The Canadian real estate market has experienced a slowdown in the past six months due to high-interest rates, prompting many homebuyers and sellers to delay plans. Royal LePage’s House Price Survey for Q4 2023 reveals a 4.3% year-over-year increase in the national aggregate home price, but a 1.7% quarter-over-quarter decrease, reflecting the impact of elevated borrowing costs. Anticipation of a Bank of Canada rate cut and increased consumer confidence is expected to revive the market in the upcoming spring. Royal LePage projects a 5.5% increase in the aggregate home price in Q4 2024. The Bank of Canada has kept its key lending rate at 5.0%, signaling potential future cuts. Challenges lie in balancing rate reduction without causing excessive spending and inflation. Regional highlights include year-over-year price gains in Toronto, Montreal, and Vancouver, while Calgary recorded the highest appreciation. With 2.2 million mortgages set to renew in the next two years, the majority at higher interest rates, potential impacts on homeowners and the housing market are anticipated.

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