After the holiday season, some people prepare to put their properties up for sale as winter is “the big real estate season.” Others suggest that the mortgage extension assumes a fixed interest rate of 2% to 6%, resulting in a “big difference in the budget”. So can we expect to see an increase in homes for sale on the market?
Real estate agent Mélanie Bergeron explains her vision of the real estate market in an interview with Québec Matin. “Due to the high base interest rate and real estate prices, there are far fewer buyers. Will this lead to more supply or more demand when the base rate falls in 2024? All of this will certainly impact the market,” she says.
Can we expect property prices to fall in 2024?
“At the moment we have seen stability. The price of some properties has decreased depending on the condition of the home. In general we did well in Quebec. In Canada the differences are more noticeable, the markets are different,” notes Ms. Bergeron.
The real estate agent has certain exceptions. In fact, prices for certain properties could fall if there are fewer inquiries or buyers. Additionally, homeowners' terms and conditions could impact prices.
In general, prices are relatively stable. “If people are patient and the selling time is longer, they manage to sell at a reasonably stable price,” adds Ms. Bergeron.
Do you live in Montreal or the region?
During the pandemic, many people moved away from big cities to live in the regions.
Now that telecommuting is no longer full-time, “people are realizing that traveling takes longer,” says Mélanie Bergeron. Therefore, buyers look for houses near their workplace or in major cities.
However, if property prices remain stable, “I wouldn’t be surprised to see some movement across regions,” she notes.
In 2024, the real estate agent reveals: “Buyers will have significantly more power than they did two years ago, but we have not yet achieved a decline.” Prices should be maintained,” she concludes.
***Watch the full interview above***