The Canadian housing market remains in a holding pattern after the Bank of Canada's third interest rate cut of the year.
In September 2024, national home sales increased slightly by 1.9%, reaching the highest level since July 2023. Major markets like the Greater Toronto Area, Vancouver, and Montreal led the way.
While home sales have now risen three months in a row after rate cuts, the gains haven't been huge. Some buyers may be waiting for further rate reductions before making a move, which could lead to a bigger rebound in 2025.
New listings rose by 4.9% in September, with 185,427 properties on the market—up 16.8% from last year but still below historical averages. The national sales-to-new listings ratio eased to 51.3%, indicating balanced market conditions.
While home sales have now risen three months in a row after rate cuts, the gains haven't been huge. Some buyers may be waiting for further rate reductions before making a move, which could lead to a bigger rebound in 2025.
New listings rose by 4.9% in September, with 185,427 properties on the market—up 16.8% from last year but still below historical averages. The national sales-to-new listings ratio eased to 51.3%, indicating balanced market conditions.
Home prices remained mostly flat, with the National Composite Home Price Index edging up by just 0.1% from August to September. Prices are still 3.3% lower than a year ago, but the decline is shrinking as we head toward the end of 2024.
With more rate cuts expected and new supply on the market, we could see stronger home sales in the spring of 2025
With more rate cuts expected and new supply on the market, we could see stronger home sales in the spring of 2025
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415
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