Canada’s housing market is experiencing renewed momentum, thanks to a series of interest rate cuts by the Bank of Canada since June. Home resales jumped nearly 10% nationwide over October and November, with market conditions tightening and the MLS Home Price Index rising 0.6% last month. Although new listings have dipped recently, the overall supply has trended higher this year. Experts predict continued, measured growth in the market, with gradual price appreciation as affordability improves further in 2024.
For Buyers:
- Lower interest rates mean more affordable mortgage options, allowing you to stretch your buying power.
- With gradual price appreciation, purchasing now could help you build equity as home values increase over time.
For Sellers:
- Rising buyer demand and firmer market conditions give your property a better chance of selling quickly and at a favorable price.
- Listing your home while prices are gradually climbing allows you to take advantage of market momentum.