Navigating the 2024 Luxury Real Estate Market: What You Need to Know

Interest Rates: Boosting Buyer Power In 2024. Talks circulate about a drop in interest rates starting in spring. Good news for savvy buyers! Lower rates mean more purchasing power, letting you stretch your budget. From entry-level homes to mid-size luxury, the possibilities expand. If you hesitated in 2023 due to high rates, it's time to feel confident - more qualified buyers are entering the scene.

Inter-Provincial Migration: A Shift to Alberta. The migration story continues, especially from BC and Ontario to Alberta in 2024. With interest rates dropping across Canada, Alberta, particularly Edmonton, is becoming a hotspot for those seeking affordable housing. Calgary's growth is notable, but attention is turning to Edmonton's top-tier market.

For Sellers: Anticipating Strong Sales. Sellers in the top-tier market, get ready for a good year in

2024. As interest rates decrease and more buyers enter the market, sale prices are expected to be robust. The buyer confidence lacking in 2023 is making a comeback, speeding up decision-making.

For Buyers: A Window of Opportunity. If you're eyeing mid to below Sim, reduced rates mean you can get more for your money. Expect more competition in this price range. The SIM+ market should stay balanced. Homeowners feeling confident mean better options for you in 2024.

In Summary: A Better 2024 Real Estate Landscape. Looking ahead, 2024 is set to outperform

2023. While it may not reach the peak of two years ago, buyers can expect increased competition. To make the most of this, start early and consult with real estate experts. Connect with our team for personalized advice on your 2024 move.