Bleak.
That’s the word that comes to mind when we think of last year’s market predictions for 2024.
Luckily, those forecasts missed the mark—at least from where we stand today. Optimism is on the rise.
Here’s our take on where the market is headed:
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Within the first months of the new year, the Canadian housing market has already recorded solid price appreciation and higher sales activity. Starting in July of 2023, the Bank of Canada has held rates steady through six review periods. This has prompted many homebuyers to come off of the sidelines in advance of what they expect will be a more competitive spring market that will drive home prices higher.
In addition to national market trends, we’re advising clients to focus on local conditions for an even clearer picture. Here’s what we’re closely monitoring and sharing with them this month locally:
SOUTH OKANAGAN APRIL 2024 STATS
SINGLE FAMILY
Sales: 66
Benchmark Price: $758,000
Days to Sell: 51
Inventory: 612
TOWNHOUSE
Sales: 23
Benchmark Price: $509,100
Days to Sell: 60
Inventory: 154
CONDO/APARTMENT
Sales: 30
Benchmark Price: $441,800
Days to Sell: 153
Inventory: 243
Have questions about the local market? We’re all ears! DM us and let’s chat.
“Bringing You Home to the Good Life”
Morrison Bifford Real Estate Group
Royal LePage Locations West Realty
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