In the wake of an extraordinarily sluggish few months for real estate transactions in almost all areas of Ontario, the Canadian Real Estate Association (CREA) has released its own forecast for each province and the country as a whole for 2025.
Based on this year’s trends, expected interest rate cuts, and other factors, the association predicts an increase in the cost of a typical home in each province next year, from 2 percent in Prince Edward Island to 7.9 percent in Alberta.
But let's leave the other provinces alone. What about Ontario?
CREA predicts that the average price of a house or condo in Ontario will rise by 0.7 percent by the end of 2024, reaching $876,965—still an increase in a lifeless market that should have been driving prices downward—before climbing 3.9 percent in 2025 to reach $911,150.
The association also states that market activity will return with a vengeance. It forecasts that 7.3 percent more homes in the province will find new owners in 2025 (an expected total of 178,461) after a 2.2 percent increase by the end of 2024 (an expected total of 166,303).
The CREA report also notes—something I consider obvious—that "since CREA’s last forecast in April, expectations for interest rate cuts this year have been dialed back. Supply has also built up more than expected as a large number of sellers came to the market with properties for sale in the spring; however, buyers remained on the sidelines." The association also expects that lower interest rates will gradually bring buyers back to the market soon, though not to the extent the association had anticipated this spring.
In short, friends, everything is not so bad in this best of all possible worlds. In the meantime, find out what type of buyer you are by taking a short test—it takes less than a minute ... ==>>
https://pleasequiz.me/landing/#re