The Canadian real estate market showed signs of life in October 2024, with a 30% increase in home sales compared to last year. This surge occurred despite the declining interest rates, a strategy by the Bank of Canada, which has reduced its key rate several times since June. With the recent half-point reduction on October 23, the central bank has managed to restore buyer confidence.
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Although sales increased significantly in October, experts like Shaun Cathcart, senior economist at CREA, point out that this surge does not indicate an explosive recovery like the one experienced during the pandemic. Sales have risen due to new properties on the market, particularly after a 4.8% increase in new homes available in September, improving options for buyers.
The market remains limited in terms of supply, with a 3.5% drop in new properties in October. However, seller confidence has risen, suggesting that prices are likely to continue climbing as more people are encouraged to list their properties for sale.
While buying and selling activity is rising, economists argue that the Canadian real estate market is gradually stabilizing, with no major fluctuations like those seen in recent years. The outlook for the near future points to a market with more property selection and lower mortgage rates, which could allow for a more solid recovery in the coming months.
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