Canada Housing Market Outlook for 2024
Remax agents expect a more active real estate season for 2024 with more transactions and a slight increase in average home prices varying across Canada.
According to the RE/MAX 2024 Canadian Housing Market Outlook, average home sales prices are expected to rise 0.5% in 2024. In addition, 61% of regions surveyed anticipate unit sales to increase in 2024.
While this percentage is expected to vary from region to region across the country, RE/MAX Canada predicts that demand for housing will remain strong, with an expected increase of 0.5% in average residential home prices across Canada in 2024.
“The slower market we’ve been experiencing across the country this fall could be an early indicator of an active 2024, as reflected in the modest price increase and sales outlook for next year, and the balancing of conditions in several regions across the country.” Says Christopher Alexander, President of RE/MAX Canada.
Even with high interest rates and limited inventory across the country Canadians haven’t changed their outlook on the Canadian real estate market, with 73% confident that home ownership is the best investment, according to a Leger survey included in the RE/MAX report.
RE/MAX brokers and agents across Canada estimate that residential properties with rental potential will be the most in-demand property type. The appeal for homeowners to get the most out of their investment to offset the rising cost of living and reduce mortgage payments is likely to be a leading influential factor heading into 2024.