{"id":67441,"date":"2024-10-01T21:00:44","date_gmt":"2024-10-01T21:00:44","guid":{"rendered":"https:\/\/condoy.com\/?p=67441"},"modified":"2024-10-01T21:02:06","modified_gmt":"2024-10-01T21:02:06","slug":"fall-could-be-the-best-real-estate-market-in-years-report","status":"publish","type":"post","link":"https:\/\/condoy.com\/fall-could-be-the-best-real-estate-market-in-years-report\/","title":{"rendered":"Fall could be the best real estate market in years: Report"},"content":{"rendered":"\n

Fall is one of the most popular seasons for buying and selling real estate, wrote Zoocasa in a new report. (CityNews\/files)
Following a global pandemic, fluctuating inflation and shifting interest rates over the past several years, a Zoocasa report says fall 2024 could be the best real estate market Canadians have seen in years.<\/p>\n\n\n\n

Using recent data from the Canadian Real Estate Association, the real estate brokerage highlights in it\u2019s new report why this could be the case, including interest rate drops and stabilizing prices.<\/p>\n\n\n\n

According to Zoocasa, Ottawa\u2019s housing market saw minimal price fluctuation over the past several years.<\/p>\n\n\n\n

While average housing prices rose in the nation\u2019s capital from $642,314 in September 2021 to a peak of $658,931 in September 2023, prices settled at $647,604 in August 2024.<\/p>\n\n\n\n

Price stability gives buyers more predictability and less concern about sudden price fluctuations, allowing buyers to better plan their budgets, the report notes.<\/p>\n\n\n\n

Additionally, the Bank of Canada\u2018s recent reduction in prime rate means that fall could be the most advantageous time to purchase a property, compared with recent years.<\/p>\n\n\n\n

Following a steep climb from 2.70 per cent to 7.20 per cent between March 2022 and July 2023, the recent decline of the prime lending rate to 6.45 per cent in September could provide significant benefits to home buyers, added the real estate brokerage.<\/p>\n\n\n\n

This includes more manageable mortgage payments, qualifying for larger loans or easing financial strain.<\/p>\n\n\n\n

Ottawa has landed within the top ten \u201chottest buyers\u2019 and sellers\u2019 markets in Canada in fall 2024,\u201d with its sales-to-new listings ratio (SNLR) reflecting a balanced market.<\/p>\n\n\n

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While the sales-to-new-listings ratios (SNLR) indicates the level of demand and supply in each market, this can tell buyers and sellers about local market conditions.<\/p>\n\n\n\n

Canadians have already seen three rate cuts this year, the trend of rate reductions is renewing people\u2019s confidence and now is an opportune time for first-time homebuyers to enter the market, wrote Zoocasa.<\/p>\n\n\n\n

\u201cAs borrowing costs trend lower over the next year-and-a-half, home buyers will initially benefit from both lower monthly mortgage payments and lower home prices,\u201d Jason Mercer, Toronto Regional Real Estate Board (TRREB) Chief Market Analyst, said. \u201cEven as demand picks up, especially in 2025, it will take time for the inventory of listings to be absorbed. Ample choice in the market will help keep price growth moderate, at least in the initial phases of recovery,\u201d he added.<\/p>\n\n\n\n

Based on data, only Greater Toronto and the Niagara Region are buyer\u2019s markets, as SNLR landed below 40 per cent.<\/p>\n\n\n\n

While Greater Toronto also reached the highest year-to-date new listings in Canada from January to August 2024, Ottawa placed seventh \u2014 with 20,382 new listings.<\/p>\n\n\n\n

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Increased levels of home construction in these markets may be a contributing factor to the gains in new listings, the report mentioned.<\/p>\n\n\n\n

Trending across Canada<\/h2>\n\n\n\n


Data from the Canadian Real Estate Association (CREA) has reflected the latest trends housing markets across the country, said the report by Zoocasa.<\/p>\n\n\n\n

The report also noted that the average home price in Vancouver dropped from $1,304,550 in September 2023 to $1,253,823 in August 2024.<\/p>\n\n\n\n

\u201cWith the lower prices and interest rates, it could be the perfect moment to secure a home in one of Canada\u2019s most sought-after cities (Vancouver),\u201d wrote Zoocasa.<\/p>\n\n\n\n

Additionally, the real estate brokerage described this fall as the opportune time to enter Calgary\u2019s real estate market.<\/p>\n\n\n\n

While Calgary housing prices haven consistently risen \u2014 reaching $622,261 in August 2024, up from $555,694 in September 2023 and $508,011 in September 2022 \u2014 home prices have shown steady growth since 2020.<\/p>\n\n\n\n

Year-to-date new listings in Calgary in 2024 have reached 34,399, a significant increase compared to 16,109 listings in September 2020, with data showing significant growth over recent years.<\/p>\n\n\n\n

\u201cFall 2024 is shaping to be unique in its own right. Whether you\u2019re looking to buy or sell, this season presents new opportunities in a market that\u2019s evolving once again,\u201d said Zoocasa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fall is one of the most popular seasons for buying and selling real estate, wrote Zoocasa in a new report. (CityNews\/files)Following a global pandemic, fluctuating inflation and shifting interest rates over the past several years, a Zoocasa report says fall 2024 could be the best real estate market Canadians have seen in years. Using recent […]<\/p>\n","protected":false},"author":2,"featured_media":67442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1319,1355,1357,1360,1356,1316,1390],"class_list":["post-67441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-torontos-condo-market","tag-cityliving","tag-homeprices","tag-housingmarket","tag-investmentproperty","tag-realestatenews","tag-realestatetrends","tag-fall"],"acf":[],"_links":{"self":[{"href":"https:\/\/condoy.com\/api\/wp\/v2\/posts\/67441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/condoy.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/condoy.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/condoy.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/condoy.com\/api\/wp\/v2\/comments?post=67441"}],"version-history":[{"count":2,"href":"https:\/\/condoy.com\/api\/wp\/v2\/posts\/67441\/revisions"}],"predecessor-version":[{"id":67447,"href":"https:\/\/condoy.com\/api\/wp\/v2\/posts\/67441\/revisions\/67447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/condoy.com\/api\/wp\/v2\/media\/67442"}],"wp:attachment":[{"href":"https:\/\/condoy.com\/api\/wp\/v2\/media?parent=67441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/condoy.com\/api\/wp\/v2\/categories?post=67441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/condoy.com\/api\/wp\/v2\/tags?post=67441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}