Busier Housing Market Forecasted for 2024

A new housing market report expects Canadian real estate transactions to pick up in 2024, despite the formidable conditions faced this year.

According to Re/Max, three-quarters of Canadians still believe home ownership is the best long-term investment despite persistent low inventory and higher interest rates.

“It has been a challenging year for homebuyers and sellers, but much like Canada’s housing market, Canadians have stayed resilient,” says Christopher Alexander, president of Re/Max Canada. “Historically, real estate has given owners excellent returns and strong financial security, and that hasn’t changed.”

On the price front, the national average price is anticipated to increase by 0.5 per cent. Regionally, there will be variation between provinces and cities.

In Western Canada, prices are predicted to rise by two per cent in Metro Vancouver, Nanaimo, B.C., and Saskatoon, and by four per cent in Edmonton. Meanwhile, prices in Victoria and Regina are forecasted to fall by two per cent.

Much like Western Canada, shifts to prices are a mixed bag in Ontario. Specifically, prices are projected to increase by two per cent in Thunder Bay and Ottawa; three per cent in London; 3.5 per cent in Hamilton, Niagara and York Region; four per cent in Sudbury and Burlington; 4.5 per cent in Kingston; five per cent in Muskoka and Haliburton; seven per cent in Oakville and Simcoe County; and 7.5 per cent in Windsor and Sault Ste. Marie. Prices are expected to remain unchanged in Mississauga, Brampton, North Bay and Kenora. Peterborough and the Kawarthas region and the Greater Toronto Area are anticipating a dip of three per cent; Durham Region and Grand Bend a decline of five per cent; and Kitchener-Waterloo a drop of eight per cent.

In Quebec City, the average residential sale price is predicted to remain unchanged.

As for Atlantic Canada, the majority of regions are forecasting a modest increase in prices, including Fredericton (3.6 per cent), Saint John, N.B. (3.5 per cent), Moncton, N.B. (five per cent), and St. John’s, Nfld. (three per cent). The only exception is Halifax, where the average price is unlikely to waiver.

When it comes to home-buying trends in 2024, a Leger survey commissioned by Re/Max reveals more than four in 20 Canadians believe climate change will impact their decision on where to buy a home next year. Approximately one in five are exploring homes that can accommodate tenants as a means to offset mortgage costs or opting for inter-provincial/city moves in search of greater affordability.

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