Fall 2024 Canadian Real Estate Market Update

As we move into Fall 2024, the Canadian housing market is cooling, with 60% of regions expected to remain balanced. According to RE/MAX, while rising interest rates challenge affordability, especially for first-time buyers, 73% of Canadians still believe in homeownership as a solid investment. Regions like Atlantic Canada show potential price growth, while Ontario and Western Canada may see modest declines.

In Ontario, the market is feeling the impact of higher borrowing costs. Regions such as Toronto, Burlington, Hamilton, and Mississauga show mixed results:

• Toronto: Price rose 0.5% to $1,115,799. Sales decreased by 5.4%, with listings up 25.2%.
• Burlington: Price increased 3.2% to $1,131,868. Sales fell 8.8%, with listings up 11.2%.
• Hamilton: Price rose 0.2% to $801,335. Sales dipped 1.3%, with listings up 12.2%.
• Mississauga: Price declined slightly by 0.4% to $1,070,943. Sales grew by 14.8%, with listings up 20%.

These stats reflect a cautious but stable market, with some regions experiencing price resilience despite ongoing challenges.

For more details, visit the full RE/MAX report.