Interest rates are expected to continue to be the major factor affecting Canadian housing markets into 2024 and 2025, according to the latest quarterly forecast from the Canadian Real Estate Association (CREA). Image: CREA According to CREA, many Canadian housing markets have been quiet since the Bank of Canada’s summer rate hikes last year. CREA noted that interest rates have been the major factor affecting markets over the last few years, and this is expected to continue to be the case in 2024 and 2025. According to CREA, expectations around the timing of the first rate cut in 2024 seem to ..read more

According to Rentals.ca and Urbanation’s latest National Rent Report, average asking rents for all property types in Canada increased 8.8 per cent in March, reaching $2,181. The report noted that this indicates some moderation from the 10.5 per cent annual increase recorded in February. Rents saw a 0.6 per cent month-over-month decrease in March, which can be partly attributed to seasonal factors as well as a recent slowdown in rental demand in Canada’s most expensive markets, according to the report. Since March 2020, average asking rents in Canada have risen by a total of 21 per cent, which ..read more

A recent survey by Wahi revealed that 76 per cent of Canadians who have purchased a home since 2019 say they don’t regret the decision at all. “While some homeowners are undeniably facing challenges today, there are a variety of reasons for them to feel confident in their decisions,” said Wahi CEO Benjy Katchen. “Owning a home is deeply ingrained in the culture, as Canada’s homeownership rate sits at 66.5 per cent.” Wahi’s survey provides insights into where Canadians are happiest with their homebuying decisions, what is most likely to lead to any regrets that homebuyers do have, and more ..read more

BuildForce Canada released its residential employment outlook for 2024-2033 on April 11, which predicts that in order to reach the 5.8 million housing starts over the next 10 years needed to address housing affordability, Canada’s residential construction workforce would need to grow to over 1,030,000 workers – a whopping 83 per cent above the status quo. “Reaching the Government of Canada’s target of 5.8 million new homes will require nearly doubling housing starts. While that increase in starts should have begun two years ago, the current economic challenges for prospective new home buyers ..read more

A west-end Toronto home for sale is shown in this July 15, 2023 file photo. THE CANADIAN PRESS/Graeme Roy The Toronto Regional Real Estate Board says Greater Toronto home sales in March were down 4.5 per cent from last year, but there was enough competition between buyers that the average home price rose moderately year-over-year. A total of 6,560 homes changed hands in the month compared with 6,868 last year. The board noted this year’s sales figures were down in part due to the statutory Good Friday holiday falling within March rather than April. On a seasonally adjusted mont ..read more

A “sold” sign is shown in a new housing development in Lasalle, a borough of Montreal, Monday, Feb. 19, 2024. The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 14.2 per cent in March compared with the same month last year. THE CANADIAN PRESS/Christinne Muschi The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 14.2 per cent in March compared with the same month last year. The association says home sales in the region totalled 4,488 for the month, up from 3,930 in March 2023. But it says this level of trans ..read more

British Columbia’s government is spearheading a new public development project on Vancouver Island oriented toward transit access. B.C. Premier David Eby speaks during an announcement in a greenhouse at Westcoast Vegetables in Delta, B.C., on Monday, March 18, 2024. THE CANADIAN PRESS/Darryl Dyck British Columbia’s government is spearheading a new public development project on Vancouver Island aimed at bringing more affordable homes closer to transit access. Premier David Eby says the province has purchased two parcels of land for the Uptown development in Saanich, B.C., through the $394-mill ..read more

RE/MAX Canada’s 2024 Spotlight on Luxury Report recently examined luxury home-buying activity in 10 markets across the country in the first two months of the year and found that almost all regions reported a strong start to the year despite a disconnect between buyers looking for deals and sellers’ price expectations. According to the report, ninety per cent of markets experienced an increase in high-end sales, with more than two-thirds recording double-digit growth. Saskatoon led the country in terms of percentage increases, with a 57 per cent increase in luxury home sales, followe ..read more

A rental sign is seen outside a building in Ottawa, Thursday, April 30, 2020. THE CANADIAN PRESS/Adrian Wyld Renting your home for life doesn’t have to spell financial sacrifice; it simply means directing your money elsewhere. Young people in today’s housing market can feel particularly hopeless, said Shelley Smith, an investment advisor at TD Wealth. Home prices are out of reach for many, and the higher cost of living makes saving for a down payment more difficult. “I don’t think it’s unusual for someone in their 20s to say, you know, ‘I don’t think I can own a home,’” she said. Even millenn ..read more

Left Facing For Rent Real Estate Sign In Front of House. A survey by Rentals.ca aims to gauge the pulse of the Canadian rental market and spans many topics, from the length of time potential renters spend searching for their next home to their satisfaction with landlords and the overall rental experience. More than 600 prospective renters were surveyed across Ontario, British Columbia and Alberta, and the findings shed light on the challenges, preferences, and aspirations of renters across Canada. “Hearing directly from renters is paramount in understanding the perception of the Canadian rent ..read more