Despite relative stability in prices on a national scale, on a regional basis, Ontario and western parts of Canada are set to see further drops.
Markets are benefiting as relatively affordable destinations for those priced out of Ontario and B.C.
Most housing markets in the country saw a pronounced slowdown starting in the spring of 2022 as the Bank of Canada raised interest rates.
Both buyers and sellers have been waiting on the sidelines to see where the Bank of Canada’s policy rate will land and how prices will react.
Buyers especially will feel more confident when they see the Bank of Canada either pause rate hikes or return to more normalized, quarter-percentage-point steps.
Buyers especially will feel more confident when they see the Bank of Canada either pause rate hikes or return to more normalized, quarter-percentage-point steps.
There’s “a lot less of a frenzy” now than even this past spring, with the ability to put conditions and take time to make decisions before leaping into the market.