Best Time to Buy A House in Canada in 2024

You must be wondering whether 2024 could be a time to acquire a property in the Canadian housing market.

You're not alone. According to Wahi's recent 2024 Homebuyer Intentions Survey, almost a quarter (24%) of Canadians aged between eighteen and thirty-four are likely or might buy homes by 2024. Additionally, twenty-two percent of those between the ages of thirty-five and fifty-four are considering it this year.

Consider these factors when making one of life's major purchasing decisions.

Is 2024 a Good Time to Buy a House?

Currently, borrowing costs are high, but housing prices have reduced from all-time highs experienced during the pandemic. Additionally, prices will inevitably remain relatively low for most of the first half of this year, thus attracting buyers. Nonetheless, affordability continues to be a significant concern nationwide, particularly in Ontario and B, C, where RBC's Hogue points out that "crushing home ownership costs have significantly depressed home resales." So, should you buy a house now?

Maybe yes, maybe no.

Considering long-term trends suggest that housing values will continue rising, first-time buyers can feel an added urgency before it becomes "too late." Let's examine two scenarios to see how interest rates and purchase prices affect your monthly budget. In both cases, I'm assuming a minimum down payment.

Understanding Mortgage Dynamics

But what if the price goes up? With a 4.75% annual interest rate, your monthly mortgage payment is going to be huge. Moreover, you might need more money to afford this higher monthly bill. However, trying to time the housing or stock markets is impossible, and these forecasts are not written in stone. It would be best to start by putting your financial house in order when considering a house.

Insights from Real Estate Expert Jeevikka Shah

This is a significant financial decision. The earlier you buy a house, the earlier the possibility of building equity. However, owning comes with many financial responsibilities that can drain savings if not appropriately handled.

When buying a house, consider the mid-2024 period, especially if you want to wait for lower mortgage charges and live in a market with less sensitivity to price swings. Therefore, it is crucial that before buying your home, a real estate expert like Jeevikka Shah, who knows both the process of buying houses and the real estate market, gets involved to make an informed decision based on your financial status and your satisfaction.