BC Housing and Mortgage Insights Newsletter October 15, 2024

Canada’s housing market is shifting, with rising home sales, new mortgage reforms, and falling interest rates shaping its outlook. Experts see signs of recovery but note challenges like high household debt and affordability issues in key regions. These changes could set the stage for a more balanced market in 2025.
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National home sales surge in October after previous month’s supply bump: CREA

Canadian home sales jumped 30% in October compared to last year, driven by rising inventory and lower interest rates. The Canadian Real Estate Association noted broad gains, particularly in Toronto and B.C., as buyers and sellers returned to the market. Experts suggest this may signal what’s ahead for 2025.

Bank of Canada expected to cut interest rates, will it spur B.C.’s real estate market?

With the Bank of Canada set to cut interest rates again, B.C.’s real estate market is showing signs of recovery. Experts say October saw a boost in home sales, and while rates may not drop much further, the market is expected to return to more typical activity levels next year.

The Effects of High Household Debt on the Canadian Housing Market's Recovery Post-2024

Canada’s housing market recovery post-2024 faces challenges from record-high household debt, despite falling interest rates. Rising delinquencies and constrained buyer power continue to weigh on demand. Experts predict a slow, regionally varied recovery, with affordability issues limiting significant price gains in key markets like Toronto and Vancouver.

Deputy Prime Minister highlights boldest mortgage reforms in decades to unlock homeownership for more Canadians

The federal government has introduced major mortgage reforms to improve homeownership access for Canadians. Key measures include increasing the insured mortgage price cap, extending 30-year amortizations for first-time buyers and new builds, and allowing refinancing for secondary suites. These changes aim to boost affordability and address Canada’s housing challenges.