The significant increase in interest rates has made buying or selling a property particularly difficult. However, one real estate agent suggests that 2024 could finally be the right time to sell or buy a home.
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“When prices are displayed today, bidding wars are more likely to occur,” explains Mélanie Bergeron, real estate agent. “Real estate sells well, the nuance is that it takes longer.”
Ms. Bergeron explains that buyers are particularly interested when a property comes on the market for less than $500,000.
“We feel that buyers are returning, there seems to be some optimism,” she explains. “I expect it will take less time to find a buyer this winter as people prepare for the coming spring and summer.”
Buying your first home is always difficult
First-time buyers have sometimes had no choice but to postpone purchasing a property.
According to the Professional Association of Quebec Real Estate Agents (APCIQ), residential property sales totaled 75,853 in 2023, a decrease of 13% compared to 2022.
“You have time to shop and get information. It’s less stressful than two years ago when we had to line up in 15 minutes to view properties and make an offer to buy the same day,” Ms. Bergeron said. “Buyers now have time to plan their purchase.”
She also explains that buyers continue to be complicated by the prices they have to pay to access a property.
“Have realistic expectations,” says the real estate agent. “Get support, create a budget and stick to it.”