Is 2024 your year to buy a home?

Let’s be honest – 2023 wasn’t the greatest year for homebuying or homebuilding in the GTA and elsewhere in Ontario.

But a new year brings hope, possibility and, perhaps most importantly, opportunity – and all of that and more awaits in 2024.

As our Special Report: Outlook 2024 beginning on page 24 examines, market influences appear poised to change for the better, providing relief and newfound belief for homebuyers and builders alike.

Robust fundamentals

“I’m optimistic about the outlook for the housing market in 2024,” says Mike Parker, vice-president of sales and marketing at Georgian Communities. “Despite facing global economic challenges, our region has demonstrated remarkable resilience, and we expect a steady demand for new homes driven by Ontario’s continuously growing population and robust economic fundamentals.”

David Hill, president of Ballantry Homes, is similarly upbeat. “I think the market in 2024 will turn a corner and begin to improve. Interest rates have been high to fight off inflation, but the general consensus is that rates will begin to drop this year. Perhaps not in the first quarter, but by the summer. The housing demand is there, and lower rates will let homebuyers into the market again.”

As one of our expert columnists, Debbie Cosic, further summarizes in Home Realty on page 29, “2024 is sure to be a pivotal marker in what will become an even-stronger real estate market moving forward.”

Brighter skies ahead

If we faced a perfect storm of challenging conditions last year – higher interest rates, inflation and new home supply chief among them – the forecast now calls for brighter skies on most fronts on the horizon.

Is 2024 going to be your year for buying a new home in the GTA? A variety of expert sources in Outlook 2024 discuss the key determining factors to help you answer that question. You might be wise, for example, to use this time now, to do your due diligence, research and prepare as best you can to take advantage.

And when you’re ready, know that some great buying opportunities await. Not only the communities and projects such as those offered by Ballantry and Georgian, but perhaps for a limited time, incentives and price adjustments as conditions improve.