Discover the latest Canadian real estate trends for buying and selling homes

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Buying or selling? A look at Canada's real estate trends



“New Report Reveals 2023 Real Estate Trends and Predictions for 2024”

As we embark on a new year, it’s wise to reflect on the past and look ahead to the future. With the release of a new report this week, the real estate market is under the microscope, and it’s time for buyers and sellers to prepare for what’s to come in 2024.

WHAT TO EXPECT THIS YEAR

According to Lauren Haw, Zoocasa’s broker of record and industry relations, there seems to have been an increase in home sales in January compared to the same month last year. Interest rates are expected to stabilize and possibly drop in 2024, giving buyers hope and the confidence to make decisions. Despite a “quiet” 2023, positive sales activity is anticipated for January, following a stable December.

However, RBC’s experts are of the opinion that the softness seen in the market will persist into the first half of the year. They caution against expecting much clarity in January, as it’s traditionally a quiet month for the housing market.

BUCKING THE TREND

Although experts were seeing a softening trend in the Canadian housing market, home resale transactions spiked to a solid 8.7% in December, going against the anticipated trend. Lower market prices and modest mortgage rate declines spurred buyers into action during the final month of the year.

Home prices dropped by 0.8% in December, continuing the trend from the previous months. Despite the demand for supply, home prices continued to drift lower. New listings fell for the third consecutive month, down 5.1% nationwide.

CONCLUSION

As we navigate through the ever-changing landscape of the real estate market, it’s crucial to recognize the fluctuations and trends that shape it. There’s no denying that the past year was a rollercoaster, and 2024 is already shaping up to be equally unpredictable.

What can be gleaned from the report is the need for cautious optimism. While there are signs of improvement in the real estate market, it’s essential for buyers and sellers to remain vigilant and stay informed. 2024 holds promise, but only time will tell how the year will unfold in the realm of real estate.



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