7 Real Estate Trends to Watch For in 2024
If you’re looking to buy or sell a house in 2024, you’re likely wondering what the real estate market in Canada will look like. Although no one can know for sure, the experts are already making predictions about what to expect. There are some trends in particular to watch for.
1. Higher Demand for Homes
More people are predicted to be looking to purchase a home in 2024, which could lead to a higher demand for properties than there are homes on the market. This is good news for sellers, who will be able to price their homes higher. Nonetheless, many buyers should be able to find something that fits their budget if they shop around.
2. Lower Interest Rates
One reason for the increased demand is that interest rates are falling. This makes purchasing a home more affordable, as more people will qualify for mortgages.
3. More Real Estate Investment
Lower interest rates will also make 2024 a great time to invest in real estate. Some buyers will be people who want to move from renting into homeownership, whereas others will be looking to purchase for the returns.
4. Greater Availability of Mortgages
Lenders in 2024 will be in a better position to offer mortgages. There will also be a greater variety in available mortgages, giving buyers more choice to find something that suits their needs.
5. New Construction Projects Are Stalling
A trend that will affect inventory in 2024 is the drop in new construction. Some projects that have already started will stall due to the higher cost of construction materials and shortage of experienced construction workers.
6. Government Policies Will Have an Impact
Tax incentives, interest rate adjustments, and incentives like the home buyers’ plan (HBP) will all contribute to bringing more people into the housing market. On the flip side, demand by some buyers will be reduced by government policies like the ban on foreign buyers purchasing property and anti-flipping taxes.
7. A Narrower Price Gap
Trends in the real estate market are never the same across the country. There are always differences in price, demand, and inventory depending on the location.
Historically, there has been higher demand for homes in neighbourhoods with appealing amenities, such as good schools, public transportation, and shopping. However, there has been a shift since the pandemic, as more people have begun to work from home. There is no longer a much greater demand for homes located downtown in large cities — homebuyers are now putting priority on having a large yard, plenty of bedrooms and bathrooms, and a sense of community. This has led to a decreasing price gap between major urban areas and the suburbs.
No matter how the market looks in 2024, it will help you to work with an expert in real estate. Beaumont homebuyers and sellers can rely on the team at Damon Bunting. Whether you want to find the perfect home or sell your house for a great price, we can help. Reach out to learn how we will give you a market advantage.