2024 is finally here! If you want to invest or sell real estate in Nelson this year, you’ve come to the right place. Buying and selling homes is no easy task, especially, if you haven’t done your due diligence. To help you prepare to achieve your real estate goals for the New Year, we’ve gathered information on the current market trends in Nelson and provided some valuable tips for both buyers and sellers. This way you know exactly what to expect as you work toward attaining this year’s buying and selling goals! Follow along below to learn more about real estate in Nelson in 2024.
Market Insights for Real Estate in Nelson in 2024
The real estate market in 2024 in Nelson, BC, could be favourable for buyers looking to invest in more affordable homes. Based on recent assessment data from BC assessments, property values have remained fairly stable. While most properties within the Easy Kootenay region saw a modest increase in value, some communities like Nelson and Castlegar saw a slight decrease in worth. However, it should be noted that despite decreases in value across some communities, the Southern Interior’s total assessments have risen to nearly $315 billion in 2024!
The Canadian Real Estate Association (CREA) also mentioned in December of 2023 that property values should rise 4.7% in the New Year. So, for those whose home value decreased in 2023, there is a possibility that the value will rebound in the months to come.
Additionally, provincial and national trends like new B&B rules and rising interest rates will continue influencing buyer and seller decisions in 2024. This year it is expected that the Bank of Canada’s key lending rate will remain stable for the first half of 2024. After which, experts predict that the bank will begin to make modest cuts, reportedly in late summer or early fall.
As for British Columbians who rely on short-term rentals (STRs), this year will mark the start of new legislation surrounding how STRs are allowed to operate. The regulations and responsibilities will be phased in at different times over the next two years. May 1, 2024, will mark the start of the first phase of new regulations coming into effect. On this day, STR owners will need to meet the principal residence requirement, changes to legal non-conforming use protections, and requirements to display valid business licenses, where applicable.
Buying and Selling Tips to Kickstart Your Real Estate Goals
- Be Aware of Rate Changes + Property Values
As a buyer or seller, in 2024 it will be critical that you remain aware of the current interest rate. Staying informed about Canada’s key lending rate will help better inform your buying and selling decisions. Whether that means choosing a more affordable home or adjusting your listing price to suit current conditions.
- Understand Your Mortgage + Shop Around
For buyers, having a solid understanding of your mortgage will help you to make the most logical purchase decision. The last thing you want is to buy a house that stresses your financial stability. Be sure to talk with your broker and ensure that you thoroughly understand the terms of your mortgage before signing off. Given the anticipated rate cuts in the latter half of the year, you may consider a fixed-rate mortgage.
- Explore First-Time Homebuyer Programs
The government of Canada offers numerous first-time homebuyer programs to incentivize people to invest in real estate. Many of these programs can help make buying a home much more affordable. For instance, consider the Home Buyers’ Plan (HBP), First Home Savings Account (FHSA), or new GST/HST housing rebates.
- Consider The Timing of Your Sale
Finally, for sellers in 2024, timing will be an essential part of attaining your real estate goals. Make sure that you do your best to time your listing with expected increases in market activity. For example, in the second half of the year when interest rates may lower. Strategic timing could result in a better ROI.
Contact us Today!
Are you ready to buy and sell real estate in 2024? Start today with the help of one of our local experts! For more information about real estate in Nelson in 2024, contact us today. Be sure to check out our social media for the latest updates and more. Also, don’t forget to visit our blog next month for more real estate-related information. We look forward to working with you in 2024!
Happy New Year everyone.