{"id":23763,"date":"2024-04-29T11:11:00","date_gmt":"2024-04-29T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23763"},"modified":"2024-04-19T11:07:49","modified_gmt":"2024-04-19T18:07:49","slug":"canadians-are-finally-ready-to-return-to-the-spring-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/04\/canadians-are-finally-ready-to-return-to-the-spring-housing-market\/","title":{"rendered":"Canadians are Finally Ready to Return to The Spring Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian housing market remained essentially unchanged for March. However, zooming in on the last week of the month, there was a flurry of activity, indicating that Canadians are finally ready to buy and sell for spring.<\/p>\n<p style=\"text-align: justify;\">According to the March report from the Canadian Real Estate Association (CREA), national home sales rose 0.5% for the month. Meanwhile, the composite home pricing index nosed slightly to 0.3%.<\/p>\n<p style=\"text-align: justify;\">However, weekly tracking showed an increase in new supply around the second week of March, leading to more sales in the last week. There was also a jump in listings in the first week of April.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ll have to wait for the April data to really understand how buyers are responding to all these new properties for sale, but if you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting,\u201d said Shaun Cathcart, CREA\u2019s senior economist.<\/p>\n<p style=\"text-align: justify;\">\u201cWill the story be high interest rates keeping a lot of people on the sidelines this year, or the much expected and anticipated first rate cuts enticing a lot of people back into the market? Probably a bit of both.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>CREA\u2019s quarterly forecast suggests a rebound in residential sales<\/strong><\/p>\n<p style=\"text-align: justify;\">Based on the first interest rate cut coming in the second half of the year, CREA is forecasting that Canadians will return to the housing market in 2024.<\/p>\n<p style=\"text-align: justify;\">CREA predicts 492,083 residential properties will trade hands via Canadian MLS systems in 2024, a 10.5% increase from 2023.<\/p>\n<p style=\"text-align: justify;\">The national average home price is forecast to climb 4.9% to $710,468 in 2024.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, national home sales are predicted to jump another 7.8% to 530,494 units in 2025 as interest rates may decline and approach \u201cneutral\u201d levels.<\/p>\n<p style=\"text-align: justify;\">However, for those hoping that home prices will drop due to increased activity, prepare for disappointment. The national average home price is forecast to rise by 7% from 2024 to $760,120 in 2025.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/articles\/news\/creas-march-report-indications-of-spring-activity?edition=Canada\" target=\"_blank\" rel=\"noopener\">CREA&#8217;s March Report : Indications of Spring Activity<\/a> by Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian housing market remained essentially unchanged for March. However, zooming in on the last week of the month, there was a flurry of activity, indicating that Canadians are finally &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/04\/canadians-are-finally-ready-to-return-to-the-spring-housing-market\/\">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":[8,13],"tags":[],"class_list":["post-23763","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadians are Finally Ready to Return to The Spring Housing Market &#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\/2024\/04\/canadians-are-finally-ready-to-return-to-the-spring-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadians are Finally Ready to Return to The Spring Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian housing market remained essentially unchanged for March. 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