Revitalizing the Real Estate Market: What's Happening and What's to Come

We’re thrilled to return with The Jenn and Faeine Show! It’s been a while, but we’re diving back into the latest in Canadian real estate to bring you insights, advice, and a bit of fun along the way.

What’s Happening in Real Estate?

The spring market was hectic, but things have slowed down significantly since summer. With higher interest rates, the market has become quieter, and many sellers are even considering pulling listings until next spring. But, as we often remind our clients, predicting the future market is tough! While some experts are hopeful about lower interest rates, it’s important to understand who will actually benefit from those changes.

One aspect to keep in mind is that rate changes primarily impact those with variable-rate mortgages, leaving fixed-rate mortgage holders unaffected. Plus, even if rates drop, many homeowners are focused on refinancing rather than purchasing, which may not necessarily bring a big influx of buyers.

New Opportunities for First-Time Buyers

Exciting news for BC residents! As of December 15, a new first-time home buyer incentive will allow extended amortization periods—from 25 years to 30. This means lower monthly payments, making homeownership a more affordable goal for first-time buyers. We're hoping this measure, which Ontario may also adopt, will help reinvigorate the entry-level market—a crucial part of keeping the overall market healthy.

Looking to the Future

We anticipate some major shifts over the next 12 to 18 months. Programs like the first-time buyer incentive and potential property tax adjustments could help buyers enter the market more affordably. That said, only time will tell how these factors will shape real estate.

For now, we’re here to help you navigate this market and answer any questions you may have. Our show will be airing every Tuesday, so make sure to subscribe to our YouTube channel and drop any questions or topics you’d like us to cover in the comments!

Watch it here: https://bit.ly/SEASON3EP1THEJENNFAEINESHOW