We are all wondering what will happen with the housing market in 2024. And one of the things that I love about being affiliated with Max is the access we have to experts today. We attended a webinar with Dr. Sherry Cooper from Dominion Lending Centers. She talked about what she sees coming in the coming year, and the good news is that even though inflation is over target, the Bank of Canada will likely hold interest rates in January. An announcement is coming up on the 24th, so market in your calendars, and we’ll see if that comes to pass. She also talked about prices, and she believes that home prices are going to continue to increase, and the reason for that is building costs are higher. 51% increase in the last couple of years, so our new building lags behind demand.
Adding to that, we’ve had a population explosion with immigration, temporary foreign workers coming in to address labour shortages and international students being encouraged to come to offset university costs. We’ve got 2 million new people in this country by the end of the year. The last time we had an increase that high was in 1949 when New Finland joined the Confederation, and the population increased by 600,000. So with that, rents are rising. More people are looking to enter the housing market, so there will be more competition.
This is excellent news for sellers because your home will be worth more. For buyers. It means that we have to get together with you and your lender and develop a strategy to get you into the home you can afford right now and think long-term. How do you level up to get to the dream home? But first, let’s get a roof over your head that’s building wealth and equity.
If you have any questions, I’ve got so much to say about this, contact us.
Watch the market update here