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Posted in 2024 real estate forecast, market update, Royal Lepage Market Forecast

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

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Categories:   2024 real estate forecast | 55 and over | BC foreign buyer ban | buyers | buying a strata | buying tips | first time home buyer | Fraser Valley Market update | home buyer protection | home buyer rescission | Home owner tips | housing demand | Housing supply | Interest rate hikes | market update | real estate market | recreational property | rental restriction | Royal Lepage Market Forecast | senior housing | short term rental restrictions | strata age restrictions | waterfront property

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When you choose to use me with your next real estate transaction,  whether buying or selling, my goal is always the same. To offer you and your family the absolute best service I can.

 

I take great pride in being upfront and honest while giving you professional service. It's not only about doing good business, but being a good person.

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