Good morning,

As we wrap up 2024, we reflect on a year of significant changes and developments in the Canadian real estate market. Our newsletter aims to provide you with a comprehensive overview of the key trends, statistics, and insights that have shaped this year's housing landscape.

In Today’s Newsletter

1️⃣ 2024 Market Wrap Up
2️⃣ Key Statistics and Trends
3️⃣ Legislative Changes Impacting Real Estate
4️⃣ Looking Ahead: 2025 Predictions

🏠 2024 Market Overview

The Canadian real estate market has experienced a rollercoaster and has been a dynamic landscape throughout 2024, marked by:

• Fluctuating Interest Rates: Multiple rate cuts brought relief to borrowers, yet affordability challenges persist in major urban centers.

• Evolving Buyer Preferences: Demand for energy-efficient homes and larger spaces continues to grow, especially in suburban and rural markets.

• Policy Interventions: Legislative changes aimed at improving affordability and increasing housing supply set the stage for a more balanced market in the years ahead.

Despite obstacles such as high prices and limited inventory in key regions, the overall market sentiment shifted toward recovery as the year comes to a close.

📊 Key Statistics and Trends

1️⃣ Home Sales:

• November 2024 saw 44,590 sales, a 27% year-over-year increase, marking the highest monthly sales since April 2022 (WOWA.ca).

• Total transactions for 2024 are projected at 468,900, a 5.2% rise from 2023 (CTV News).

2️⃣ Average Home Prices:

• Nationally, prices rose by an average of 0.5%, with significant increases in Alberta (11.3%), Manitoba (14.0%), and Nova Scotia (8.4%) (RE/MAX Blog).

3️⃣ Inventory Levels:

• Active listings increased by 8.9% year-over-year in November, offering slight relief to inventory constraints (WOWA.ca).

📜 Legislative Changes Impacting Real Estate

Several important legislative changes took effect in December 2024 that will influence the housing market moving forward:

1️⃣ New Mortgage Rules:

• 30-Year Amortizations are now available for first-time homebuyers and new-build purchasers, reducing monthly payment burdens (Canada.ca).

2️⃣ Government Housing Initiatives:

• The federal budget includes plans to construct 3.87 million homes by 2032 to combat the housing shortage (Applaud Public Service).

• Home Buyers’ Plan enhancements allow RRSP withdrawals up to $60,000 for home purchases (TD Stories).