Canadian home sellers are more optimistic about the spring market, with fewer listings being canceled—only 17.8% in December 2024, the lowest since May 2023. This optimism is partly fueled by recent rate decreases and the potential for a spring federal election, particularly in Ontario. While home sales were down 5.8% month-over-month, they rose 13% from last year, and national home prices saw a slight 0.3% increase. Regional differences exist, with Quebec and British Columbia seeing the most significant drops in canceled listings, while Nova Scotia had the lowest.
Despite this optimism, experts warn that the market won’t return to 2022’s highs. BMO economist Robert Kavcic forecasts modest price and sales increases, but believes it will take years—likely until 2029—for prices to reach those peak levels due to ongoing affordability issues and reduced investor activity.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
* Only when the buyer comes direct, otherwise the seller may choose to negotiate a commission with the buyer’s agent.
