In a recently published article in Le Devoir titled “A hot spring in real estate ahead,” John Fucale, Senior Vice President in charge of broker relations at Multi-Prêts, acknowledges the opportunities in the real estate market for 2024, while emphasizing the need for caution among all potential buyers.

Despite the challenges posed by interest rates, the market is expected to benefit from an increase in the number of buyers, he explains, notably due to “the momentum created by falling interest rates.” However, Mr. Fucale reminds future buyers of the importance of qualifying “at an interest rate two percentage points higher than the contract rate.”

The Quebec real estate market is preparing for an active spring, with increased activity from speculators, investors, and mortgage renewals, the mortgage brokerage expert notes.

“Here are the key points to remember regarding the difficulty of restoring housing affordability.”

  • Despite a slight improvement, buyers may still face challenges, particularly due to potentially high interest rates.
  • Rising prices and declining affordability remain persistent issues, exacerbated by a shortage of rental housing and cost growth that outpaces wage increases.
  • The Bank of Canada expects housing costs to continue rising, driven by structural factors and strong demand.
  • Challenges related to supply, demand, and costs are expected to keep pressure on housing prices and rents, delaying a return to the 2% inflation target.

It is anticipated that the growth in housing-related service prices will slow modestly in the coming years, but affordability issues and inflationary pressures will persist.

What is the importance of using a mortgage broker when renewing or buying a home in the current real estate market context?

It is important to take a strategic approach when searching for your mortgage, whether for a renewal or new opportunities.

Contact a Multi-Prêts mortgage broker to obtain the best mortgage conditions, whether for a purchase or refinancing. Anticipate a possible rate decrease in 2024 by adjusting your strategy with your broker. With them by your side, you can navigate the real estate market with confidence!

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