What even happened this year? 🤔👇

I know many people that tuned out in 2024 (for good reasons!).

So ICYMI, here’s a 2024 Canadian 🍁 Housing Market Year in Review:

➡️ Interest Rate Relief (FINALLY! 🙏)

After a tough couple years with sky-high rates, the Bank of Canada delivered much-needed relief by cutting rates 1.25% over the latter half of 2024. This has provided breathing room for homeowners and has boosted buyer confidence.

➡️ Home Prices Stabilized

While 2024 began with price declines in many regions, the second half saw stabilization (and even modest growth in some markets) thanks to rate cuts and strong demand. Expect this to continue into 2025.

➡️ Housing Shortages Persist

Despite efforts to accelerate construction, housing inventory remains tight in many cities. Government programs and new amortization rules (30 years for insured mortgages!) aimed to unlock more options for buyers but will take time for results.

➡️ Population Growth & Demand

Canada’s growing population, driven by high immigration levels, continued to fuel housing demand, particularly in urban centers like Toronto and Vancouver. This continues to put pressure on housing and rental prices.

As 2024 wraps up, it’s a good time to reflect and prepare for what’s next.

💭 What were your biggest takeaways from 2024?

Drop your thoughts below 👇 or send me a message 📩 — I’d love to hear your perspective!

Leanne Funston
The Place To Mortgage - Mortgage Alliance

📧 [email protected]
☎️ 250-320-5514
🖥 www.leannefunston.ca

Book a FREE Mortgage Consult 👇
📅 https://calendly.com/leannefunston

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