Home Prices On The Rise In 2024

Posted Feb 6th 2024 in

Following several years of unprecedented ups and downs, Canada’s housing market is set to return to more normal levels of activity and price trends in 2024. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to an increase in demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices.

According to the Royal LePage 2024 Market Survey Forecast, the aggregate price of a home in Canada is set to increase 5.5% year over year to $843,684 in the fourth quarter of 2024. In Durham, the market statistics released today show that home prices on average have already increased by 3.9% between December 2023 to January 2024. The market is off to a strong start!

The Baird Team has noticed a resurgence in multiple offers, with our most recent listing at 17 Hearthstone Crescent in Courtice receiving 60 viewings, 11 offers, and sold with a firm offer $130k over the asking price.

If you or someone you know is looking to buy, it may be best to do so now before the market picks up further this spring. If you are in the market to sell, give The Baird Real Estate Team a call to start preparing your home now, so when the time is right you will be ready! If you have any questions or would like to discuss your specific real estate needs further, please don’t hesitate to reach out. We’re here to help you navigate the ever-evolving Durham real estate market with confidence – wether you live in Courtice, Bowmanville, Newcastle, Oshawa, Whitby, Ajax, Pickering, Uxbridge or Port Perry!

-The Baird Team, Royal LePage Frank, Brokerage