Real Estate Predictions for 2024 & auditing my predictions from 2023
- Byjessijohnson
- InBlog
- PostedFebruary 21, 2024
In this episode, we will my Real Estate Predictions for 2024 and but first audit my past predictions from to 2023 to see if I was accurate… or out to lunch
I am Jessi Johnson, guiding you with over 18 years of experience as a mortgage broker and realtor.
To quickly review 2023, while most predicted the real estate market would drop in 2023…. I predicted prices would increase, and I was right!
For mortgage rates, I predicted rates would remain stable and drop in Q3 and Q4.
I was partially correct there, rates did drop at the start of Q4 but weren’t stable throughout the year. They skyrocketed in the summer of 2023, but no one saw that one coming
Let’s quickly review what others predicted would happen in 2023.
REBGV, Global New & City TV predicted things would remain flat all year… This was not correct
CTV predicted a decline in prices but didn’t give a number… They definitely didn’t happen
The Daily Hive expected the BC market would have no recovery until 2024.. arguably wrong, we started bouncing back spring of 2023
Rennie stated price would grow in the second half of 2023… But they actually went down during this time.
National bank predicted mortgage rates would hold steady and drop Q3 of 2023….
Again, rates did not hold steady. They skyrocketed in the summer of 2023 and dropped in Q4, so they were close
At the end of the day, it is bloody hard for me to predict anything when people far more educated and smarter than I, are constantly wrong.
2023 was a brutal year for many, especially for all of us in the real estate and mortgage industry.
Did you have to renew a mortgage last year? I did, and it went up over 3%. Now that fucking sucks.
Alright, time to dive into my predictions for 2024, and I will try to be more precise this time.
I personally feel fixed mortgage rates will continue to drop with a roller coaster effect gradually going down throughout the year.
The BOC (Bank of Canada’s) overnight lending rate, which affects variable mortgages and lines of credit’s…
Will only start to decline when the current federal government stops recklessly spending and printing money, which devalues our dollar and causes inflation.
… only Trudeau can predict when that will happen.
You can safely assume variable mortgages and lines of credit’s will finally start to come down as early as April but, more likely in June.
For housing prices, I feel prices will increase a minimum of 5% but more likely increase 10%, which is closer to the historical norm.
However, there is a very good chance the next boom will kick in this year, instead of 2025, when most predict it will happen
I have seen Vancouver’s prices go up 5% in just one month, so anything is possible.
Based on irresponsible levels of immigration and a severe shortage of new housing, prices have only one place to go, which is up.
Economics 101, supply and demand.
Are we in a recession?
Probably but I feel it will have little to no effect on the real estate market in Greater Vancouver.
To be clear, I know the Greater Vancouver market well, these predictions do not fall outside of this geographical area.
Do I have any recommended hot spots to invest in?
Well, anything close to Whistler is gold.
They are one of the only areas where the government didn’t ban Airbnb businesses.
Maple Ridge and any “affordable” areas will see the biggest price increases.
I strongly feel Burnaby condos and townhouses are going to skyrocket this year too.
I do not know anyone rich, who isn’t involved in real estate as an owner or investor.
If you have any hopes of retiring with a healthy net worth, you must be in real estate.
Book a time to chat with me and I will walk you through the entire process. The link to do so is in the description.
While I have your attention, please like this video to help me with the algorithm…and, don’t forget to subscribe to the channel
Once again, I’m Jessi Johnson, your guide with over 18 years of expertise.
Grab a copy of my best-selling book, ‘Rockstar Real Estate Investing‘, for more in-depth knowledge
Remember to Own Your Life!