2024 Spring Market Expectations
Spring is almost here, and with it comes the bustling housing market! Whether you're planning to buy, sell, or simply want to ensure your mortgage is in top shape, being prepared is key.
Here's what we're anticipating for the upcoming season:
Interest Rates: Experts suggest the Bank of Canada might cut interest rates starting in June or July, aiming to reach around a BoC Rate of 3.75% by year-end, making mortgages more affordable.
Housing Prices: As interest rates decrease, we can expect an uptick in affordability and buyer activity, likely leading to an increase in home prices.
Market Inventory: With interest rates forecasted to drop, we anticipate a rise in new property listings, presenting more options for buyers.
Housing Prices: As interest rates decrease, we can expect an uptick in affordability and buyer activity, likely leading to an increase in home prices.
Market Inventory: With interest rates forecasted to drop, we anticipate a rise in new property listings, presenting more options for buyers.
For Buyers:
- Prepare your finances by minimizing debt to improve your eligibility for favorable mortgage rates.
- Obtain a mortgage pre-approval to understand your budget and enhance your offer's appeal.
- Define your home preferences to streamline your search in a competitive market.
- Explore first-time homebuyer assistance programs for valuable support.
- Partner with a trusted real estate agent to guide you through pricing and listing strategies.
- Schedule open houses to maximize buyer interest.
- Stay tuned for decluttering and home-preparation tips!
- Review your mortgage renewal options to potentially secure a better rate or consolidate debt.
- Utilize your home equity for renovations or other investments.
- Consider switching mortgage products for better terms tailored to your needs.
No matter your goals this season, I'm here to provide expert mortgage advice! Reach out for personalized assistance and make the most of the spring market.
Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415
DLC Maple Mortgage Group, Lic #13415
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