Expert: Canada’s housing market outlook in 2024 

Interest rates will continue to dictate the outcome of Canada’s housing market in 2024 with the first and second halves showing different pictures. RBC’s latest housing report projects slow activity and softer prices in the early part of the year as the Bank of Canada maintains its policy rate at a two-decade high and home ownership stays out of reach for many potential buyers. But a pivot toward rate cuts mid-year will get the wheels turning faster over the second half or perhaps even sooner. (Royal Bank of Canada) 

Here is an expert from McGill University who can provide comment on this topic: 

Moshe Lander, Course Lecturer, Department of Economics  

“Canada’s housing market is expected to continue to be red hot in 2024.  Despite ten increases in interest rates in the last two years, most major markets and many smaller markets have yet to see any major downward correction in prices. With interest rates expected to fall this year, it is highly unlikely that cuts will take the air out of the market, so the only place to go is up. This should not be surprising. At its heart, the housing market continues to run hot because demand significantly outstrips supply.” 

Moshe Lander is a Course Lecturer in the Department of Economics. His areas of expertise include business, politics, policy, trade, inflation, and unemployment.  

moshe.lander [at] mcgill.ca (English)