Did My 2024 Market Predictions Hold Up? Let’s Find Out!
The Halifax real estate market has seen its fair share of twists and turns over the past year. But the big question is—how accurate were my bold predictions from last February? Now, it’s time to revisit my 2024 market forecast and see whether I got it right or completely missed the mark.
Revisiting My 2024 Market Predictions
In early 2024, I put my real estate expertise to the test by predicting how the Halifax market would unfold throughout the year. I looked at key factors like interest rates, inflation, and buyer activity to make an informed forecast. Now, as we step into 2025, it’s time to evaluate how those predictions stacked up against the actual market trends.
Before we dive in, if you missed my original 2024 Market Predictions video, you can watch it here: 🔮2024 MARKET PREDICTIONS WITH BRENDA K 🔮
Key Market Factors and What Actually Happened
1. Interest Rates: Did They Drop as Expected?
Last year, one of the biggest talking points was interest rates. With inflation driving economic decisions, many were wondering if we would see rates come down.
As of December 31, 2024, Canada’s inflation rate settled at 1.8%, a major shift from the volatility we experienced in previous years. This decline in inflation contributed to lower mortgage rates, which had soared to a high of 7.2% in July 2023. By the end of 2024, both variable and fixed mortgage rates saw a downward trend—welcome news for buyers and homeowners facing mortgage renewals. However, even with these declines, rates remained significantly higher than the historically low 1.69% rates from 2021.
2. Buyer Activity: Did the Market Stay Strong?
Despite economic concerns, Halifax saw steady buyer demand throughout 2024. While higher mortgage rates initially slowed the market, lower rates towards the end of the year encouraged renewed buyer interest. This aligns with what I anticipated—buyers adjusting to the new normal while remaining active in the market.
3. Home Prices: Did They Rise or Stabilize?
Heading into 2024, I predicted that home prices would hold steady or see modest increases rather than sharp drops. Looking back, we saw gradual price appreciation across Halifax-Dartmouth, particularly in sought-after neighborhoods. While prices didn’t skyrocket, the market remained stable—great news for sellers and homeowners looking to build equity.
4. Market Confidence: How Did Buyers & Sellers React?
Another key factor I highlighted was market confidence. Many buyers and sellers were hesitant at the start of 2024 due to rate uncertainty, but as inflation eased and rates became more predictable, confidence in the real estate market improved. Halifax remained an attractive market for both local and relocating buyers, and I expect this trend to continue in 2025.
So, Was I Right?
Overall, I’d say my 2024 predictions held up well! While no one can predict the market with 100% accuracy, the trends I forecasted aligned closely with what actually happened. Interest rates eased, buyer activity remained steady, and home prices saw modest growth. Not bad, right? 😏
But what does this mean for 2025? That’s the big question, and I’ll be keeping a close eye on the market to provide you with expert insights and guidance.
Watch the Full Breakdown
Want to see all the details and my full analysis? Watch my latest video where I break down the numbers and explain what’s next for Halifax real estate!
📺 Watch Now: My 2024 Market Predictions REVISITED!
Thinking of Buying or Selling? Let’s Chat!
Whether you’re planning to buy, sell, or invest in 2025, staying ahead of market trends is key to making smart real estate moves. If you have questions about how these trends impact you, let’s connect!
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✉️ brendak@brendak.ca
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