“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Phil Soper, president and CEO, Royal LePage. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.” read the full article here.

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