January 2024
2024 has kicked off and purchasers have begun to re-enter the residential real estate market
Due to lower borrowing costs associated with fixed mortgage rates.
Resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.
There were 4,223 sales in January, an increase of 37% compared to January 2023.
The number of active listings was also up 8.5%. Stronger sales growth relative to listings suggests buyers are experiencing a tighter market compared to a year ago.
The average selling price was down by one per cent year-over-year to $1,026,703.
Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, to expect home sales to pick up even further that what we are seeing at the moment.
There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains limited.
The sentiment across the residential real estate industry is that inventory of available homes for sale continues to remain low, currently under two and a half months.
As a growing province and growing city we are in constant need of new housing. Without new inventory of homes, prices and rents will continue to rise at an unhealthy pace.
If you ever considered investing in real estate, New Construction could be an interesting option.
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
Know that I am only a call, email or text away to assist with any of your real estate needs.