The Canadian real estate market in 2024 was nothing short of dramatic, shaped by a mix of high housing costs, shifting policies, and evolving buyer behavior. Here's a closer look at the key trends that defined Canadian real estate last year. Cottage Owners Holding Steady: Despite affordability issues and tax changes, cottage owners largely chose to retain their properties, avoiding a flood of listings.
Boom in Multi-Family Rentals: Developers focused on purpose-built rentals to address housing shortages, making multi-family units the standout asset class of 2024.
Detached Homes Rebound: Experienced buyers and investors seized opportunities in softened detached housing markets, especially in Toronto and Vancouver.
Interest Rates Begin to Ease: Signs of interest rate cuts sparked optimism, with housing activity picking up in fall and prices expected to rise by year’s end.
Scarcity Driving Value: Single-detached homes in Toronto became rare and highly valued, buoyed by extensive pandemic-era renovations.
Condo Inventory Soars: Major cities saw double-digit growth in condo listings as sellers anticipated increased demand with easing interest rates.
Mortgage Stress Test Update: Changes to the Mortgage Stress Test offered relief to buyers, reducing barriers for homeowners renewing uninsured mortgages.
Rate Cuts Boost Sales: Jumbo rate cuts and policy shifts fueled a housing market rebound, setting the stage for price increases into 2025.