Canadians’ outlook on home ownership remains positive, according to the RE/MAX 2024 Housing Market Outlook Report, despite challenging market conditions in 2023, including a persistent housing shortage, and a tricky interest rate environment. According to the report, the majority of Canadians (73 per cent) are confident that home ownership is the best investment, a sentiment that remains unchanged year-over-year.

National Market Outlook

  • 2024 Price Outlook: The national average residential price is expected to rise slightly in 2024, by 0.5%.
  • 2024 Sales Outlook: 59% of Canadians housing markets surveyed are anticipating unit sales to increase in 2024.
  • 2024 Market Type: 41% are expected to regain balance; 28% to favour sellers; 21% to favour buyers; and 4% to experience mixed conditions.

Consumer Insights

According to a Leger survey commissioned by RE/MAX Canada as part of the report, the majority of Canadians (72 per cent) believe that as municipal, provincial and federal governments make plans to increase housing supply, it’s important that they consider the diversity of the new housing that’s developed. Explore the interactive report on remax.ca to learn more and share the national social graphics and reels to help keep your network informed on market trends.

Regional Highlights

Based on RE/MAX brokers and agents year-over-year analysis of their local Canadian markets between Jan. 1 and Oct. 31, the majority of regions surveyed noted many homebuyers are looking for primary residential properties with rental potential, to get the most out of their investment and offset the rising cost of living and reduce mortgage payments. This is likely to be a leading influential factor in 2024. Gain insights on what to expect in your housing market by viewing the interactive report on remax.ca and clicking your region’s tile.