Your 2024 year in review!

It’s hard to believe, but the end of another year is here! That means it’s time for our 2024 year in review. It was a busy year for Canadians in real estate, so let’s dive right into the main points. Here’s what we saw in terms of interest rates and market activity, and how you can get yourself ready for 2025.

Interest rates came back down

It was quite the busy year for the Bank of Canada! We entered 2024 with an overnight lending rate of five per cent, the highest many people have ever experienced. As you likely remember, this was in an effort to curb record-high inflation and slow down consumer spending to maintain economic stability. This resulted in big hikes to mortgage rates, with many home owners feeling the financial strain. However, we are leaving 2024 with an overnight rate of 3.25 per cent, which is a significant drop and a big relief for all. With inflation under better control, we are in a good position to enter 2025 on a high note.

Purchasing a home in Halifax in 2024

Halifax maintained a steady stream of real estate activity this year. The average house price in the region is sitting at around $578,675, which is an 8.9 per cent increase from last year, according to WOWA.ca. Throughout the month of October, 502 units sold, an 18 per cent rise from October 2023. While detached homes were the most popular, townhomes and apartments also saw a good share of sales as demand for Halifax housing continues to grow. Even during periods of higher interest rates, real estate activity in the region remained consistent. 

Start preparing for 2025

Are you hoping to buy or sell a home in 2025? If so, now is the time to start preparing! It’s always best to work ahead so you can hit the ground running once we officially turn the page over to the new year. Buyers will be relieved to know they will be working with lower interest rates than they would have one year ago. However, this also increases the likelihood of more competition in the market! It’s important to start learning how to budget for a home so you know what you’re looking for and what you can afford. If you are planning to sell, your home will likely attract the most attention during the spring and summer, which are the busiest months for real estate. Of course, this means there will also be lots of other sellers in the market! If you are ready to list your home now, you will not have as many competing properties up for sale, but you may have a trickier time finding the right buyer. Be sure to discuss your options with your real estate agent! You can also check out this blog for some more information.

As always, a big thanks to you!

Of course, we have to finish off by giving our biggest thanks to you. Our supportive partners and trusting clients are the reason we can do what we love in this amazing city, and we are so grateful for every chance to work with you. We’re so excited at the opportunity to continue our work together in the new year and be your source for all things mortgage-related!

From all of us at the Clinton Wilkins Mortgage Team, we hope you enjoy the holiday season and these last days of 2024. We can’t wait to see you in the new year!

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.