Although that sounds like a cop out, it’s interesting that there are SO MANY OPINIONS as to how real estate is doing and how it will look going into 2024.  Here are my thoughts, based on input from some of our experts, including the Canadian Real Estate Association. Buyers seem content to stick to the sidelines until there’s more evidence that interest rates have hit “the top”. Couple that with sellers who may not really “need” to sell, and that equates to a slower than usual market this winter.

Following Spring’s brief rebound in sales and prices, our resale housing market did settle down.  But it really was refreshing to see us moving quickly again, and experiencing competition on many transactions! However, with inventory of homes for sale still historically low while demand for housing in Canada is still high, interest rates will play a big part in what happens next.  Will there be further hikes?  Will the cost of borrowing money become difficult for would-be buyers?  All of this will likely create a quieter winter. 

Personally, I find that homes priced at “market value” attract buyers, and I still hold to my belief that once we eliminate the unrealistic 2020/21 expectations, and base pricing on a rational growth model which a Realtor can help a Seller determine, an informed Buyer will appreciate the true value of a home and be prepared to make an offer knowing his financial institution will accept the true “value” and approve the financing, which is required for the deal to close. 

As always, I am looking forward to working diligently for our Buyers and our Sellers, and offering our experience during challenging times, which means doing the work they expect and deserve from our profession. 

Warm Regards,

Lynn Fee.