As the calendar rolls over to January 1, 2024 and we’re cleaning up the left over needles of our Christmas trees or working through the those remaining chocolates; we reminisce about last year’s endeavors and focus on resolutions (eek what a nasty word) for the upcoming year. I have a couple of thoughts on the subject. One thought being, anyone born in January will tell you strict resolutions have ruined many a birthday plan. Another thought is that I prefer to set my resolutions and goals for other times in year. The start of a new year does hold some wistfulness for me but I prefer to set intentions at the start of a fiscal year, which for me is May 1 and personal goals at the start of September. It just makes more sense to me; the start of a school year lends itself to new routines and practices. Now that I’ve shared my personal preferences, all of which I’m sure you were dying to know, I’ll talk about real estate.
As I have mentioned previously, at the time of writing these articles full statistical information will not have been released so my statistics are not as up to date as I would like. That being said, I can give you monthly information from November 2023. I will endeavour each month to provide the most up to date information available.
In November 2023 there were 11 real estate transactions, 6 single family homes, 1 strata unit and 4 manufactured homes on PAD. The highest priced single-family home sold at $1,320,000 and lowest at $492,500. Ranging from 40 days to 115 days to sell. There are 36 single family homes listed ranging in price from $449,000 to $19,500,000. 18 of those listings are over $1,000,000.
This year I am very interested to see many of the existing developer offered properties reach occupancy and how those sales impact our local market. What is more impactful to the realty market are the 2.2 million mortgages up for renewal in 2024 and 2025. This represents 45 per cent of all outstanding Canadian mortgages. About one in three borrowers have seen their monthly mortgage rates increase since interest rate hikes began in March 2022, according to data released by the Canada Mortgage and Housing Corporation (CMHC) on Nov. 9 2023. Some economists forecast that the increased cost of mortgage payments could lead distressed homeowners to sell their properties in order to find more affordable housing. Alternatively, it could cause housing inventory to increase and tip the scales in favour of a buyer’s market with increased competition among sellers***.
In these uncertain times, the same consideration should be exercised when making a purchase: patience, information, education and putting your trust in an experience real estate professional. Do you, a family member, colleague, or neighbour need some real estate advice, want to know what houses in your neighbourhood are selling for? This is my invitation for you to call or pass along my details. I look forward to connecting with our great community!** info taken from the MLS for the Revelstoke Area on December 28, 2023**
** info taken from the MLS for the Revelstoke Area on December 28, 2023**
***https://www.ctvnews.ca/business/as-millions-of-mortgages-approach- renewal-what-will-canada-s-real-estate-market-look-like-1.6647801***