Real estate market 2024 in Montreal and Quebec City
The year 2024 is dawning and promises to be a promising one for the 2024 real estate market in Montreal and Québec.
With macro-economic conditions set to improve, the real estate market could also take advantage of more favorable conditions to return to growth after a rather uncertain 2023.
Table of contents :
- Current real estate market trends
- The situation of first-time buyers in 2024
- Tips for navigating the current real estate market
- Setting realistic real estate expectations
- The Importance of professional coaching
- Conclusion: plan to buy or sell in 2024
Current real estate market trends
With interest rates stabilizing, experts predict a more balanced market, conducive to both buying and selling. In its latest article, the journal du Québec,notes a drop in overbidding, indicating a less volatile market
It can be seen that 2023 was not as negative as might have been expected, with the data remaining fairly stable over the full year:
Sales time and realistic expectations
The real estate market in 2024 is characterized by a shift towards longer selling times, reflecting a market that is becoming more balanced.
While previous years have been marked by rapid sales and overbidding, the current situation offers an opportunity for sellers to plan their sales projects more strategically.
It’s crucial for them to set realistic prices, based on a thorough analysis of the local market and recent trends.
For buyers, this means more time to consider different options and make informed decisions. In this context, working with an experienced real estate broker becomes a major asset for successfully navigating this evolving market.
Tips for first-time buyers
2024 is a pivotal year for first-time buyers, offering unique opportunities despite past challenges.
With a slight drop in prices and more properties available on the market, first-time buyers now have a better chance of finding a property that meets their needs and budget. It’s the perfect time to start exploring the market, familiarizing yourself with different neighborhoods and property types.
In Kyle’s latest analysis, you’ll discover why the current period represents a unique opportunity to realize your real estate project.
The strategy is to identify and make an offer on a property now, aiming for a summer closing. This approach allows you to lock in current prices before potential increases due to falling interest rates.
Kyle Shapcott
Real estate planning and budgeting
Good financial planning is the key to success in the 2024 real estate market.
Buyers, investors and sellers need to set a realistic budget and stick to it.
For buyers, this means taking into account not only the purchase price, but also ancillary costs such as taxes, notary fees and any renovation costs. A buyer brokerage contract is the best way to bring your project to a successful conclusion, check our latest article on this subject
For sellers, it’s essential to understand the true value of their property, and to take into account the costs associated with marketing and potential improvements to increase the property’s appeal.
Strategies for buying and selling in 2024
To succeed in the real estate market of 2024, it’s important to adopt a strategy adapted to the new market realities.
Sellers need to focus on the presentation of their property, using staging techniques and professional photography to stand out. They must also be prepared to negotiate and be flexible. Tailor-made support and strategy from our Montreal real estate brokers is essential to the success of your project.
Buyers, meanwhile, should prioritize the search for properties in areas with growth potential and consider properties in need of renovation to make a sound investment.
In both cases, a thorough understanding of the market and an effective negotiation strategy are essential.
Read our latest market analysis to understand everything and successfully complete your real estate projects:
Planning to buy or sell in 2024
In 2024, planning your property purchase or sale requires a strategic and informed approach.
It is essential to :
- Keep abreast of the latest market trends
- Understand how they influence property values.
Working with an experienced real estate team like Lacasse Shapcott can provide you with the insights and support you need to make informed decisions.
Whether you’re a first-time buyer looking to enter the market or an experienced seller looking to maximize your return on investment, we’re here to guide you every step of the way with expertise and dedication.
