The sun is finally shining on the real estate market as it returns to life.
January 2024 sales figures end a short-lived buyers’ market and slow fall season. This sharp reversal ends what was a decades low for sales. January 2024 Home sales were up over one-third compared to January 2023, signaling greater confidence in the economy and an opportunity for buyers and sellers to continue with their life plans.
The promise of lower interest rates sometime this year means that buyers can find the house of their dreams at off-peak sales pricing, leverage a 1-year variable rate, and renegotiate that rate later.
This is the sweet spot, Buyers!
Strengthening buyer demand will likely prompt new listings and sellers to enter the market. Once the Bank of Canada cuts its policy rate, expect home sale prices to increase further as inventory is further constrained.