As we move into Fall 2024, Canada’s real estate market continues to show resilience despite lingering challenges. While interest rates remain high compared to previous years, there’s a growing sense that rates may stabilize or even drop slightly. This could bring more potential buyers back into the market after many adopted a "wait and see" approach during 2023. Major cities like Toronto and Vancouver are expected to see moderate price increases, while smaller regions that experienced a boom during the pandemic might see some cooling off.

A key driver of housing demand in 2024 is Canada’s record immigration levels. With immigration playing a central role in population growth, the housing market is seeing increased demand, particularly in larger cities. However, this has exacerbated the ongoing housing shortage, pushing prices higher and putting pressure on the rental market. Supply challenges remain a concern, especially in urban areas where construction has not kept pace with demand.

Looking forward, the rental sector is expected to remain tight due to high ownership costs, leading to higher rents and lower vacancy rates. Policymakers are being urged to address these supply issues, with potential reforms such as loosening zoning restrictions to encourage more diverse housing developments.

If you're thinking of entering the market this fall, now could be the time to explore your options before prices rise further. Contact me today for personalized advice and insights to help you navigate this dynamic market!

🌐 Source:  CMHC.ca