Based on the Market Watch report for January 2024, the Toronto Regional Real Estate Board (TRREB) highlights a positive start with an increase in home sales and new listings compared to the previous year.
The expectation of lower interest rates could further boost buyer confidence, particularly benefiting first-time homebuyers with the potential for more affordable homeownership options.
The market conditions are tightening, suggesting a possible upward pressure on selling prices as demand increases and listing supply remains constrained. However, there are still challenges, such as the need for more housing and adjustments to mortgage stress tests and property taxes, to support homebuyers and the rental market effectively.
The RBC report on Canada’s housing market for 2024 suggests a year of two halves, with the first half seeing slow activity and softer prices due to high-interest rates. However, a pivot to rate cuts mid-year is expected to stimulate the market, particularly in the second half, despite affordability issues limiting a rapid recovery.
The report projects a 9.2% increase in home resales, with significant regional variations across the country. For more detailed insights, visit RBC’s Thought Leadership page on the topic: