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In the first nine months of 2023, the country experienced its highest population growth since 1867, with over a million people added. Statistics Canada reported an increase of 430,635 individuals from July to October, marking a 1.1% boost, the highest quarterly growth rate since Q2 1957. This overall growth surpasses any other full-year period since 1867. Immigrants come with money and no house. One of the first things they do when they land is look for a home to buy or rent. Demand for housing will continue because of this, and prices will continue to rise.
Regarding interest rates, the Bank of Canada is anticipated to lower rates in 2024, possibly extending into 2025 to alleviate the impact of mortgage renewals. The recent decline in fixed mortgage rates, linked to softened bond yields, may entice buyers, especially investors aiming to capitalize on price trough timing during the spring market.
However, a substantial resurgence in buyer activity may be contingent upon meaningful improvements in borrowing costs, specifically through multiple interest rate cuts. As a result, the housing market is expected to experience a "lift up" in the second half of the year. Once this happens though, the competition will return in the market.
It is very difficult to sell and buy in a Seller’s Market. Once you have sold high, you will have to purchase again, competing with other buyers, and the prices will increase further. It is much easier to sell in a balance or buyer's market and, in turn, buy again.
You can always schedule a time to chat with me further about this. I look forward to hearing from you!
Warm Regards,Amanda
Immigration
In the first nine months of 2023, the country experienced its highest population growth since 1867, with over a million people added. Statistics Canada reported an increase of 430,635 individuals from July to October, marking a 1.1% boost, the highest quarterly growth rate since Q2 1957. This overall growth surpasses any other full-year period since 1867. Immigrants come with money and no house. One of the first things they do when they land is look for a home to buy or rent. Demand for housing will continue because of this, and prices will continue to rise.
Interest Rates
Regarding interest rates, the Bank of Canada is anticipated to lower rates in 2024, possibly extending into 2025 to alleviate the impact of mortgage renewals. The recent decline in fixed mortgage rates, linked to softened bond yields, may entice buyers, especially investors aiming to capitalize on price trough timing during the spring market.
However, a substantial resurgence in buyer activity may be contingent upon meaningful improvements in borrowing costs, specifically through multiple interest rate cuts. As a result, the housing market is expected to experience a "lift up" in the second half of the year. Once this happens though, the competition will return in the market.
Trying to time the market?
It is very difficult to sell and buy in a Seller’s Market. Once you have sold high, you will have to purchase again, competing with other buyers, and the prices will increase further. It is much easier to sell in a balance or buyer's market and, in turn, buy again.
You can always schedule a time to chat with me further about this. I look forward to hearing from you!
Warm Regards,Amanda