The Great Adjustment is coming to Ontario Real Estate in 2024
Tuesday Jan 09th, 2024
Let's cut through the real estate noise for a moment, just like we would if we were sitting across from each other.
Selling your home in 2024 is a bit like growing a business – it's all about adapting to what the experts are calling the 'great adjustment.' 📣
Here's what the experts are predicting: a 5.5% year-over-year surge, propelling the national aggregate home price to a robust $843,684 by Q4 2024. Single-family detached and condominium prices take center stage, charting a course with a 6.0% and 5.0% increase, hitting $879,164 and $616,140, respectively. Toronto and Montreal are geared up for 6.0% and 5.0%
Your home – it's not just a property; it's your story. 🏡
Like the hustle of everyday life, the Canadian Real Estate landscape has mirrored it with sales activity dipping and inventory levels creeping up over the last eighteen months.
Transactions saw a 20-30% slump in some regions, but home prices held steady above 2022 levels. The market, went through highs sparked by a global pandemic, surging demand, and subsequent price hikes, reaching its zenith in the spring of 2022. Yet, rising interest rates initiated a prolonged correction.
Now as we hopefully come through the end of it...the real estate market pivots, our forecast rides on the belief that the Bank of Canada has wrapped up its interest rate hike campaign, ➡️ maintaining a steady key lending rate of five percent through Q1 2024 (although some experts are anticipating rates could drop as early as February/March).
What will this mean for the market? 🤩 The return of interest rate stability could unleash pent-up demand, mirroring the renewed client interest and bringing buyers off the bench after a period of uncertainty.
Our Real Estate market is a testament of resilience and has proven that for decades. Embrace the changes, navigate the transitions – Ontario Real Estate is on the brink of yet another transformative year. 🔔 Are you ready?
If you have questions about how this will impact your plans don't hesitate to reach out. We are here to guide you through it all.