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Canadian real estate is showing signs of recovery in early 2024, following a sluggish second half of 2023. January experienced a 3.7 per cent increase in home sales, building on December's 7.9 per cent rise. However, despite these gains, sales still lag behind the 10-year average by approximately 9 per cent. Yet, there's optimism as sales are trending upwards quickly, hinting at a potential break from this trend in February. The market is witnessing increased competition among buyers, especially in areas that are rapidly rebounding from the previous frenzied market conditions. Notably, much of the market growth is being driven by first-time buyers who were previously sidelined during the heightened market activity of recent years. This resurgence in demand is particularly evident in more affordable markets such as Yukon, Nova Scotia, Alberta, New Brunswick, and Prince Edward Island, where prices have seen moderate to significant increases. Conversely, regions like Ontario and British Columbia are experiencing price declines or stagnant growth due to affordability issues, offering opportunities for buyers and sellers alike.

Read the full article on: REAL ESTATE MAGAZINE