A coast-to-coast review of current housing trends
Mortgage Professionals Canada is pleased to provide a “Housing and Mortgage Market Review: Q2 2024”.
Download the full review here.
Mortgage Professionals Canada is delighted to announce our new collaboration with Oxford Economics in delivering our revamped Housing and Mortgage Market Review. This essential resource is designed to help you stay on top of the latest economic trends and forecasts, aiding you in strategic mortgage planning.
We invite you to dive into the first edition of this new quarterly report, where we share critical insights into the ongoing shifts in Canada’s housing and mortgage markets.
Highlights from this issue:
- A moderate economic downturn: The economy is still expected to experience a modest downturn in 2024 as prior interest rate increases continue to impact highly indebted households.
- Lower rates on the horizon: The Bank of Canada kept its policy interest rate at 5% in April, as expected. Current forecasts see the overnight rate gradually decreasing to 4.25% by the end of 2024.
- Home prices to decline further before rebounding: The national average home price is expected to decline another 5% by late summer. Prices are forecast to reach their bottom by the fall of 2024 and will be followed by a period of modest increases.
- Housing activity to pick in latter half of 2024: Government initiatives to encourage more housing supply should begin to yield results later this year.