With Calgary’s ever-changing Real Estate Market, many people have been asking us lately, “Should I buy a house now or wait until the latter half of 2024/2025?” We get it. The current economic climate has resulted in a higher cost of living, something we’re all experiencing. However, given that, our simple answer to the burning question is, “Don’t wait.” Strategic buyers are wanting to hold off on purchasing a home until prices and rates decrease, but the reality is that waiting provides no guarantee. For one, with such low supply in housing options across all markets, even if prices did decrease, there’d be more buyers fighting for fewer homes. Additionally, a major consideration is experts are predicting home prices to increase due to relatively tight market conditions persisting into 2024, which will significantly affect your purchasing power moving forward.
Mortgage Rates
When it comes to mortgage rates, the Bank of Canada announced their last update on January 24, where they decided to keep their overnight rate steady to help reduce inflation. You can see on the Bank of Canada website that the rates have stayed steady since July. According to a number of recent forecasts, Calgary home prices are projected to see the most significant increases across all markets in the latter half of 2024, and rates are believed to stay relatively steady from here on out. The next update is set to come out on March 6. If you’re looking at buying a home, keep in mind an approximate 5% rate when home shopping.
The Spring Market
As explained previously, moving into the spring Calgary Real Estate Market, we will continue to see low inventory and heightened demand, intensifying the competition. We are already seeing the market become increasingly competitive for single-family detached homes, townhomes, condos and more. Ultimately, delaying your homebuying decision could result in missed opportunity and a heightened sense of competition, haste and anxiety.
What Now?
Our advice? Waiting longer is not only not a guarantee, but it may make it more difficult to buy a home in the summer. 🤞🏼If you find your dream home now, get on it. Need help? Not sure where to start? We’re here for you. Drop us a note at office@lesliemethot.ca.