2024 Housing Market Outlook

The 2024 Housing Market Outlook Report by RE/MAX Canada reveals a positive outlook on home ownership in Canada, with 73% considering it the best long-term investment. Despite challenges in 2023, including a housing shortage and interest rate uncertainties, Canadians’ confidence in real estate remains unchanged. In 2024, national average residential sale prices are expected to increase by 0.5%, and 61% of regions anticipate a rise in unit sales.

Ontario’s housing market shows mixed trends in average residential prices, with increases projected in various regions, such as Thunder Bay, Ottawa, Hamilton, Niagara, and York Region. However, some areas, including Mississauga, Brampton, North Bay, and Kenora, are expected to see unchanged prices. Peterborough and the Greater Toronto Area (GTA) anticipate a slight decline, while Durham Region and Grand Bend project a 5% decrease.

Market conditions in 2023 have varied in Ontario, with some regions favouring sellers, others experiencing balanced conditions, and the majority being buyers’ markets. Looking ahead, several regions, including Mississauga and Brampton, are likely to balance out, with the GTA expected to gain balance in 2024, occasionally favouring buyers.

Cost of living and interest rates are significant factors affecting Ontario’s housing market, leading many Canadians to focus on properties that can accommodate additional tenants to offset costs. Emerging liveability trends include a desire for better access to public transportation, green space, and proximity to preferred schools.