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Special Report

Canada Housing Research Brief

January 2025

Housing Market Appears to Have Turned the
Corner, Modest Gains Expected in 2025

Green shoots sprout in housing sector. Coming off a 0.6 per cent monthly increase in November, the median price of a single-family home jumped 0.4 per cent in December. This translated into a roughly 1.0 per cent year-over-year rise, adding to the sense that prices have found a floor. Meanwhile, gains were broad-based, with all of Canada’s major metros seeing modest price increases. While a less restrictive monetary environment and falling mortgage rates could partially be aiding this momentum, it could also be related to the more relaxed mortgage rules that came into effect in December, including longer amortization periods and the rise in the price cap for insured mortgages. Regardless, forecasts from many economists and major banks call for continued price appreciation in 2025, with yearend figures suggesting 4.0 per cent to 4.5 per cent growth.

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