Happy New Year everyone!
For those of you who are eager to get a move on your 2024 real estate goals in the Kootenays, we’re here to help. Whether you have plans to buy or sell, it’s always important to do research before starting the process. This will ensure that you make informed decisions! To help you get started on this year’s real estate resolutions, we will be going over a market outlook for Kootenay cities, as well as, some national and provincial trends to keep an eye on.
Follow along below to learn more about what you can expect from real estate in the Kootenays in 2024!
Real Estate Trends to Watch in 2024
2024 is going to be a year of change for many British Columbians. With new legislation being unrolled this spring for short-term rentals (STRs) and property values continuing to rise, the market dynamics are expected to shift. Come May 1, residents of B.C. who own an STR will need to conform to a new set of rules and regulations. This new legislation is purported by the government to help mend the housing crisis in the province. With so many STRs, it’s hard for residents to find long-term housing options. Experts are hopeful that this plan will ensure a better balance between short and long-term rental opportunities.
Nationally, Canadians have experienced two years of rate hikes from the Bank of Canada (BOC). However, 2024 is rumoured to mark the end of the housing market correction. The central bank’s policy rate is predicted to remain stable for the first half of 2024. After which, experts assume the bank will start to make modest cuts. This is projected to occur in later summer or early fall. With rumours of cuts in interest rates circulating, several lenders have already started offering discounted fixed-rate mortgages. Thus, presenting a chance for sidelined buyers to potentially re-enter the market.
BC Assessment released its findings for 2023 at the start of January. In the Kootenays, property values increased conservatively. The largest change in value was in Canal Flats where the average home value jumped 13% from $285,000 to $322,000. Other towns like Castlegar saw a 1% decrease in value, while towns like Grand Forks saw a 1% increase in value. Despite the small fluctuations in property values in 2023, homeowners can expect to see home values rise again in 2024. Real estate experts predict a 4.7% increase in the worth of Canadian properties.
How to Navigate Real Estate in the Kootenays in 2024?
As a Buyer:
- In 2024, buyers may find a great number of opportunities to enter the market. Over the past few years, most major Canadian real estate markets have favoured sellers. However, this year it is expected that many cities will shift in support of buyers. This could result in more affordable price points. If you are a buyer who’s looking to purchase real estate in the Kootenays, talk with an agent to discover what possibilities await in the New Year.
If you’re a Seller:
- As for sellers, 2024 may not be the best time to list your home for sale. However, it is always important to check local market dynamics, as they may differ from national trends. In general, experts are warning sellers that listings will likely experience higher days to sell. Sellers should also be prepared to compromise with buyers if needed.
As a Mortgage Holder:
- Anyone with a mortgage in the New Year should be wary that although rates are predicted to drop, they will not return to pandemic lows. Talk with your broker if your mortgage renews in 2024 to see what your options are. For many Canadians, the New Year will mark the start of higher mortgage payments.
As a Homeowner:
- For homeowners, be aware that 2024 home insurance rates will be going up. You should also double-check what your home insurance covers to make sure that you are protected against natural disasters. This is especially important for British Columbians in wildfire or flood-prone areas. If you are a homeowner looking to make renovations, this year could be a great time to start. The cost of materials and labour is finally starting to stabilize after the pandemic highs.
Contact us Today!
Are you gearing up to buy or sell real estate in 2024? If yes, get on track with your goals by receiving the help of one of our local real estate experts in the Kootenays! For more information about real estate in the Kootenays in 2024, contact us today. Be sure to check out our social media for the latest updates and more. Also, don’t forget to visit our blog next month for more real estate-related information. We look forward to working with you in 2024!