Canada’s housing market has been pretty quiet over the last several months, thanks to high prices and interest rates. As shared by BNN Bloomberg, Re/Max Canada’s president, Christopher Alexander, believes this will continue until 2024, with some markets performing better or worse than others, but most staying the course.

2024 thoughts uncertain with many interest rate changes

In the article, Alexander shares that it’s tough to predict what next year will bring since the Bank of Canada has surprised us over the past year and a half. That said, if rate hikes stop – as they did at least for now – the market could pick up in 2024.

Always demand for homeownership

Whatever happens, though, home ownership demand will always be there. And, for most Canadian households, he notes, the dream is a detached property. Most condominium units in larger cities are simply too small for young families.

Condominium construction continues with slow approvals

That aside, the Re/Max executive shares that many Canadian developers are still building many small units – largely because approvals for their more spacious counterparts can take a while, and these units aren’t often economically viable.

The article notes Alexander’s take on Canada’s approval processes – they’re some of the slowest of the G20 nations, and he feels we can find a better way.

Alberta and the Atlantic markets shine

He also points out the boom in Atlantic provinces and Alberta, as many buyers have broadened their search to more affordable markets. Calgary in particular has beat the odds, attracting buyers from more expensive regions.