Will Canadian homes become affordable in 2024?

The 2024 Canadian Housing Market Outlook, presented by RE/MAX, provides an in-depth analysis of prevailing trends in the Canadian real estate landscape. This comprehensive report delves into the intricacies of both national and local buying/selling patterns, offering a roadmap for understanding the dynamic market conditions.

A cornerstone of this outlook is the Leger survey commissioned by RE/MAX. The results illuminate the unwavering belief among Canadians in real estate as a robust investment, standing at 73%. This section further underscores prevalent concerns, especially among 54% of respondents, regarding the potential impact of rising interest rates on their engagement in the real estate market.

As we step into 2024, there is a collective anticipation of a cooling real estate market in the first half of the year. This chapter elucidates the contributing factors, offering a panoramic view of the market dynamics set to influence the upcoming months.

Diving deeper into the Leger survey, we unravel the steadfast belief in homeownership as the premier investment choice, echoed by 73% of respondents. However, a nuanced analysis reveals that 54% harbor concerns, particularly among millennials, foreseeing challenges posed by potential interest rate increases.

The heartbeat of this outlook lies in RE/MAX’s 2024 Canadian Housing Market Outlook Report. This section serves as an introductory guide, shedding light on the methodologies employed to gather data and insights from the vast network of RE/MAX brokerages.

Navigating through the chapters, we uncover the intricate tapestry of regional perspectives. The overall outlook is finely woven, drawing from the collective data of all surveyed regions. This chapter unveils the weighting process, providing a nuanced understanding based on transaction volumes in each distinct region.