As we bid farewell to 2024, it's time to reflect on how the real estate market performed over the past year. From price fluctuations to shifts in sales volume, here’s an in-depth look at what happened in 2024 and how it compared to previous years.

Quick 2024 Summary:

• Average Sale Price: The average home price in 2024 was $587,268, marking a +1.91% increase from 2023’s average of $576,259. This modest rise indicates continued stability in home values despite market headwinds.

• Sales Volume: Total sales for the year reached 2,613, a slight decline of -1.47% compared to 2023’s 2,652 sales. This continues a multi-year trend of declining sales volumes, reflecting a more cautious market.

Monthly Trends: Peaks and Valleys

• January to March: The year began with a strong January, with average sale prices at $574,876, a remarkable +14.7% YoY increase from $501,263 in January 2023. However, February and March saw prices dip slightly below 2023 levels.

• Spring Market (April to June): Spring proved to be the star of 2024. April’s average price soared to $681,863, an impressive +12.4% YoY gain, the highest monthly increase of the year. June also saw strong performance, with prices at $648,355, reflecting renewed buyer confidence during this period.

• Summer Market (July to September): Prices softened during the summer months, with August experiencing the sharpest drop to $519,457, down from $572,774 in 2023.

• Fall and Early Winter: The market rebounded in the latter months of the year. December’s average price climbed to $644,163, a significant increase from $574,404 in December 2023.

Key Economic Factors in 2024

1. Bank of Canada Key Interest Rate Cuts: Throughout 2024, the Bank of Canada steadily reduced its key interest rate, providing much-needed relief to borrowers and spurring activity in the housing market. This downward trend in rates is widely expected to continue into 2025, further encouraging buyer confidence and affordability.

2. CMHC Lending Policy Changes: A significant policy shift by CMHC allowed home buyers to secure insured mortgages for properties valued up to $1.5 million, up from the previous cap of $1 million. This change expanded opportunities for buyers in higher-priced markets and contributed to the stability of home values across Canada.

3. 30 Year Mortgages: First time home buyers, and any buyers purchasing some new construction homes, are now able to extend their mortgages up to 30 years. This means they can now get into a home they previously couldn’t afford or get into the same home with more affordable monthly payments. 

4. Projected Annual Value Increase: By the end of 2024, we anticipate an overall increase in home values of 4-6%, with the bulk of these gains recognized during the strong spring market. This growth reflects the combined impact of improved affordability and increased buyer activity driven by economic adjustments.

Key Trends and Insights

1. Price Stability Amid Fluctuations: The average sale price saw modest annual growth, but monthly data revealed significant fluctuations, with spring and winter markets driving overall gains.

2. Declining Sales Volume: The gradual drop in sales since 2021 points to potential challenges, including higher interest rates earlier in the year, tighter lending criteria, or market saturation. Buyers may also be adjusting to affordability concerns.

3. Seasonal Patterns: Spring remains the most dynamic season, with buyers and sellers taking advantage of increased activity. Conversely, late summer continues to be a quieter period for the market.

What Does This Mean for 2025?

As we move into 2025, these trends offer valuable insights:

• For Buyers: With rates continuing to drop and increased lending flexibility, timing will be key. Spring and late winter could present competitive opportunities, while summer may offer deals.

• For Sellers: Strategic timing will be crucial. Listing in spring or late fall could maximize your returns, as these periods consistently show price resilience.

• For Investors: With a projected 4-6% annual value increase and expanding lending options, 2025 could be a prime year for strategic investments, especially during quieter summer months.

We expect 2025 to be a continued year of growth. However we constantly heard throughout 2024 that the market was slow, which if compared to 2021 / 2022 it can certainly feel that way, but with 38 years of experience on our team we can tell you that this market is still healthy and fast when properties are priced correctly and marketed at a top level. Lending rates continue to drop, and many are expecting a nearly 1% drop in the BoC key lending rate in the first quarter of 2025 which means homes will become more affordable, this combined with new home buyers able to extend their mortgage to 30 years increasing their purchasing power further we expect prices to climb and sales to grow. 

Making the decision to move is a significant step, and timing plays a crucial role in ensuring a good move. Whether you’re upgrading to a larger home, downsizing, or relocating for work, selecting the right time can make all the difference. Here are some considerations to help you choose the best time to move.

 Personal and Family Needs

If you have school-aged children, timing your move during summer vacation can minimize disruption, allowing your children to settle into a new environment before the start of the school year. Additionally, consider any upcoming family commitments, such as weddings, holidays, or significant milestones, to avoid overlapping with your move. If you’re starting a new job or expecting a new addition to the family, planning your move around these major changes can help reduce stress.

 Market Conditions

The real estate market tends to be more active during spring and summer, offering more options for buyers and potentially higher selling prices for sellers. However, this increased activity can also mean more competition. On the other hand, moving in the fall or winter may provide better deals and less competition, though it’s important to account for weather-related challenges.

 Weather Considerations

Moving during mild weather, such as in spring or early fall, can make the process easier and safer. However, snow, ice, and freezing temperatures in winter can complicate moving, while extreme summer heat can make moving physically exhausting.

 Work and Flexibility

Choosing a time that doesn’t conflict with major work projects or deadlines is essential. If possible, taking time off work to focus on the move can be beneficial. Having flexibility with your moving date can help you secure better deals on moving services and avoid peak traffic times.

 Preparation and Planning

Giving yourself enough time to declutter, pack, and coordinate is crucial for a stress-free move. Rushed moves are often more stressful and less organized. Additionally, ensure that moving companies, rental trucks, and other resources are available for your preferred dates.

 There’s no right answer to choosing the right time to move. It’s about balancing personal circumstances, market trends, and practical considerations. By evaluating your specific needs and planning accordingly, you can make your move as easy and stress-free as possible. Whether it’s a spring relocation or a winter move, thoughtful planning is the key to starting your new chapter off right.

If you’re new to the Brant County Area and are looking to get the best out of your first winter here, we’ve got you covered. Not only do we have your regular winter activities like tobogganing and skating, but there are also a bunch of local events and activities to add some more holiday spirit to your winter! Winter in Brant County isn’t just about the chill in the air, it’s about embracing the cozy and festive spirit of the season.

Let’s start with a classic like ice skating! There are so many outdoor rinks that are completely free if you have the right equipment. If you already have skates this is a fun activity to do with your family and friends that is essentially costless. Don’t forget to bundle up, tie those skates and head on over to one of the many outdoor rinks in the area. Paris has a rink where the baseball diamond is outside of Syl Apps Community Centre, Brantford has one at Harmony Square and there are so many more!

Other than the snow the prettiest part of Winter are definitely the lights. There are plenty of places with beautifully decorated Christmas and holiday lights but one of the best displays would be at Glenhyrst Art Gallery in Brantford. This light display starts on November 29th and runs every night until January 1st. The opening night starts at 7pm and every other night they run from 6-9pm. You can look at these lights on foot or drive around the circular path and its completely free!

Take a break from the cold and enjoy the cozy atmosphere of Brant County's local cafes. Whether you're meeting up with friends or looking for a quiet corner to relax, these charming cafes offer the perfect winter retreat to warm up and indulge. Don’t forget to try some seasonal specials while you’re there!

If you're really looking for some action this winter, you can always go skiing or snowboarding. This activity isn’t as local but there’s some good ski hills in Kitchener, London and a personal favourite of mine is Blue Mountain in Collingwood. Whether you are experienced or just starting out most of these hills have rentals and even offer some beginner classes.

Brantford kicks off the holiday season with its Christmas parade on November 30th, followed by Paris on December 7th. These parades are annual traditions filled with festive fun and excitement. Be sure to bundle up and bring your holiday cheer! And don’t forget to keep an eye out for our team because we have a float in the Paris Christmas Parade!

Looking for unique holiday gifts or simply love the festive charm of a seasonal market? Brant County offers several holiday markets where local vendors showcase beautifully handcrafted goods, decorations, and delicious treats. One must-visit market is the Christmas Market and Vendor Show, it takes place at the Paris Fairgrounds on December 7th and 8th, offering the perfect opportunity to support small businesses while finding one-of-a-kind gifts and stocking stuffers for your loved ones.

For those colder nights when you just want to relax, a cozy night at the movies is always a great option. Whether it’s a blockbuster hit or a nostalgic holiday classic, local theatres provide the perfect escape from the cold with some popcorn and hot chocolate in hand.

Lastly, no winter is complete without sledding. Brant County has plenty of hills to choose from, pack up the sleds and head out with family or friends for hours of snowy fun. If you are in Paris there is a good hill at Paris District High or if you’re in St. George, King William Park has a good hill for sledding as well. It’s a timeless winter tradition that’s sure to bring smiles all around.

Whether you’re spending your first winter here or are a long-time resident, Brant County has something for everyone to enjoy this season. Bundle up, get out there, and make some memories!