2024 Real Estate Forcast | Evelyn Lopes Realty Team_Blog

Tuesday, January 2, 2024   /   by Evelyn Lopes

Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024

Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024

Home buyers surprised everyone last spring when they shook off higher borrowing costs and showed up to new home sales in droves. The surge in competition for a still-limited pool of properties helped home prices pop and renewed sellers' confidence in their ability to get top dollar for a home. But experts caution that the 2024 housing market could unfold quite differently, especially if Canada's economy experiences another dip later this year.1  
Ever since the Bank of Canada hiked interest rates last summer, home sales have dropped in many areas as buyers and sellers alike struggle to close deals.2 Canada’s economy has also softened, prompting some home buyers to move forward more cautiously.3 But with the Bank of Canada now widely expected to cut rates in the spring, competition could reheat quickly.4 
Not every neighbourhood is cooling at the same rate either, making the familiar adag ...

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