Canada’s Entrepreneur

While average residential sale prices are likely to increase in the majority markets analyzed, there are a couple of outliers where prices are anticipated to be flat or decline, including Toronto, Hamilton, Burlington, Kitchener-Waterloo, Charlottetown, North Bay and London, it said.

The report said 25 per cent of Canadians expressed that saving for a home purchase is one of their top three priorities when it comes to financial savings, despite high cost of living and affordability challenges.

In a video interview, Christopher Alexander, President of RE/MAX Canada, talks about the company’s latest report – the Fall Housing Market Outlook. The video can be seen here.

PRESS RELEASE

Ahead of the next Bank of Canada (BoC) interest rate announcement on September 4, two in 10 Canadians (16 per cent) said they will feel more comfortable engaging in the real estate market once they see there is more than a 100-basis-point cut to the BoC’s lending rate between now and the end of the year, according to a Leger survey commissioned by RE/MAX as part of the report.

“The fall market is usually a good early indicator for activity as we look ahead to early 2025, and we’re headed toward more healthy territory. With interest rates starting to ease, buyers are beginning to come off the sidelines,” says Christopher Alexander, President, RE/MAX Canada. “That’s not to say the fall market will be in full swing according to historic standards. Consumers will drive that trend, so we’ll need to see a bigger move by the Bank of Canada for that to happen.”

Consumer Sentiments Going into the Fall Market

Ahead of further anticipated interest rate cuts by the Bank of Canada, it seems that even the mere prospect of lower rates has boosted confidence among first-time homebuyers, with one-quarter of Canadians (25 per cent) actively saving for a home purchase and confident they will be able to buy soon (with the majority being younger Millennials and Gen Zs aged 18-24, at 35 per cent). On the flipside, dropping interest rates now may prove too little, too late for some current homeowners, with 14 per cent saying they need to renew their mortgage soon, and with the current higher interest rate, they may need to sell their home.

When it comes to financial savings, the Leger survey revealed that while a home purchase is listed among the top three priorities for 25 per cent of Canadians, it has taken a back seat to day-to-day expenses such as utilities and food (58 per cent), and travel (45 per cent).

In the search for affordability, one-quarter of Canadians say that they are considering moving to another country (28 per cent) and 25 per cent say they are reconsidering whether to have children or start a family due to housing affordability challenges.

“Despite some consumer confidence starting to return to the market this season, the reality is Canadians are still grappling with some serious housing affordability challenges rooted in lack of supply. Yes, borrowing is becoming less expensive, but this won’t make housing affordable in the long run,” says Alexander. “Markets ebb and flow, and as buyers re-enter the market and absorb inventory, we’ll see more upward pressure on price.

“Ultimately, for the long-term health of Canada’s housing market, we need a national housing strategy developed in collaboration between all levels of government, that’s more strategic and visionary in how we can use existing lands and real estate to boost supply. In the meantime, buyers would be wise to work with an experienced real estate agent to help navigate those cyclical market ups and downs that often accompany this push and pull of supply and demand.”

Regional Market Insights

As part of the 2024 Fall Housing Market Outlook Report, RE/MAX brokers and agents in Canada were asked to share an analysis of their local market between January and July 2023 and 2024 and share their estimated outlook for fall 2024. The majority of regions (76 per cent) anticipate an increase in sale price between one to six per cent, including Greater Vancouver Area, BC; Calgary, AB; Edmonton, AB; Saskatoon, SK; Winnipeg, MB; Halifax, NS; St. John’s Metro, NL; Truro/Colchester, NS; Fredericton, NB; Timmins, ON; Sudbury, ON; Brampton, ON; Mississauga, ON; Niagara, ON; Ottawa, ON; Durham, ON; Barrie, ON; Muskoka, ON; Peterborough, ON; York Region, ON; Kingston, ON; Windsor, ON, and Thunder Bay, ON. Exceptions to the upward trend include Toronto, ON; Hamilton, ON; Burlington, ON; and Kitchener-Waterloo, ON, where a moderate decline between two and three per cent is expected, and Charlottetown, PEI; North Bay, ON, and London, ON, where prices will likely remain flat.

When it comes to listings, a majority of regions surveyed (82 per cent) saw the number of listings increase between 2.3 and 34.7 per cent between January and July (2023 – 2024). The number of sale transactions also increased between 3.1 and 7.4 per cent in Atlantic Canada, 3.4 to 30.9 per cent in Western Canada, and between 0.6 and 14.8 per cent in Ontario, except for some larger Ontario markets like Toronto, Brampton, Durham Region, Mississauga, Peterborough and York Region, where sales trended downward.

According to RE/MAX brokers’ insights, 33 per cent of housing markets are expected to be seller’s markets, but this may shift as competition increases and market conditions evolve.

To view the regional data table, click here.

Western Canada and Prairies

The Prairies continue to skew towards a seller’s market (Edmonton, AB; Calgary, AB; Saskatoon, SK) which is consistent with 2023, except for Winnipeg, MB, which is a balanced market. On the other hand, in Western Canada, inclusive of the Greater Vancouver Area, BC, and Kelowna, BC, a mix of balanced and buyer’s markets are anticipated. Heading into the fall, prices are forecasted to increase by two to six per cent in regions like the Greater Vancouver Area, BC, and Kelowna, BC; Calgary, AB; Edmonton, AB; Saskatoon, SK; and Winnipeg, MB. Sale transactions are anticipated to increase by five to 15 per cent in the Greater Vancouver Area, BC; Edmonton, AB; and Winnipeg, MB; and a decrease of one per cent in Saskatoon, SK, due to inventory shortages, while Calgary, AB anticipates sales will remain flat. RE/MAX broker feedback in Regina, SK indicates that many factors will dictate how the market pans out for the remainder of the year, including government election cycles, The Bank of Canada interest rate announcements and inventory levels. Historically, Regina, SK sees the markets cool from mid-September through the end of the year.

All markets in Western Canada and The Prairies – apart from the Greater Vancouver Area, BC – continue to experience supply challenges, with increased activity in the market, as consumers benefit from recent interest rate cuts. Lower mortgage rates have bolstered consumer confidence in the market but paired with low supply, RE/MAX brokers and agents in the region are reporting aggressive offers in conjunction with sellers raising asking prices for residential homes.

Ontario

Despite The Bank of Canada’s interest rate cuts, low housing supply continues to impact multiple markets across Ontario, keeping prices high. However, some buyers are gaining more confidence as mortgage rates decrease and are slowly re-entering the market heading into fall, keeping prices relatively stable in comparison to the year prior. Housing supply is expected to become a larger issue once further interest rate cuts motivate buyers on the sidelines to re-enter the market and spark more competition.

Although some homebuyer confidence is starting to return, buyers in Toronto remain hesitant as affordability continues to be a challenge, especially for first-time homebuyers.

Across Ontario, 12 regions are expecting average residential prices to remain flat or increase modestly heading into the fall. Increasing markets include Timmins, Sudbury, Brampton, Mississauga, Thunder Bay, and Barrie (each rising five per cent), Peterborough, York Region and Kingston (rising three per cent), Niagara (up two per cent), Durham Region and Ottawa (up one per cent), and London (rising a nominal 0.5 per cent). The outliers to this upward trend are Toronto, Kitchener-Waterloo, Hamilton, and Burlington, which are expecting a price decrease.

In Ontario, seven markets are expected to experience balanced conditions this fall, while four are anticipated to be seller’s markets, and five are buyer’s markets. Four markets are expecting a mix, with three buyers/balanced conditions, and one sellers/balanced market.

Atlantic Canada

Echoing similarities to other regions across Canada, Atlantic Canada is also reporting low inventory supply and increased competition when it comes to buyer activity. Buyers are competing aggressively on affordable housing and new listings, causing prices to spike. This is likely a result of current supply challenges and an increase in out-of-town buyers from Western and Central Canada.

Unlike in 2023, average residential prices in Atlantic Canada are expected to increase for the remainder of year, by five per cent in Truro and Colchester, NS, one per cent in Halifax, NS, 1.5 per cent in St. John’s Metro, NL, and two per cent in Fredericton, NB, while Charlottetown, PEI is anticipated to remain flat. All markets in Atlantic Canada with the exception of Charlottetown – which is a buyer’s market – are considered to be seller’s markets.

Quebec

Like other regions across the country, Montreal’s housing shortage coupled with interest rates have resulted in a seller’s market, with buyers making multiple offers on properties to remain competitive or opting to wait on the sidelines. Pricing and marketing are crucial for sellers looking to attract hesitant buyers.

Additional survey findings:

Majority of Canadians (77 per cent) believe steps taken by municipal, provincial, and federal governments to improve housing inventory and affordability are not enough to solve our affordability crisis and more needs to be done

Leger is the largest Canadian-owned full-service market research firm. An online survey of 1,530 Canadians aged 18 years or older, was completed between August 9 and 11, 2024, using Leger’s online panel. Leger’s online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. A probability sample of the same size would yield a margin of error of +/-2.5 per cent, 19 times out of 20.

About the RE/MAX Network

As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario–Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story

#business #CanadasNumberOnePodcastforEntrepreneurs

Steeson Mathew is passionate about innovative ideas and is always looking to promote innovation. Steeson shares his journey from India to Canada, where he studied business management and civil technology. Steeson also shared his past experience working in parking lots while studying. And now as founder of Loop Parking he’s pioneering smart parking solutions for cities. Loop Parking, with its AI-driven ParkSense+ feature, offers drivers real-time parking availability, streamlining city life and reducing congestion.

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Thomas J. Sandrin is a highly experienced marketing and branding professional in the luxury watch industry with over 15 years of expertise. Originally from Paris, he relocated to Canada almost two decades ago and established himself as the Canadian Brand Manager for Hamilton Watches, part of the Swatch Group, where he developed a strong reputation and a deep understanding of luxury brand requirements. Thomas further enhanced his skills by pursuing an MBA with the prestigious Australian Institute of Business.

As the Founder and President of Northern Watch Services Inc. (NWS), Thomas empowers authorized jewellers and luxury brands to enhance their brand presence through various services, including e-commerce, social media support, and marketing consulting. His latest venture, WatchDNA.com, aims to connect jewellers with watch enthusiasts. This platform bridges the gap between watch enthusiasts, jewellers and brands, uniting those who share a passion for timepieces and the unique stories behind them.

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Leigh Christie is a Vancouver-based engineer/entrepreneur with degrees from UBC & MIT. He invented the machine vision robotic heat spotlight, and The Mondo Spider; a 1,500lb walking machine. In 2009 Leigh co-founded MistyWest, a leading product engineering design firm focused on novel sensors, low-power wireless & edge AI. MistyWest recently created an inference/vision edge device called MistyVision.

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Jennifer Layman has worked as a marketing consultant with businesses and entrepreneurial-minded organizations since 2006 and found they often face some common issues. This led her to publish my first book - Forward Thinking for Your Business - to reach a broader business audience.

As a business owner, she understands the responsibilities of running a business and the time constraints that come with it. If marketing advice is going to be impactful, it needs to be succinct and easy to implement without a tremendous requirement of resources. Her book focuses on maximizing marketing opportunities that can help scale your business.

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Raelene Bergen is a renowned leadership consultant, Founder, and CEO of Origin Leadership Consulting. Raelene is a passionate advocate for innovative problem-solving and creative thinking in leadership.

Raelene is the author of the inspirational e-book, Your One Life: A Personal Account. She is a thought leader, motivational keynote speaker, a truly gifted consultant, and a parent of five with a Master’s degree in Leadership. With her wealth of experience in guiding leaders to think outside the box and navigate complex issues, Raelene has developed unique insights and practical strategies that resonate deeply with audiences.

A successful entrepreneur and academic who has raised five kids, Raelene embodies resilience, time management, and the ability to juggle diverse responsibilities. Her personal life enriches her professional work, allowing her to connect with a broad audience on multiple levels.

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Adeyinka Adedoja is the founder of WeivSync, based in Toronto, Canada. Her passion to create WeivSync is rooted in her passion for travel and the challenges she faced as an immigrant navigating a new country. Although she started with a background in finance and economics, working in roles at the Toronto Stock Exchange and as a business analyst in a SaaS company, it was only when she moved into product management that she truly felt energized. This role aligned perfectly with her love for problem-solving and innovation, setting the stage for the creation of WeivSync.

My personal travel experiences, filled with language barriers, missed connections, and serendipitous moments, inspired WeivSync. I wanted to create something that makes solo travel smoother, safer, and more connected. WeivSync is like having a knowledgeable friend who’s always there to help, offering personalized itineraries, real-time translation, and 24/7 assistance.

Traveling has given me countless stories, like getting lost in a foreign city and finding a hidden gem or a miscommunication turning into an adventure. My favorite quote, "We're on offense. All the time," reminds me to take initiative and create opportunities.

I’m excited to share my journey and the creation of WeivSync on Canada Podcast. Whether you’re a seasoned solo traveler or dreaming of your first big adventure, I hope my stories inspire you to explore the world with more confidence and curiosity.

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Craig Senyk is Board Chair at Mawer Investment Management. His true passion is social investment. He is passionate about supporting initiatives and organizations that lead to better outcomes for children, arts, culture and sport. At Mawer, the team responsible for community giving looks for organizations helping to alleviate poverty in the communities they work and live. The three underlying pillars of the Mawer strategy are: education, with an emphasis on financial literacy and empowerment; healthcare, with an emphasis on mental health; and, basic needs, such as food and shelter. Senyk believes that corporate and social entities are not separate entities. Senyk also has launched the Calgary Jamboree for Charity.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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Matt Panousis, is the Co-Founder & COO at MARZ which stands for Monsters Aliens Robots Zombies. MARZ is an AI-enabled VFX company on a mission to help Hollywood studios push the boundaries, quality, and volume of TV. and has developed an AI platform called lipdub.ai. A lawyer by training and entrepreneur with a demonstrated history of success co-founding and scaling B2B technology start-ups including ACTO (venture-backed by Salesforce Ventures, Resolve Growth Partners and Panache Ventures) and currently Monsters Aliens Robots Zombies (venture-backed by Round13 Capital, Rhino Ventures, Harlo Equity Partners and John Cassaday) with a focus on company strategy, product, operations and growth.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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Magdalena Czyz is a certified health coach and public speaker. She specializes in effortless weight loss, overcoming burnout, and showing people how to find freedom from their minds to ease anxiety and depression.

She also runs corporate wellness and leadership workshops where she teaches employees how to manage stress better to boost performance and employee morale.

She is also a dancer. She performs at corporate and private events with different props, from LED wings and fans to silk flags. She is passionate about bringing a sense of freedom to the crowd and encouraging others to express themselves through movement.

Entrepreneurs are the backbone of Canada’s economy. To support Canada’s businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter.

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