As the real estate market is expected to regain strength in 2024, the president of Proprio Direct explains the various phenomena that buyers and sellers should pay attention to.
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· Lower interest rates?
According to Philippe Lecoq, the year in the real estate market will be divided into two phases.
“At the moment there is still a wait-and-see attitude among buyers as interest rate cuts are expected, which some experts believe will happen either in the spring or summer. “We should see a recovery in the market in the second half of the year,” he emphasized in an interview on LCN.
Real estate agents are preparing to work in a “more active” market, he says.
· Mortgage extension
For many homeowners who have chosen a variable interest rate in recent years, the time to renew their mortgage rates is approaching.
According to Mr Lecoq, despite possible interest rate cuts, owners risk unpleasant surprises.
“The rate at which people will renew their contracts will not be the same as it was a few years ago,” he warns.
“We also anticipate some marketing at this time.”
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· A favorable market for sellers
This is particularly the case in large cities such as Montreal and Quebec, explains Philippe Lecoq.
“It's a cyclical market. We experienced years, particularly during the pandemic, where there was a very active market and sellers were heavily favored. “It remains a market in favor of the sellers,” he proclaims.
In order to reverse the trend, a return to balance is necessary, said the entrepreneur.
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· Price stabilization
The return of former Montrealers to the metropolis, for example, contributes to this phenomenon, emphasizes the president of Proprio Direct.
“After all the times when there has been a lot of telecommuting, there is still a feeling among employees or employers that it is more efficient to be in the office […] Maybe there will be a slight increase, but overall we are talking about a stabilization of prices.”
· Co-ownership is becoming increasingly popular
Although single-family homes near large centers remain popular, there is interest in shared ownership.
*Watch the interview in the video above*