The Canadian real estate market, after a slow start in 2023, has bounced back in 2024 with increased buyer activity. Experts predict continued growth in 2025 driven by lower borrowing costs and favorable market conditions.
As Canadian real estate watchers predicted, a sluggish 2023 gave way to a rebound in 2024. However, the lag lasted longer than expected, with the Bank of Canada's first interest rate cut of the year coming in June. While buyers returned to the market this fall, experts noted the initial rate cuts weren't enough to fully entice everyone back.
Now, heading into 2025, economists and real estate agents anticipate continued strong activity fueled by lower borrowing costs and favorable buyer rules, despite ongoing affordability challenges. The Canadian Real Estate Association reported that November home sales surged 26% year-over-year, marking the second consecutive month of such gains. Cumulative home sales for the first eleven months of 2024 rose 6.9% compared to 2023. Re/Max Canada president Christopher Alexander predicts a robust 2025 with increased activity and consumer confidence, especially with anticipated further rate decreases. The Bank of Canada recently lowered its policy rate by half a percentage point to 3.25%, signaling a more gradual approach to future cuts. Alexander highlights that high interest rates (five percent before the cutting cycle) posed a significant barrier for potential buyers
REAL ESTATE MARKET HOME SALES INTEREST RATES AFFORDABILITY ECONOMIC GROWTH
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