May 2024 Real Estate Market Update for Mortgage Brokers
In May, Canada’s real estate market remained subdued, with sales dropping by 0.6% and new listings increasing by 0.5% from April. The Bank of Canada’s first rate cut in four years, however, may change buyer and seller psychology moving forward.
CREA reported a rise in available properties, with 175,000 homes listed for sale—up 28% from last year but below historical averages. The average national home price fell slightly by 0.2% month-over-month and is down 4% year-over-year.
Shaun Cathcart, CREA’s senior economist, noted the significant psychological impact of the rate cut, with potential further cuts possibly stimulating the market. TD economist Rishi Sondhi anticipates a stronger second half of 2024 due to expected additional rate relief.
Stay updated for the next Bank of Canada rate announcement in July, which will be crucial for future market trends.
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