The Canadian real estate market experienced a significant surge in sales during October 2024, marking a positive turnaround for the real estate market housing sector. Toronto Regional Real Estate Board (TRREB) has reported a whopping 44% jump in home sales compared October 2023. This change in demand amidst back to back interest rate cuts by Bank of Canada providing an optimistic outlook for builders and real estate investors alike.
While it is too early to say this trend would continue going into 2025 or in 2025, experts have mixed feelings about the change. This upward trend was driven by a combination of factors, including low interest rates, strong economic growth, and continued high demand for housing due to high levels of immigration in prior years.
Luxury properties across Canada also saw a significant increase in sales. Notably, Montreal saw a record breaking 83% surge for $1 million-plus residential properties. Calgary saw a 31% in Q3 of 2024 in $1 million-plus category.