A resurgence of activity in Canada’s housing market is expected this spring, with sidelined buyers banking on a drop in interest rates. High Interest rate caused home buyers to push their home buying plans out by about 6 months during the second half of 2023. Canadians have continued to adjust to higher borrowing costs. With Interest rates reaching a tipping point, we could see a brisk spring market. 2023 Fourth quarter highlights:
Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023
Calgary recorded highest year over year price appreciation (10.7%)
81% of regional markets posted a quarter-over-quarter decline
Approximately 2.2 million mortgages in Canada will be renewing over the next two years.
Read the full 2024 Royal Lepage Market Forecast
