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Could 2024 Mark a Turning Point for Would-Be Homebuyers?

General Angela Calla 18 Jan

The Canadian real estate landscape is poised to favour prospective home buyers in 2024 as urban areas nationwide steadily veer towards becoming buyer’s markets, according to polling by online marketplace Zolo.

This will be further impelled by potential cuts in mortgage rates throughout the year, although not to the historically low levels seen during the pandemic.

Real estate investor and podcast host Daniel Foch said that there will be a clear silver lining for buyers despite the elevated-rate environment.

“2024 will likely prove to be one of the best times in the last five years to purchase a property in Canada,” Foch told Zolo. “If buyers can afford today’s rates, they’ll be in a good financial position at renewal when those rates eventually drop.”

Veteran broker and author Angela Calla told Zolo that the likelihood of mid-year rate cuts rises if inflation aligns with the central bank’s 2% target rate.

Given this context, Calla suggested homeowners should explore various rate options rather than hastily accepting the initial renewal offer from their lenders.

On the seller side, Zolo president and COO Mustafa Abbasi is anticipating a buyer’s market until spring, with a possibility of market balance depending on a subsequent decline in interest rates.

Abbasi said that in this environment, sellers should take the opportunity to maintain their properties in optimal condition and strategically price them slightly below prevailing market value.

(article courtesy of CMP)

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.

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