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Buying A Home in 2024
Generally speaking, sad to say, the outlook for buyers and sellers alike will be difficult.
Buying a home in 2024 will likely still be a challenge especially for those who are trying to enter the market. Inflation driving up home prices makes it difficult to meet the downpayment requirements, and compounded with the interest rates making housing affordability a real challenge.
Having said that, every regional market is slightly different and there may be areas in which buying a home in 2024 will be closer to achievable.
Research is likely one of the keys to finding that diamond in the rough, and is most likely why you are here!
What you will find on this page
The following is an overview of various articles and resources which might form a starting point for researching buying a home in 2024. Buying a home is a big decision, and it's important to understand the current state of the real estate market before making any moves.
While every region and neighbourhoods can have greatly varying differences, having a national outlook on the bigger picture is a good place to start. It can give home buyers a starting point to compare with their own locale, and will give you questions to ask the various services providers when looking at home buying in 2024. Will it be a buyers' market or sellers market? Will home prices rise or fall? All questions people looking at buying a home would like to know - do we buy now or later?
There is no single magic indicator or predictor, however, in an attempt to scratch the surface of those questions we'll be exploring the key references for the US and Canadian real estate market forecasts for 2024. Hopefully it will give you a better idea of what to watch for, and what trends to consider in your local markets.
Buying a Home In 2024 Update Content Quick Links
Click on the US or Canadian market to jump to the market update where you live.
US Real Estate Market Updates
1. Nation Association of Realtors (NAR):
The NAR is a self governing trade association representing professionals in the Real Estate industry, including sales people (both commercial and residential), property managers, appraisers and other related services. They specifically have copywrite on the use of term "REALTOR".
The NAR develops the standard templates for the industry and provides as good a platform as any for buyers and sellers. They release several types of reports through-out the year.
Here is the link to their NAR Pending Home Sales news articles.
Here is a link to the NAR Housing Research and Statistics web-page.
2. Zillow Group:
Zillow Group (Zillow) was one of the first companies to successfully take the real estate market in the United States to the internet. They developed a user friendly platform which allowed users to search and acquire publicly available information while sitting behind their computer. They also provide many of the services connected with renting, buying and selling real estate, but there is no obligation to use them or sign up in order to access their information.
When we were buying property it was the site we usually started our search with when looking for homes to buy, sell or rent.
Here is the link to the Zillow Research web-page
3. Redfin:
Refin is another resource for searching for a home whether you are buying, selling or renting. They have a housing market update and news page.
Here is the link to the Redfin Housing Market News Report
4. Freddie Mac:
Freddie Mac and Fannie Mae now fall under the Conservatorship (legal guardian) of the Federal Housing Finance Agency. Freddie Mac buys mortgages from private lenders and sells them to investors. The Conservatorship was put in place after the 2008 housing market crash.
Freddie Mac has its' own research arm and they produce regular reports on various aspects of the housing market.
Here is the link to the Freddie Mac Economic and Housing Research web-page.
US Market Summary:
- House prices are still very high compared to 3 years ago. Inflation and cost of living is still increasing making even reasonable financing a difficult stretch for some income levels. Increased interest rates over the last year has cooled the over-all market.
- Interest rates are projected to hold or decline slightly, which may be a relief to some buyers. However, the over-all economy and housing prices may eclipse the impact of any dropping interest rates.
- If you have the capital for an adequate down payment and are able to handle the costs of borrowing, home buying in 2024 may present opportunities in the US market for the patient type of buyer. However for most, it will likely be more of a struggle to find the right house, and at price that will make financing possible.
Canadian Real Estate Market Updates
1. Canadian Real Estate Association (CREA):
The CREA is a self-governing trade association representing sales professionals in the Canadian Real Estate industry. They specifically have copywrite on the use of term "REALTOR" (similar to, or perhaps because of, the NAR in the United States).
The CREA develops the standard templates for the industry in Canada and provides as good a platform as any for buyers and sellers. They release several types of reports through-out the year.
Here is a link to the CREA Housing Market Analysis - Quarterly Forecast.
Here is a link to the CREA Housing Market Analysis web-page.
2. Canada Mortgage and Housing Corporation (CMHC):
CMHC is a Crown Corporation (a separate entity but still owned by the Government of Canada) which provides mortgage insurance to Canadian home owners. In addition they also provide guides and tools on renting and buying homes. They had normally produced a Market Outlook, although have now stopped issuing some of their reports.
Here is a link to the CMHC Housing Market Reports web-page.
3. Royal Bank of Canada (RBC):
The RBC has been producing housing market and economic outlook research papers for many years to support (or possibly encourage) the lending component of their business.
Here is a link to the RBC Canadian Housing Reports web-page.
4. Canadian Market Summary:
- Markets have cooled across the country with the increase in interest rates. Inflation still causing housing prices to remain high, not to mention the increase in regular cost of living expenses.
- This year most experts are reporting a continued drop in sales for 2024, all despite a reduction in inventory of homes for sale. New construction starts have dropped off as well and will likely continue in that direction.
- If you have the capital for an adequate down payment and are able to handle the increased costs of borrowing, home buying in 2024 may be fruitful for the patient type of buyer. However for most, it will likely be more of a struggle to find the right house, and at price that will make financing possible.
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