In 2024, Canada’s housing market faced a bumpy journey. Early in the year, rising mortgage rates and limited supply put many buyers in a tight spot, testing the market’s resilience. But by December, easing rates and more flexible mortgage rules, especially in Vancouver, began to brighten the outlook. Experts hinted at a potential upswing by spring, balancing earlier financial stress with a ray of optimism for future buyers. It was a year of challenges that slowly gave way to cautious hope as the market found its footing again.
This month, Canada's housing market faced growing challenges as rising mortgage rates strained affordability and sidelined many homebuyers. Investor trends added to the pressure, hinting at prolonged market difficulties ahead. The tough financial climate has left consumers navigating a financially restrictive landscape with noticeable market shifts throughout November.
In December 2024, Canada's housing market showed renewed momentum. Vancouver led with strong sales, and easing rates combined with flexible mortgage rules boosted buyer confidence. Experts hint at a spring upswing even as affordability and supply issues persist, creating a climate of cautious optimism and emerging opportunities across regions.