With all of the housing market challenges and financial strains on people these days — including a housing shortage and persistently high interest rates — you might be surprised that the outlook on home ownership of many Canadians is actually positive, according to a report from Re/Max Canada.
In fact, the report shows that 73 per cent of Canadians are still confident in home ownership being the best investment. This is what last year showed, too.
Re/Max brokers and agents expect the market to be slightly more active next year, with national average residential sale prices likely to go up by 0.5 per cent. As well, 61 per cent of regions surveyed expect 2024 unit sales to increase by 2 to 7.5 per cent. 18 per cent of markets analyzed anticipate a decrease of 2 to 5 per cent and 18 per cent expect to stay the same next year.
“It’s 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, but much like Canada’s housing market, Canadians have stayed resilient. Historically, real estate has given owners excellent returns and strong financial security – and that hasn’t changed,” says Re/Max Canada president, Christopher Alexander.
“The slower market we’ve been experiencing across the country this fall could be an early indicator of an active 2024, as reflected in the modest price increase and sales outlook for next year, and the balancing of conditions in several regions across the country.”
Source: Re/Max Canada
Diversity in new housing: Important
A Leger survey commissioned as part of the report says that the majority of Canadians (72 per cent) believe that as each government level plans to increase housing supply, it’s important that they consider the diversity of the new housing being developed.
Trends
Forty-one per cent of Canadians believe climate change will impact their decision on where to buy a home next year, and 21 per cent are looking into alternative home ownership or moving provinces or cities for better affordability in a neighbourhood they love.
42 per cent expect housing conditions to balance out, while 29 per cent expect them to favour sellers, 21 per cent to favour buyers and 4 per cent to see mixed conditions.
Review the full report, including regional highlights, here.
