{"id":23036,"date":"2023-12-18T10:10:00","date_gmt":"2023-12-18T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23036"},"modified":"2023-12-17T13:12:15","modified_gmt":"2023-12-17T21:12:15","slug":"cautiously-optimistic-housing-market-moving-into-2024","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/12\/cautiously-optimistic-housing-market-moving-into-2024\/","title":{"rendered":"Cautiously Optimistic Housing Market Moving Into 2024"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite an unpredictable year for Canada\u2019s housing market, the RE\/MAX housing market outlook for 2024 predicts positive, albiet cautious news for Canadian homebuyers.<\/p>\n<p style=\"text-align: justify;\">According to the report, consumer sentiment towards Canadian real estate remains strong \u2013 with 73% of survey respondents saying they believe homeownership is the best investment, and nearly half saying they believe Canada is the best place to own a home.<\/p>\n<p style=\"text-align: justify;\">Looking forward to 2024, RE\/MAX says that 59% of Canadian housing markets can expect increased unit sales, and the median price of a home will rise 0.5% on average.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s been a challenging year for Canadian homebuyers and sellers, who have been feeling the effects of a severe housing shortage and the high cost of living,\u201d Christopher Alexander, president of RE\/MAX Canada, said. \u201cBut much like Canada\u2019s housing market, Canadians have stayed resilient. Historically, real estate has given owners excellent returns and strong financial security \u2013 and that hasn\u2019t changed.\u201d<br \/>\nHowever, after a year marked by affordability challenges, dwindling inventory and interest rate hikes, the consumer confidence that\u2019s expected to boost market activity next year doesn\u2019t come without a healthy dose of caution.<\/p>\n<p style=\"text-align: justify;\">Per RE\/MAX data, more than half (54%) of Canadians are concerned that interest rate hikes will hurt their chances of buying a home.<\/p>\n<p style=\"text-align: justify;\">While affordability and availability remain challenging for buyers, location presents another challenge. 41% of survey respondents believe that climate change will impact their decision on where to purchase a home in 2024, and 21% are considering inter-provincial\/city moves in search of homes they can afford.<\/p>\n<p style=\"text-align: justify;\">While over half of Canada\u2019s markets are expected to see increased activity next year, regional market conditions will vary. Here\u2019s what RE\/MAX predicts for some of Canada\u2019s largest local markets :<\/p>\n<p style=\"text-align: justify;\"><strong>Balanced Markets<\/strong><br \/>\n\u2022 Greater Toronto Area ON<br \/>\n\u2022 Vancouver BC<br \/>\n\u2022 Hamilton ON<br \/>\n\u2022 St. John\u2019s NS<br \/>\n\u2022 Burlington ON<br \/>\n\u2022 Regina SK<br \/>\n\u2022 Ottawa ON<br \/>\n\u2022 Quebec City QC<br \/>\n\u2022 Winnipeg MB<br \/>\n\u2022 London, ON<br \/>\n\u2022 Muskoka ON<\/p>\n<p style=\"text-align: justify;\"><strong>Buyer\u2019s Markets<\/strong><br \/>\n\u2022 Victoria BC<br \/>\n\u2022 Niagara ON<br \/>\n\u2022 Durham Region ON<br \/>\n\u2022 Nanaimo BC<br \/>\n\u2022 Kitchener-Waterloo ON<\/p>\n<p style=\"text-align: justify;\"><strong>Seller\u2019s Markets<\/strong><br \/>\n\u2022 Edmonton AB<br \/>\n\u2022 Oakville ON<br \/>\n\u2022 Saint John NB<br \/>\n\u2022 Thunder Bay ON<br \/>\n\u2022 Halifax NS<br \/>\n\u2022 York Region ON<br \/>\n\u2022 Fredericton NB<br \/>\n\u2022 Saskatoon SK<br \/>\n\u2022 Sudbury ON<br \/>\n\u2022 Moncton NB<br \/>\n\u2022 Windsor ON<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/articles\/uncategorized\/remax-2024-market-predictions\" target=\"_blank\" rel=\"noopener\">RE\/MAX : Consumer Sentiment Cautiously Optimistic Moving Into 2024<\/a> by Cassie Apperloo | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite an unpredictable year for Canada\u2019s housing market, the RE\/MAX housing market outlook for 2024 predicts positive, albiet cautious news for Canadian homebuyers. According to the report, consumer sentiment towards &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/cautiously-optimistic-housing-market-moving-into-2024\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-23036","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cautiously Optimistic Housing Market Moving Into 2024 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/12\/cautiously-optimistic-housing-market-moving-into-2024\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cautiously Optimistic Housing Market Moving Into 2024 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Despite an unpredictable year for Canada\u2019s housing market, the RE\/MAX housing market outlook for 2024 predicts positive, albiet cautious news for Canadian homebuyers. 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