by Shawn Lackie
Don’t you just hate those year-end stories that talk about what went on last year and what to expect this year? Ya me too. Well here’s one to add to the pile. 2024 was unpredictable, chaotic, and most of all hard to predict and analyze.
Although there are pundits out there who will tell you they knew exactly what was going on. Hogwash! You couldn’t have predicted anything which was coming up. The market changed on a daily basis.
Back in the day (in the 1980’s, 90’s or before?) you could pretty much determine what the market trends were and what kind of timeline you would need. Then the flat-line of 1988 to 1997 happened and everything pretty much froze up.
The Y2K experience didn’t end up being the end of the world as many predicted, but it did set in motion a kooky experience in the Real Estate world. Every year saw year-over-year growth price-wise. Listings started to grow. Buyers were ready to dance. Everybody was in the game.
Then 2008 happened and everything hit the pause button. Thanks to the so-called lending institutions in the U.S. This never really crippled the Canadian market thanks to stringent measures in place with our banks.
So off we went to 2016 when there was a flourish in the market and people started spending like drunken sailors. Nobody knows why, but it happened. Some buyer remorse but not a lot.
And then came the Big Kahuna – THE PANDEMIC. Which basically changed everything. And not just in Real Estate. It altered perception. It warped the day to day lives of all involved.
Real Estate was just one of the many bystanders that got sucked into the vortex. And boy did we ever. Prices went nuts. Buyers lost their minds. Sellers did too, but for a different reason.
Next came the fallout and it was substantial. We are still seeing it today. People who bought in 2020 are now having to re-up at a huge interest change. Following a number of interest hikes, the Bank of Canada (BOC) has decided to give everyone a break.
So that’s kinda where we sit now. Looking out the window and wondering what happens next. There should be at least two more rate drops in the new year, starting with January 29th.
After that who knows? I will repeat my mantra. Anyone who says they know exactly what is going on in the market is full of beans. What used to change in years, then months, then weeks and now days is anybody’s guess. The only good advice to give is to find someone to work with (buy or sell) who really has your best interest at heart and go from there. Pretty much uncharted territory but best wishes on your journey.
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