Revealed: New Forecast by Re/Max on Canada Home Prices in 2024



According to a new forecast released by Re/Max, home price growth across Canada is expected to remain sluggish in 2024, with the country’s largest housing market—Toronto—expected to see prices fall.

According to a new forecast released by Re/Max, home price growth across Canada is expected to remain sluggish in 2024, with the country’s largest housing market—Toronto—expected to see prices fall. The company’s 2024 housing market outlook predicts that average prices will grow only 0.5% next year. However, there are expected to be pockets of strength, as 61% of the regions surveyed by Re/Max should see price growth of between 2% and 7.5%. Despite house prices in Canada being roughly 38% higher than they were pre-pandemic, a slowdown throughout the fall of 2023 is expected to dampen sellers’ expectations heading into the New Year.


Revealed: New Forecast by Re/Max on Canada Home Prices in 2024

In terms of regional breakdown, price growth in Metro Vancouver, the most expensive real estate market in the country, is expected to rise 2% to an average of $1.52 million. Halifax, which saw inflated real estate prices due to inter-provincial migration during the pandemic, is expected to see no growth at all in 2024. Mississauga and Brampton, with average prices sitting just over $1 million, are also expected to see flat price growth next year, despite declines in 2022. Overall, 61% of all markets included in the reports will continue to see prices rise. However, some noticeable price declines are expected across the country, with the Greater Toronto Area expected to see prices drop 3% in 2024 to $1.09 million, and average prices in Victoria, B.C., likely to slip 2% to $942,000. Kitchener-Waterloo, a region that saw an 8.4% price drop between 2022 and 2023, may see another 8% drop next year. North Bay, ON, a market that saw a 25% jump in prices last year, is expected to see no growth at all in 2024, according to Re/Max’s estimation.

Affordability challenges are expected to continue in the new year, with homebuyers struggling with high housing costs worsened throughout the pandemic and interest rate hikes. However, some would-be homeowners are turning to becoming landlords in order to overcome affordability hurdles, with the majority of regions surveyed noting that many homebuyers are looking for primary residential properties with rental potential to offset the rising cost of living and reduce mortgage payments. Re/Max expects this trend to continue into 2024. Despite weak price growth, 73% of Canadians still consider real estate to be the best investment they could make, according to a Leger survey commissioned by Re/Max. This sentiment was reinforced by a recent consumer survey by Mortgage Professionals Canada, which found nearly 80% of respondents continue to see real estate as a good long-term investment, despite the current market conditions.

While the market is anticipated to cool in the first half of 2024, Canadians’ perceptions of real estate as a good investment haven’t shifted since 2022, according to the Re/Max report.

Revealed: New Forecast by Re/Max on Canada Home Prices in 2024

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Discover Luxury Home Swap Holidays in Ireland

Learn about the benefits, tips, and popular destinations for luxury home swap holidays in Ireland. Find out how to have a successful swap!

Learn about the benefits, tips, and popular destinations for luxury home swap holidays in Ireland. Find out how to have a successful swap!

Read more

Spain and Portugal Lead Property Price Surges in Europe

New figures reveal significant increases in property prices in Spain and Portugal, making them top destinations for real estate investment in Europe.

New figures reveal significant increases in property prices in Spain and Portugal, making them top destinations for real estate investment in Europe.

Read more

Green Technology investment potentially raises property value by 15%

Explore the benefits of integrating green technology in your home to potentially raise property value by 15%. Invest in a sustainable future for your home.

Explore the benefits of integrating green technology in your home to potentially raise property value by 15%. Invest in a sustainable future for your home.

Read more

Homeowners Embrace Lodgers: 89% Increase in Spare Room Rentals

New data from SpareRoom reveals a significant surge in homeowners renting out spare rooms, with a 89% increase over the past three years. Average monthly rent for lodgers has also risen by 12% to £739.

New data from SpareRoom reveals a significant surge in homeowners renting out spare rooms, with a 89% increase over the past three years. Average monthly rent for lodgers has also risen by 12% to £739.

Read more

Luxury Homes for Sale in Vancouver, Canada | Real Estate Market Analysis

Explore the thriving real estate market in Vancouver, Canada, and discover the stunning luxury homes available in popular neighborhoods. Get tips for buying and selling luxury properties.

Explore the thriving real estate market in Vancouver, Canada, and discover the stunning luxury homes available in popular neighborhoods. Get tips for buying and selling luxury properties.

Read more

Vancouver Housing Market Predictions 2025 | Analysis & Insights

Explore the current state of the Vancouver housing market and gain valuable insights into its future trends and predictions for 2025. Understand the challenges and opportunities in this vibrant real estate market.

Explore the current state of the Vancouver housing market and gain valuable insights into its future trends and predictions for 2025. Understand the challenges and opportunities in this vibrant real estate market.

Read more

The Rising Trend of Older First-Time Homebuyers in Ireland

Explore the challenges and implications of the increasing median age of first-time homebuyer borrowers in Ireland, as revealed in a new report from the Banking & Payments Federation of Ireland.

Explore the challenges and implications of the increasing median age of first-time homebuyer borrowers in Ireland, as revealed in a new report from the Banking & Payments Federation of Ireland.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.