Every market in February that we track moved into a Seller’s market except for Hamilton which is a balanced market. Both home sales and new listings were up in Feb 2024 when compared with 2023. Selling prices also moved up in almost all housing types slightly. Buyers are getting increasingly more comfortable buying homes in our current market.

On the mortgage rate front, we’ve seen a new recent low for mortgage rates with a 5-year fixed rates mortgage sitting at 4.89% for most buyers and as low as 4.59% for CMHC insured mortgages.

I’ve been saying for months that we are poised for the market to come back to life in 2024 and we’re starting to see signs of that happening. Buyers are coming back into the market. Many who were not able to move forward when rates were higher are now able to qualify. Many who were sitting on the sidelines waiting for rates to start decreasing are seeing that we are nearing the end of the high Bank of Canada rates and are ready to move.

There are still great opportunities in the market for those who are ready to make a move. I firmly believe that we have a few more months of relatively balanced market conditions where a well-qualified Buyer can get a great home at a great price. If you’re thinking of making a move and want to have a chat about how you can take advantage of the current market, reach out. Every client has a unique set of circumstances and I love helping people make plans that win.

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