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2024 Fall Market Outlook: What to Expect in the Housing Market This Season

Latest News Mark Goode 5 Sep

2024 Fall Market Outlook

 

The initial rate cuts by the Bank of Canada this summer didn’t drive housing activity as expected. However, with an additional 0.25% rate cut on September 4 and potentially more to come, these changes will continue to shape the housing market outlook.

We’re likely to see an increase in new listings as sellers who have been waiting on the sidelines start to enter the market, hoping that lower mortgage rates will attract more buyers.

While the current rate of 4.25% might not significantly improve home affordability just yet, it offers a ray of hope for potential buyers as interest rates continue to decline.

Even with a slight cooling, Canadian home prices remain some of the highest among major global economies like Japan, France, Germany, Italy, and the UK. These high prices have prompted many potential first-time buyers to step back for now. Other factors, such as higher property taxes, increased qualifying stress-test rates, and ongoing mortgage renewals, will also play a role in the success of the fall market.

Adding to the mix is a surge in demand driven by immigration—Canada saw a 46% increase in new residents in 2023 alone. As rates continue to drop, the hope is that prices will stabilize with more supply meeting rising demand.

If you’re thinking about buying, selling, or just have questions about the market, our mortgage professionals at Mortgage Man DLC are here to help you prepare for your next move. Give us a call at 705.326.8523—let’s find the right mortgage solution for you! Ready to get pre-approved? Fill out this simple step-by-step online application today to get the ball rolling.

 

Source: DLC Marketing Team