The Bank of Canada’s recent announcement to hold interest rates steady, with a potential decrease later in the year, has injected a dose of positivity into the market. This decision is critical as it sets the tone for economic activities, including real estate transactions, and influences buyer and seller confidence.
Season 3 is here! We take a look back at how wrong our 2023 predictions were, dig up some dirt and then move forward with our goals and thoughts heading into 2024. We hope you dig it. 🙂
Throughout the year, we’ve noticed a pattern similar to the previous year, particularly influenced by interest rates. The mid-year interest rates had a noticeable downward push on the market, leading us to what we consider the bottom. However, in the real estate cycle, hitting the bottom usually suggests an upcoming rise, which is what we’re anticipating for 2024.
Our pals Emily Barry (The Barry Team from Revel Realty) and Jason Jacobs (Home Team Realty Group from Royal Lepage State Realty) join us for a good ol’ fashioned round table discussion of yet another entertaining year in Niagara real estate.
The current climate, marked by high borrowing costs and economic uncertainty, has led to a noticeable slowdown in house sales. Many sellers opt to delay their plans, looking towards next year as a more opportune time to sell. However, it’s important to note that the Niagara region is experiencing its highest number of listings since the fall of 2014, with approximately 2,800 properties on the market.
It is a buyers market, buyers take advantage of the next few months because this is here now and will be gone by next year. Sellers, be patient, you time is coming again, and we’ll keep you updated!
Known as the ‘SOP Offer’, they are often far more complicated than people think. The market conditions will determine how much you see them and here towards the end of 2023, we are knee-deep in SOP!
A slow moving real estate market requires a change in the mental approach of both the seller or buyer as well as the Realtors involved. Here in the molasses market of October 2023, the mental wear & tear is real. So, let’s talk about it.
Our market is still grappling with the consequences of the June and July rate hikes, driving market activity downwards. Additionally, there’s speculation about another rate increase by the end of October.
We had a little summer break so its time to get caught up on all things Niagara real estate. From prices to over ambitious sellers, mortgage rates and mental health…it’s all up for discussion on this one.
In another episode where we discover how much we don’t know, Eric Cleary, Realtor, joins us to talk about rentals, landlord tenancy, conversions, density intensification, and all things real estate. This is a great one whether you’re a landlord or thinking about getting into real estate investing.
The average sale price in Niagara reached $715,000 by April, experienced a minor dip in May, then recovered slightly in June to $712,000. As we moved into August, this number decreased to $680,000, a clear indication of how the rising interest rates have weighed on the market.
