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We’re still in the early days of the Bank of Canada’s rate-cutting cycle and we’re seeing an increase in buyer activity. Mortgage rates in the low 4% range have increased affordability for many homeowners. The larger impact in my opinion, is that it’s common knowledge that rates will continue to decrease over the next 12 months. With this information, buyers can take a variable-rate mortgage now, ride the rates down and then lock in a fixed rate somewhere south of 4% in the near future. This scenario is exactly what people have been holding out for the last two years.

When is this all going to come together? The spring market. I expect the spring market to bring with it many more buyers with those lower rates. I’m also expecting many sellers to come to market as well in the later half of spring so getting out early is going to be the key for success on both sides.

We should also keep an eye out for government changes that can impact the market. The current Federal government have announced some important changes this year that will positively impact our housing market. With an election coming at some point in 2025, I’m sure we’ll see some more before we get through next spring.

Do you have questions about how this will impact you specifically? Reach out and I’d be happy to have a one-on-one chat to go over your specific details and give you some great advice.