Real estate experts say the latest interest rate cut from the Bank of Canada will spur activity in the new year, leading to markets heating up in the winter months.

The Bank of Canada moved to lower its key policy rate Wednesday by 50 basis points to 3.25%. The move marked the fifth consecutive rate cut since June, while the central bank signalled a slower pace of rate cuts moving forward. Victor Tran, a mortgage and real estate expert with RATESDOTCA, said in a statement to BNNBloomberg.ca Wednesday that there has already been a steady increase in home sales activity over the past month,...

Ontario MLS® home sales surge in October

Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 15,893 units in October 2024. This was a substantial increase of 36.7% from October 2023.

Home sales were 8.6% below the five-year average and 11.7% below the 10-year average for the month of October.

On a year-to-date basis, home sales totalled 147,074 units over the first 10 months of the year. This was a small gain of 1.7% from the same period in 2023.

Nationally, home sales activity posted a substantial increase of 30% from year-ago levels in...

News release - Minister of Finance

September 16, 2024 - Ottawa, Ontario - Department of Finance Canada

Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, new mortgage rules came into effect on August 1, 2024, allowing 30 year insured mortgage amortizations for first-time homebuyers purchasing new builds.

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a...

July Housing Market Report

Ottawa, ON August 15, 2024 - While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market took a pause in July.

Home sales activity recorded over Canadian MLS® Systems edged back by 0.7% on a month-over-month basis in July 2024, giving back a small portion of June’s post-first rate cut gain. (Chart A)

“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with...

Strengthening Demand and Lack of Housing Supply Pushes Up Prices in the GTA 

The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.

“Despite the fact that we have seen positive policy...

Canadian home sales up 11.3% from March to April

The year-over-year sales decline was markedly smaller than the drops reported in recent months.

National home sales jumped by 11.3% between March and April as the real estate market picked up again, but supply remained at a 20 year-low, the Canadian Real Estate Association said Monday.

Seasonally adjusted sales for the month totalled 38,164 compared with 34,277 in March.

Market Trends

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According to Realtor.ca, 2023 could return a busy real estate market. And if the multiple offers returning this past month are any indication, they may be right!

"Before we could even roll out the red carpet for spring, the latest housing data is suggesting Canada’s real estate markets could be in for a busy season.

Demographic trends provide a floor to housing correction: RBC

Immigration and smaller households should boost demand and prevent a market spiral, a report says

By: Mark Burgess August 17, 2022

Rising interest rates are contributing to a steep correction in Canada’s housing market, but demographic trends will likely prevent a prolonged spiral, RBC says.

Canada Home Price Index Posts Record Growth in April

Reporting by Julie Gordon in Ottawa; Editing by Chizu Nomiyama - Teranet - 05/18/2022

OTTAWA (Reuters) - Canadian home price growth accelerated again in April, with annual price gains breaking the record set last year, index data showed on Wednesday.

The National Bank Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, rose 2.7% in April, up from a 2.1% gain in March. The data is not seasonally adjusted.

2021 earned the title “the hottest year in Canadian real estate history,” for some. Let's hear what some say is in store for the coming year. 
In a new report, online realtor Zoocasa makes five market predictions after an extraordinary year that will be remembered for record-breaking sales and price gains of over 20%.