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Canada Housing Market 2024: Trends and Predictions

Canada's housing market has been a focal point in recent years, driven by low interest rates and a growing population. This trend has led to significant price increases in many regions, attracting both domestic and international interest. As we step into the summer of 2024, the market is showing signs of change. Here's what you need to know about the current trends and future predictions.

A Balancing Act in 2024

The frenetic pace of the past few years, marked by bidding wars and rapid price hikes, seems to be calming down. April 2024 saw a slight dip in home sales compared to March, despite an increase in new listings. However, sales were still 10.1% higher than in April 2023, indicating that buyer demand remains strong but more cautious.

Stabilizing Home Prices

Nationally, home prices are stabilizing. The MLS® Home Price Index remained flat from March to April and showed a slight year-over-year decline. However, regional differences persist. Cities like Calgary, Edmonton, and Saskatoon are seeing steady or slightly rising prices, while other areas are experiencing minor corrections. This points to a more balanced market compared to the rapid price increases of 2023.

Increased Housing Supply

One of the most significant changes is the rise in housing supply. April saw an increase in new listings, leading to a more balanced market with 4.2 months of inventory available. This is the highest level since the pandemic began, giving buyers more options and some negotiating power. Sellers might need to adjust their strategies in this more competitive environment.

Market Trends

Experts suggest a shift towards a more balanced market, similar to pre-pandemic conditions. The sales-to-new listings ratio of 53.4% indicates a balanced market, where both buyers and sellers have leverage. Buyers can take their time and compare options, while sellers may need to be more realistic with pricing.

Predictions and Outlook

The Canadian Real Estate Association (CREA) forecasts a gradual rise in home prices, with the national average home price expected to climb 4.9% to $710,468 in 2024. Home sales are also predicted to increase by 10.5% compared to 2023, reflecting ongoing demand. Interest rates remain a key factor, with potential rate cuts later in the year possibly boosting market activity.

The Canadian housing market in 2024 is transitioning to a more balanced state. While the era of rapid price increases and quick sales may be over, the market remains robust. Buyers have more options and negotiating power, and sellers may need to adapt to the changing landscape. For personalized advice, connecting with a local realtor is crucial to navigating these evolving market conditions.



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