Yes. But I’ve been telling potential buyers that since last October. The difference? Back in October 2023 or January 2024, buyers were seeing high inventory, low competition and great value BUT they were locking in at fixed rates that massively affected their buying power. Early 2025 we expect similar conditions to exist for buyers with one massive caveat, rates are down and they are forecasted to continue to drop.

In Mount Pleasant, inventory saw a steep drop from November to December. November's total inventory of 177 was 34% higher than the 10 yr November average but in December only 100 homes were available which is just 4% off the 10 year average. Sales activity did increase, sitting 6% over the 10yr average but the biggest difference in inventory was due to sellers holding out for 2025. Only 14 new listings came to market in December in Mt Pleasant East, down 50% from the 10 yr avg. Sellers are waiting for the buyers and buyers are taking their time coming back to market.

While it's been made clear by Bank of Canada, as well as market analysts; we are passed the peak of this rate cycle. We have had 5 consecutive rates cuts for a total of 1.75% and the Bank of Canada has said they no longer believe the policy needs to be restrictive.  

So what do you do with this information? We may currently still be in a sweet spot in the market for buyers. Demand is still moderate, many homes on the market have been sitting since beyond the holidays and if you find the right seller, there are deals to be secured. Either way, a buyer is currently able to negotiate other terms to their liking (think dates, subjects, requests) and avoid multiple offers in most cases. Most importantly, let's say you had an accepted offer today with completion in 6 weeks (or longer), you'll have had 6 weeks for your mortgage professional to keep pushing and capture the best rate.

If it is your goal is to BUY in 2025; connect with a mortgage broker and a Realtor now. Both professionals work with buyers at all stages to help them prepare and recognize their personal “right time to buy”. If you can qualify now but you’re sitting on the sidelines; don’t forget that as rates drop and your buying power increases, so does everyone else’s.

Get pre-approved and ask your mortgage broker for a range of hypothetical rate scenarios. Then sit down with your Realtor and recent sales to compare what it looks like to purchase at today’s rates at prices vs. tomorrow’s projected rates and prices.

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