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Canada’s ‘sluggish’ housing market could be recovering. Here’s why

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Canada GDP,Canada Housing Market,Housing Market

The aggregate price of a home in Canada, compared with this time last year, increased 1.6 per cent to $815,500 in the third quarter of 2024.

remains “sluggish,” but a rebound may have already begun thanks to three consecutive interest rate cuts, a new report by Royal LePage suggests.

Royal LePage forecasts that further interest rate cuts could mean an early spring housing market boost in Canada. “First-time buyers, who are more sensitive to interest rates, are adopting a wait-and-see attitude. With home prices essentially flat and interest rates steadily declining, they perceive no penalty in postponing their purchase.”

While retail sales rebounded in the third quarter, compared with the second quarter, the report said they are expected to be “very weak” in the fourth quarter as more firms report experiencing insufficient demand. This leaves the level of sales unchanged from one year ago, the report, published in the CFIB’s economic publication Main Street Quarterly, said.

 

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