Mia's Market Sense | Dec 2023 | Mia Macdonald | Real Estate

Mia's Market Sense | December 2023

Dec 11, 2023 | Ho Ho Hold! In December, the Bank of Canada once again held its key rate at 5%. Higher borrowing costs and uncertain economic conditions weighed on home sales in November 2023. GTA sales were down year over year, but new listings were up considerably from 2022’s low supply. With more choices for buyers, prices remained flat year-over-year.

However, there does appear to be relief on the horizon. An increasing number of experts anticipate rate cuts in the first half of 2024, helping alleviate affordability for existing homeowners, especially those with variable rate mortgages or upcoming renewals.

When mortgage rates do come down, expect home prices to rise. We may be nearing the end of these lower prices, so for certain buyers this is a good time to find a ‘deal.’ If you’re planning to sell, now more than ever it is important to market and price your home right. Please reach out to discuss how we can help you get your home market-ready.

Mia's Market Sense | December 2023

Dec 11, 2023 | Ho Ho Hold! In December, the Bank of Canada once again held its key rate at 5%. Higher borrowing costs and uncertain economic conditions weighed on home sales in November 2023. GTA sales were down year over year, but new listings were up considerably from 2022’s low supply. With more choices for buyers, prices remained flat year-over-year.

However, there does appear to be relief on the horizon. An increasing number of experts anticipate rate cuts in the first half of 2024, helping alleviate affordability for existing homeowners, especially those with variable rate mortgages or upcoming renewals.

When mortgage rates do come down, expect home prices to rise. We may be nearing the end of these lower prices, so for certain buyers this is a good time to find a ‘deal.’ If you’re planning to sell, now more than ever it is important to market and price your home right. Please reach out to discuss how we can help you get your home market-ready.

Real Estate Calculators