WHAT’S AHEAD: Real estate prices may bottom out when mortgage rates drop

The real estate market in Newmarket, Ontario experienced its slowest year in 2023 since 1997, with less than 950 sales. High ownership costs and limited inventory affected the market, but an increase in homes for sale from September to November led to a decrease in prices. Experts predict further price declines in 2024, particularly due to expected interest rate cuts.

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