2024 is shaping up to be an exciting year for real estate. Here are some of the important dates every real estate investor should put into their calendar:

Wednesday January 24th – Bank of Canada Rate Announcement

Wednesday March 6th – Bank of Canada Rate Announcement

Wednesday April 10 - Bank of Canada Rate Announcement

Wednesday June 5 - Bank of Canada Rate Announcement

Wednesday July 24 - Bank of Canada Rate Announcement

Wednesday September 4 - Bank of Canada Rate Announcement

Wednesday October 23 - Bank of Canada Rate Announcement

Wednesday December 11 - Bank of Canada Rate Announcement

It’s important to remember that these are the dates that the Bank of Canada will announce their overnight rate, which effects your lenders’ prime rate. This impacts the variable rate you pay on:

-mortgages

-credit cards

-HELOCs

-lines of credit

Fixed rates are based on the bond market, and can change daily.

As always, feel free to contact me directly if you have any further rate or mortgage questions.
-Mike Schroeder, One Link

The total number of active listings in December was 2,959 which is up 12% over last year and up 11% over the 5-year average.

The total number of sales in December was 635 which is up 8% over last year and down 16% over the 5-year average.

Detached home sales in December were 410 which is up 4% over last year and down 16% over the 5-year average. The average home price this month was $405,702 which is up 8.3% from last month when the average price was $374,394.

Condominium sales in December were 103 which is up 24% over last year and down 9% over the 5-year average. The average condo price this month was $269,141 which is up 9% over last month when the average sales price was $245,946.

Absorption Rate:

Sellers Market = 0 - 3.5 months of inventory

Balanced Market = 3.5 - 4.5 months of inventory

Buyers Market = 4.5+ months of inventory

The absorption rate in December was 4.66. Not moving very much from last month and keeping us in a balanced market. Although the absorption rate stayed steady, home prices took quite a leap going into what is supposed to be one of the slowest months of the year. We can expect that January will be busy as well as buyers look to beat the springtime rush!

--Provided Nigel Nolin & Chaymaine Roberts

Nolin Group | Real Broker