Interest Rates Fall, But So Do Pre-Mover Numbers: What’s Happening?
In November, Cleanlist identified 47,092 pre-movers in Canada. Year-over-year, there was a minor 1.5% increase in pre-movers from November 2023 to November 2024. However, month-over-month, from October 2024 to November 2024, we saw a dramatic decrease, resulting in a 32% drop in pre-movers.
This year has been a whirlwind for Canadian movers, marked by a significant drop in interest rates from 5.0% at the beginning of the year to 3.75% today. Interestingly, the data reveals that thus far, more people have moved homes than those who have listed their houses for sale.
Notable Intent Data from November 2024
- The provinces that saw the biggest decrease in pre-movers from November 2023 to November 2024 were New Brunswick (-12.6%), P.E.I. (-9%) and British Columbia (-3.1%).
- The provinces that saw the biggest increase in pre-movers from November 2023 to November 2024 were Yukon Territory (26.3%), Newfoundland (11.1%), and Northwest Territories and Nunavut (7.7%).
- All provinces saw a decrease in pre-movers from October 2024 to November 2024.
- Alberta (39%), New Brunswick (38.7%), and P.E.I. (37.4%) were the most notable provinces with decreases in pre-movers from October 2024 to November 2024.
Why Pre-Mover Numbers Plummeted This Month
The sharp decline in pre-movers from October 2024 to November 2024 can be attributed to several factors. Seasonal factors often play a significant role, as the onset of winter typically discourages Canadians from moving during colder months. Not to mention, while falling interest rates may seem like a catalyst for increased mobility, they can have the opposite effect by encouraging homeowners to stay put as their mortgages become more affordable. This is on top of inflationary pressures and job market uncertainties, which may make people hesitant to take on the financial and logistical challenges of relocating.
Furthermore, the imbalance between the number of movers and available housing is worth nothing. With fewer homes being listed, potential pre-movers may struggle to find suitable options for their next move, delaying the moving process.
Why Canadian Home Listing Intent Data Matters to You
Cleanlist tracks Canadian buying intent data on properties listed for sale or rent daily. This list is called “pre-movers,” representing households with purchase intent that will be ready to buy in the coming months based on these intent signals.
Marketing and sales teams of consumer-oriented products and services can appreciate the benefit of such data collection. Families planning a move are beginning a large spending cycle that includes everything related to physically moving, financial services, and home improvements like roofing, landscaping, furniture, internet and telecom services, and other related categories.
Buying Intent Data Helps Reach Existing Customers Too
Beyond identifying new customers, real estate listing intent data helps define the ideal customer profile, which may be recognized within a current database. Through account-based marketing, businesses can concentrate resources on existing target accounts and personalize their marketing messaging.
Leveraging intent data to create marketing campaigns that engage with these consumers at the beginning of their buying journey is a smart marketing strategy.
