Will there be an upturn in Canada’s Housing and Mortgage Market? As we step into 2024, prospective homebuyers in Canada might find themselves at the threshold of a unique opportunity. Recent polling by online marketplace Zolo suggests that urban areas across the country are gradually transforming into buyer’s markets. Coupled with potential mortgage rate cuts, this could make 2024 a favorable time for property purchases.
Urban Areas Shifting to a Buyer Market
Zolo’s research indicates a significant shift in urban areas, favoring those looking to buy a new home. This transition could empower buyers with more choices and negotiating power in the real estate market. As market dynamics evolve, opportunities for perspective homeowners may become more promising.
Mortgage Market – Rate Cuts on the Horizon
While not reaching the historically low levels seen during the pandemic, there is optimism about potential mortgage rate cuts throughout 2024. Real estate investor and podcast host Daniel Foch believes that even in a slightly elevated-rate environment, buyers who can afford today’s rates may find themselves in a strong financial position at renewal when rates eventually drop.
Mortgage Market – Strategic Approach for Homeowners
Veteran broker and author Angela Calla advises homeowners to be strategic in navigating this evolving market. With the possibility of mid-year rate cuts, Calla suggests exploring various rate options instead of hastily accepting the initial renewal offer from lenders. This approach could potentially save homeowners money in the long run.
The Seller’s Prospective
Zolo president and COO Mustafa Abbasi anticipates a buyer’s market until spring, with a potential for market balance thereafter, contingent on a decline in interest rates. In light of this, sellers are encouraged to maintain their properties in optimal condition and strategically price them slightly below prevailing market value to attract potential buyers.
Due to the nature of the market, if you have questions about rate options Contact Us today!
Original Article – Canadian Mortgage Professional – January 11, 1014
