2024 Real Estate Boom - Canada House Prices to Rise

#nanaimorealestate #nanaimo #vancouverislandrealestate #vancouverisland #housingcrisis #2024predictions #mortgagerates #mortgage #immigration #canadianhousingmarket
Nanaimo real estate is in for a turbulent year in 2024, with many experts predicting an increase in home prices if the Bank of Canada reduces interest rates. Economists predict a decrease in interest rates in the first or second quarter of 2024. Other factors, such as a slowing economy and a landslide of mortgage renewals, also add pressure to decrease rates sooner rather than later.
Join Scott Lissa, the Vancouver Island relocation Guide, as she breaks down the four major factors affecting real estate in 2024 and how it will affect all Canadians.
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Nanaimo Real Estate is the best informational resource for both locals and people moving to Nanaimo and thinking about buying a home. Don't hesitate to contact us If you have questions about Nanaimo or the surrounding communities. You'll find Nanaimo neighbourhood guide videos, things to do, places to see, and hidden points of interest only known to locals. What are you waiting for? Start living the island life today!

[@Nanaimore]

🇨🇦 Canada’s housing crisis explained: kzbin.info/www/bejne/f3LEeYx6fdegmLMsi=KkAp0PnZu-AaH_5G

[@rachelk8368]

Canada has brought in a million people in the past 12 months but prices have gone down. Most people cannot afford a 400k+ mortgage. Prices are on the way down as rates go down because we are in a new cycle of rate hikes. Real estate is based on jobs- job salaries and employment rates. Nanaimo's base salary does not support the current average house price in the city and prices will probably drop another 15-20% by 2026 despite BoC cuts end of 2024. Canada is going into a recession, we already have a GDP recession, and we have policy changes that will curb speculation and airbnbs creating more supply. Patience will pay off as house prices DO NOT always go up.

[@Nanaimore]

But what about the muffin man?

[@kshould]

100% agree, price matters. Just because the population is growing doesn't mean newcomers can afford these prices. Just look at median incomes vs median home prices, or disposable income, every metric is unsustainable.

[@michaelp98]

Prices go 📉

[@Nanaimore]

Time will tell. It’s going to be a crazy year nonetheless the less. Thanks for watching and commenting 👍

[@michaelp98]

@@Nanaimore i didn't watch your dumb video 😂