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As we look ahead to 2024, the Canadian housing market reflects a complex yet hopeful picture. According to a recent Leger survey commissioned by RE/MAX Canada, a substantial 72% of Canadians emphasize the need for diversity in new housing developments planned by governments.
This perspective underlines a growing awareness of the varied needs of different communities across the country.
The same survey indicates that climate change considerations will significantly influence the home-buying decisions of 41% of Canadians in 2024. Meanwhile, 21% are exploring alternative home ownership models, and 17% are considering inter-provincial or city moves in pursuit of affordability.
These trends suggest a shift in priorities, with environmental factors and cost-effectiveness becoming key determinants in home-buying decisions.
Despite an anticipated cooling in the market during the first half of 2024, Canadians’ faith in real estate as a sound investment remains strong, with 73% viewing home ownership as the best investment – a sentiment consistent with last year’s findings. However, over half (54%) express concern over interest rate hikes impacting their market participation, particularly affecting millennials.
The Leger survey reveals that 61% of Canadians own their homes, with 27% residing in their first purchased home.
This statistic reflects a substantial homeowner base, underscoring the importance of real estate in Canadians' lives.
In Eastern Ontario, price changes are expected to vary. Kingston, for example, is forecasted to see a 4.5% increase in average residential prices. In contrast, regions like Peterborough and the Greater Toronto Area may experience a slight decline.
The market’s diverse conditions highlight the importance of understanding localized trends for both buyers and sellers.
The survey also highlights that 59% of Canadians feel confident that working with a professional real estate agent adds value to the process. Moreover, 47% of Canadians believe Canada is one of the best countries for purchasing or owning real estate, showcasing a strong national pride in the housing market.
As we approach 2024, understanding these nuanced trends and market sentiments is crucial. Whether you’re navigating the Eastern Ontario market or looking elsewhere in Canada, aligning with an experienced real estate professional like Adam Candon can provide invaluable guidance.
Stay informed and make confident decisions in your real estate journey.
Review the full report here: https://blog.remax.ca/canadian-housing-market-outlook/
