What is Happening In The Canadian Real Estate Market
Victoria Furdui • August 2, 2024
Sales and Prices
National home sales are predicted to increase by 6.1% in 2024 compared to 2023, with the average home price expected to rise by 2.5% to $694,393. This is a shift towards more stable and moderate growth compared to the rapid price increases of previous years (CREA) (Norada Real Estate Investments).
Regional Variations
Ontario: The average home price in Ontario was $884,761 in June 2024, marking a 0.7% decrease from the previous month and a 2.3% drop from the previous year. The Greater Toronto Area (GTA) saw a slight decline in both sales and prices (WOWA).
British Columbia: The average home price remained relatively stable at $998,159, with a minor decrease of 0.4% month-over-month but a 1.0% increase year-over-year. Greater Vancouver continues to be the most expensive area, with an average home price of $1,349,985 (WOWA).
Quebec: The housing market in Quebec remains strong, with a 6.3% annual increase in home prices, reaching an average of $506,224. Montreal and Quebec City have seen significant price growth, with Quebec City hitting a record high (WOWA).
Atlantic Canada: Nova Scotia and Newfoundland and Labrador have seen varying trends, with Nova Scotia's average home price slightly decreasing month-over-month but increasing annually, while Newfoundland and Labrador showed the highest year-over-year price growth among provinces (WOWA).
Market Conditions
The Canadian market is transitioning to a more balanced state, with increased housing supply and a more moderate pace of sales. The national Sales-to-New-Listings Ratio (SNLR) is at 53.4%, indicating balanced market conditions where neither buyers nor sellers have a distinct advantage (Norada Real Estate Investments).
Interest Rates and Forecasts
The Canadian Real Estate Association (CREA) has adjusted its forecasts, anticipating a slower recovery in buyer activity due to higher-than-expected interest rates. However, as interest rates gradually decrease, it is expected that more buyers will re-enter the market, leading to increased sales and prices in 2025 (CREA).
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