The fall season has been unusually busy for Canada’s housing market, with some regions seeing extraordinary activity continuing into December, sparking optimism for 2025.
This optimism is fueled by various federal policy decisions that are expected to further boost the market in the coming year. These decisions include the ongoing easing of interest rates by the Bank of Canada and significant mortgage reforms by the federal government to facilitate home purchases.
Recent data from the Canadian Real Estate Association shows a significant increase in overall MLS sales in November compared to the previous year, with notable spikes in Montreal, the Greater Toronto Area, and the Greater Vancouver Area.
Real estate professionals like Marc Lefrancois in Montreal are witnessing a resurgence in the market after a challenging period, with high sales volumes and increased buyer activity.
The current market is characterized by a strong demand from buyers, leading to rising prices due to limited supply. Sellers are also entering the market to capitalize on the demand and increasing prices.
Some regions are experiencing the busiest December in years, with real estate agents like Tim Hill and Randy Ryalls noting heightened activity and anticipation for a busy 2025.
“For the first time in a long time, at least in Greater Vancouver, we actually have probably a sufficient amount of inventory to not really get into a serious bottleneck.” – Randy Ryalls
Overall, the housing market in Canada is showing signs of strength and optimism for the year ahead.
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