Canada's housing market heats up in some areas (Q1 2024)! Find hot & stable markets, avoid cooling ones. Research before you buy!
The Canadian housing market has entered a period of adjustment in Q1 2024. Gone are the days of double-digit price increases, replaced by a more balanced market with regional variations. So, where’s the action? Let’s dive into the hottest and not-so-hot real estate markets across Canada based on Q1 2024 data:
The Sizzlers:
- Prairies: Fueled by a strong resource sector and a relatively affordable housing market compared to other major cities, cities like Regina and Saskatoon are experiencing steady growth. According to the Regina Multiple Listing Service (RMLS), average detached home prices in Regina rose 4.5% year-over-year to $327,600 in Q1 2024 [Source: Regina MLS].
- Atlantic Canada: With a growing focus on remote work and a lower cost of living, cities like Halifax and Moncton are seeing increased interest. The Canadian Real Estate Association (CREA) forecasts sales activity in Atlantic Canada to rise by 8.7% in 2024 [Source: BCREA].
The Simmerers:
- Ontario (Excluding GTA): While the Greater Toronto Area (GTA) cooled down, other parts of Ontario are showing a more balanced market. Cities like Kitchener, Waterloo, and Guelph are attractive options for young professionals and families due to their proximity to the GTA and a more manageable housing market.
The Coolers:
- Greater Toronto Area (GTA): The once red-hot GTA market has experienced a significant slowdown in Q1 2024. The BCREA forecasts a sales decline of 3% for the GTA in 2024 [Source: BCREA]. Average detached home prices in the GTA have seen a slight dip compared to the peak in early 2023. However, the market remains stable with healthy inventory levels.
British Columbia: Similar to the GTA, major cities like Vancouver and Victoria saw a decrease in sales activity and price stabilization in Q1 2024. The BCREA forecasts a marginal price increase of 1% for Greater Vancouver in 2024 [Source: BCREA].
Remember, these are broad trends. Local markets can vary significantly.
Important Considerations:
- Interest Rates: The recent decline in fixed mortgage rates is expected to boost buyer activity in the coming quarters.
- Inventory Levels: A rise in new listings across Canada suggests a more balanced market moving forward.
- Local Market Dynamics: Always consider factors like job market growth and economic stability when evaluating a specific market.
Stay Informed:
- Research local market data from reputable sources like the Canadian Real Estate Association (CREA) or your local Multiple Listing Service (MLS).
- Consult with a local real estate professional for personalized advice.
The Canadian real estate market offers diverse opportunities in Q1 2024. By considering these trends and conducting thorough research, you can make informed decisions, whether you’re a buyer, seller, or simply curious about the market.
