The Canadian housing market is always a hot topic, and 2024 is no exception. After years of fluctuating interest rates, record-breaking highs, and affordability debates, what’s next for buyers, sellers, and investors?

🏡 Interest Rates: A Balancing Act
After aggressive rate hikes in 2022 and 2023, the Bank of Canada has started to ease rates, bringing some relief to buyers. The current overnight rate sits at 5%, with predictions of slight reductions by mid-2024 (TD Economics). This has encouraged cautious optimism, especially in major cities like Toronto and Vancouver, where buyer activity is slowly rebounding.

📈 Price Trends Across the Country
While cities like Vancouver and Toronto remain high-priced markets, secondary cities such as Halifax, Calgary, and Ottawa are seeing increased demand due to relative affordability. The national average home price in Canada sits at $680,686 (Canadian Real Estate Association), though regional disparities remain significant.

💡 What This Means for Buyers & Sellers:

• Buyers: Look for price softening in suburban areas and mid-sized cities.
• Sellers: In high-demand markets, pricing competitively is key.
• Investors: Watch emerging markets in Atlantic Canada and parts of Alberta.

Expert Insight:
“We’re entering a more balanced market — not a buyer’s or seller’s market, but something in between,” says Phil Soper, CEO of Royal LePage.