Canadian Housing Market Trends Winter Stability and Spring Expectations
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In December 2024, the Canadian housing market exhibited signs of stabilization. Inventory levels, while still tight, showed improvement, and home prices began to stabilize. The balance between buyers and sellers remained steady, suggesting a market in transition. Despite these positive indicators, the market's future trajectory remains uncertain, with questions about whether the upcoming spring season will bring relief to buyers or initiate another cycle of rising prices.
October 2024 marked a significant uptick in the Canadian real estate market, with home sales activity reaching its highest level since April 2022. A 7.7% month-over-month increase in home sales indicated a resurgence in demand. This surge was accompanied by a notable rise in new listings, suggesting a balanced growth in both supply and demand. However, buyers faced increased competition, potentially affecting affordability, while sellers found opportunities in the heightened market activity.
In the Greater Toronto Area (GTA), November 2024 saw a 40.1% year-over-year increase in home sales, reflecting renewed buyer interest. Despite this surge, pricing trends remained uneven across different property types and regions. The average home price in the GTA rose by 2.6% year-over-year, indicating modest growth. Both buyers and sellers adopted a more deliberate approach, with properties spending more time on the market, signaling a shift towards a more stable and balanced market environment.
Read the full article on: REAL ESTATE MAGAZINE
