep your eyes open for my next blogs on when to Buy and Sell in this changing market!
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