The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026.
The Canadian Real Estate Association says February home sales jumped 19.7 per cent compared with a year ago in what could mark the "last relatively uneventful month of the year."
January marked the second straight month of higher home sales in Canada, which are now up 22% from a year ago.
While stability is expected to return to the country's housing market this year as interest rates ease, homeowners shouldn't expect a return to the "rollicking" price gains of previous years.
Canadian existing home sales reached their lowest level in 15 years in 2023, although the year did end on a high note with a December "bounce" in activity.
2023 was a year that tested the resilience of Canadian mortgage holders. And as we look forward, there's optimism that 2024 will be the year of rate relief.
Both home prices and sales continued to trend downward in November as high interest rates continue to keep many prospective buyers on the sidelines.
While spending by newcomers to Canada is having a negligible impact on headline inflation, it is contributing to elevated housing and rent prices, the Bank of Canada says.
Home price growth across Canada is expected to remain sluggish in 2024, while the country's largest housing market—Toronto—is expected to see prices fall, according to a new forecast released today by Re/Max.
Average resale home prices continued to climb in May, marking the fourth consecutive monthly increase, the Canadian Real Estate Association reported today.