{"id":25021,"date":"2024-12-30T11:11:18","date_gmt":"2024-12-30T19:11:18","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25021"},"modified":"2024-12-19T06:10:14","modified_gmt":"2024-12-19T14:10:14","slug":"a-sellers-market-with-the-national-average-residential-price-to-increase-by-5-in-2025","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/12\/a-sellers-market-with-the-national-average-residential-price-to-increase-by-5-in-2025\/","title":{"rendered":"A Seller&#8217;s Market with The National Average Residential Price to Increase by 5% in 2025"},"content":{"rendered":"<p style=\"text-align: justify;\">A few solid rate cuts from the Bank of Canada this year alleviated stress for aspiring homeowners and certain mortgage holders, but residential real estate is about to get even more expensive.<\/p>\n<p style=\"text-align: justify;\">On October 23, the central bank made a jumbo-sized cut, lowering the policy interest rate from 4.25% to 3.75%. Such a low has not been seen since December 2022.<\/p>\n<p style=\"text-align: justify;\">Higher interest rates helped bring home prices down for a while, and inversely, new cuts have encouraged a rebound in the housing market.<\/p>\n<p style=\"text-align: justify;\">Remax Canada published its Canadian Housing Market Outlook for 2025 on Tuesday.<\/p>\n<p style=\"text-align: justify;\">The real estate organization\u2019s experts forecast a seller\u2019s market next year, with the national average residential price likely to increase by 5%.<\/p>\n<p style=\"text-align: justify;\">Edmonton, AB, and Simcoe County, ON, are in the lead with an estimated 10% price increase. The Truro and Colchester region in Nova Scotia is just behind the two, with an 8% rise expected.<\/p>\n<p style=\"text-align: justify;\">Home sales could also rise by up to 25% in 33 of the 37 areas Remax studied.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver, BC, and Simcoe County, ON, will be seller\u2019s markets, with 20% and 25% bumps in home sales, respectively.<\/p>\n<p style=\"text-align: justify;\">Several other popular Ontario regions will also see significantly heightened sales, with Durham expecting a 15% bump \u2014 the second highest in the province \u2014 followed by Toronto (12.5%), London (10%), and Kingston (10%).<\/p>\n<p style=\"text-align: justify;\"><strong>Homeownership Largely \u201cOut of Reach\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">A seller-dominated real estate and housing market is cause for concern if you\u2019re looking to buy a home, but it should not necessarily squash your dreams. Lower interest rates are still a big plus.<\/p>\n<p style=\"text-align: justify;\">According to future price estimates, you\u2019ll still be able to buy a home under $400,000 in several regions, including Thunder Bay, Kenora, and Sault Ste Marie in Ontario, Regina, SK, Fredericton and Saint John, NB, all of Prince Edward Island, and St. Johns, NL.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile affordability challenges persist, the sequential interest rate cuts and changes to the mortgage stress test are a much-needed reprieve for those looking to get into the market,\u201d said Remax President Christopher Alexander.<\/p>\n<p style=\"text-align: justify;\">As of November 21, the Office of the Superintendent of Financial Institutions (OSFI) no longer requires federally regulated financial institutions to apply the minimum qualifying rate (MQR) when seeking a straight switch for uninsured mortgages.<\/p>\n<p style=\"text-align: justify;\">This announcement came just as the new loan-to-income (LTI) limits on uninsured mortgage portfolios were introduced.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile both measures are intended to reduce mortgage lending risks, the LTI limits are expected to contain overall residential mortgage credit risk to institutions,\u201d stated the OSFI.<\/p>\n<p style=\"text-align: justify;\">In September, the Department of Finance announced it would expand eligibility for 30-year mortgage amortizations to all first-time homebuyers and Canadians who purchase new builds. Starting December 15, 2024, first-time homebuyers and those buying new builds will be eligible for the 30-year mortgage loan.<\/p>\n<p style=\"text-align: justify;\">The Remax report highlighted that half of Canadians feel more optimistic about the housing market than last year. However, with 60% of Canadians owning their home, this is hardly surprising.<\/p>\n<p style=\"text-align: justify;\">28% of Canadians rent, and 8% don\u2019t own or rent.<\/p>\n<p style=\"text-align: justify;\">According to a recent Leger survey, 88% of renters say \u201cthe goal of owning a home in Canada has become out of reach.\u201d The same survey reports that 84% of Canadians say buying a home \u201cfeels like a luxury.\u201d<\/p>\n<p style=\"text-align: justify;\">Per Remax, 43% of Canadians feel homeownership remains out of reach, and 20% say they can \u201cno longer afford to own a home.\u201d<\/p>\n<p><a href=\"https:\/\/dailyhive.com\/vancouver\/real-estate-home-prices-increasing-canada-2025\" target=\"_blank\" rel=\"noopener\">Sellers Rejoice, Buyers Sweat : Homes will Become Pricier in Canada Next Year<\/a> by Imaan Sheikh | DH Urbanized<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A few solid rate cuts from the Bank of Canada this year alleviated stress for aspiring homeowners and certain mortgage holders, but residential real estate is about to get even &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/12\/a-sellers-market-with-the-national-average-residential-price-to-increase-by-5-in-2025\/\">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-25021","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>A Seller&#039;s Market with The National Average Residential Price to Increase by 5% in 2025 &#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\/12\/a-sellers-market-with-the-national-average-residential-price-to-increase-by-5-in-2025\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Seller&#039;s Market with The National Average Residential Price to Increase by 5% in 2025 &#8226; 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