Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. 
Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272). 

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.” 

Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021. 

The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868). 

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023. 

“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”

 
“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.” 

December 2023 summary

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114). 

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

Sales of detached homes in December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023. 

Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023. 

Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023. 

Download the December 2023 stats package.

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Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. 
Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272). 

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.” 

Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021. 

The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868). 

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023. 

“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”

 
“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.” 

December 2023 summary

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114). 

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

Sales of detached homes in December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023. 

Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023. 

Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023. 

Download the December 2023 stats package.

The ‘great adjustment’: Canadians to adapt to new reality as housing market returns to near-normal in 2024

Royal LePage predicts minor interest rate cuts to fuel national aggregate home price increase of 5.5% year over year in fourth quarter of 2024

Highlights:

• Nationally, single-family detached and condominium prices forecasted to increase 6.0% and 5.0%, respectively, year over year in Q4 of 2024
• Home prices are expected to show greatest increases in second half of 2024
• Calgary aggregate home price projected to see greatest gains of all major markets at 8.0%
• Aggregate price of a home in the greater regions of Toronto and Montreal are forecast to end next year 6.0% and 5.0% respectively above the final quarter of 2023, while Greater Vancouver is expected to see a more modest increase of 3.0%
• Royal LePage forecast based on expectation that Bank of Canada will hold rates steady through first half of next year, and begin modestly easing rates in late summer or fall

TORONTO, December 14, 2023 – After years of unprecedented irregularity, Canadians may see the real estate market return closer to normal in 2024. According to the Royal LePage Market Survey Forecast, the aggregate[1] price of a home in Canada is set to increase 5.5 per cent year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0 per cent and 5.0 to $879,164 and $616,140, respectively.[2]

“Looking ahead, we see 2024 as an important tipping point for the national economy as the majority of Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”

Home prices are expected to rise next year in all major markets across the country, with Calgary forecast to see the greatest gains. Throughout the second half of 2023, while prices have been declining in other cities, the Calgary real estate market has bucked the trend continuing on an upward price trajectory.

Royal LePage’s forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five per cent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages.

“For the last year, many Canadians have been fixated on the idea of interest rates needing to come down significantly before they can afford to enter or re-enter the housing market. Acceptance that a mortgage rate of four to five per cent is the new normal should untether pent-up demand as first-time buyers, flush with savings collected during the extended down market in housing, regain the confidence to go home shopping. And, with the return of first-timer demand, we expect families who have put off upgrading their homes to begin to list their properties in much greater numbers,” continued Soper.

How we got here

Over the last eighteen months, sales activity in most of Canada’s major real estate markets has been on the decline, while inventory levels have gradually increased. While transactions are down as much as 20 or 30 per cent in some regions, home prices have only declined modestly during this time, due to a simultaneous drop in demand as buyer hopefuls continue to hold out for lower interest rates. Still, prices remain above 2022 levels.

“Canada’s real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.”

Quarterly forecast

Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada. The aggregate price of a home in Canada is forecast to be 3.3 per cent higher in Q1 of 2024 compared to the same quarter in 2023, reflecting a 0.5 per cent increase over the fourth quarter of 2023. In the second quarter of next year, the national aggregate home price is forecast to be 0.2 per cent higher year over year and 0.9 per cent above the previous quarter. In the third quarter, home prices are expected to be 3.3 per cent higher year over year and 2.3 per cent higher on a quarterly basis. And, in the fourth quarter of 2024, the national aggregate price of a home is expected to land 5.5 per cent above the same quarter in 2023, an increase of 1.7 per cent quarter over quarter. Based on this forecast, by the end of next year, home prices will have essentially climbed back to their pandemic peak, reached in the first quarter of 2022.

Supply shortage and affordability challenges

Canada continues to struggle with a chronic housing supply shortage. According to the Canada Mortgage and Housing Corporation, the country needs about 3.5 million additional housing units by 2030 to restore affordability, with the greatest need concentrated in the provinces of Ontario and British Columbia.[3] At the current pace of housing construction and considering the rate of new household formation and immigration projections, inventory will remain out of step with projected demand for years to come.

“For many years, condominiums have offered an affordable opportunity for entry onto the real estate ladder, in addition to their ‘lock and leave’ lifestyle that is typically attractive to young people. Of late, however, this segment of the market has also become out of financial reach for many in major cities like Toronto and Vancouver, where new construction cannot keep pace with growing demand. And, the elevated cost of construction materials and labour are adding additional pressure on builders,” said Soper. “What’s more, with ultra-low vacancy rates, the rental market is not the escape route many would-be buyers hope it could be, with monthly lease rates on the rise from coast to coast.”

Competing public policy objectives

In the federal government’s Fall Economic Statement released last month, billions of dollars were committed and reaffirmed towards increased levels of new housing construction. This includes favourable loan agreements and tax benefits for developers of purpose-built rental buildings and public housing projects, as well as financial assistance for municipalities to crack down on short-term rentals in an effort to push more supply onto the resale market in urban centres.[4]

“It is encouraging to see policy makers tackling Canada’s housing affordability issues and supply shortfall, yet there remains a large accessibility gap for first-time buyers and middle-income earners. Those that have salaries or wages that have not kept up with the cost of living find it difficult to achieve the dream of home ownership. Thankfully, many have received financial help from family or friends, yet this is not something Canadians should have to rely upon,” said Soper. “With competing policy objectives – record-high immigration to combat labour shortages, for example – I see little hope that housing construction will meet that need this decade. The demand/supply imbalance will put further upward pressure on home prices.

“While uncomfortably expensive housing in our major markets is inevitable, it is imperative that governments adopt quick and extraordinary measures to mitigate affordability challenges and address the housing supply crisis,” concluded Soper.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

MARKET SUMMARIES

Greater Toronto Area

In the Greater Toronto Area, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 6.0 per cent year over year to $1,198,012. During the same period, the median price of a single-family detached property is expected to rise 7.0 per cent to $1,481,950, while the median price of a condominium is forecast to increase 5.0 per cent to $754,845.

“There is a lot of uncertainty surrounding Canada’s economy and the real estate market these days, and that is especially true in the major centres like Toronto. What is certain is that Canadians need housing, they value home ownership and most are willing to prioritize buying a home over just about anything else,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “We know there are still buyers on the sidelines waiting for interest rates to come down. What is unclear is how many can afford to jump back into the market at the first sign of a reduction, and how many truly cannot afford to transact in this environment.”

Yolevski added that a lot of future activity will be dependent not only on reduced interest rates, but the timing of mortgage renewals. Many would-be move-up buyers who have enjoyed ultra-low rates for the past few years will be willing to make a move as their current loan terms expire. No longer bound to their current property because of the interest rate, more of these owners will put their properties on the market and begin their search for a new home.

“The GTA is Canada’s most densely-populated region and continues to be the top destination for newcomers. Despite a temporary drop in sales, there remains a huge gap in the number of homes available and those needed to satisfy demand from middle-income earners. This continues to put significant pressure on the already-tight rental market.”

Yolevski also noted that investor-owned properties, namely condominiums, could add supply to the market over the next year or two, as mortgages come up for renewal and owners choose to sell rather than renew at a higher rate.

“If tenanted properties are not producing positive cash-flow, investors may choose to sell rather than renew their mortgages in this higher-cost borrowing environment. This, in addition to new legislation that incentivizes the development of purpose-built rental properties, could add some much-needed inventory to the entry-level market,” said Yolevski. “It will not be enough, however, to put downward pressure on prices.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Greater Montreal Area 

In the Greater Montreal Area, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 5.0 per cent year over year to $610,260. During the same period, the median price of a single-family detached property is expected to rise 4.5 per cent to $684,998, while the median price of a condominium is forecast to increase 6.0 per cent to $471,912.

“The real estate crystal ball prediction will be made up of many factors in 2024, but the thing to remember is that the reduction in inflation closer to the target rate will not have been enough to curb the increase in real estate prices for very long, due to a chronic lack of supply,” said Dominic St-Pierre, vice-president and general manager, Royal LePage, Quebec region. “Housing is an essential need, and the still-critical shortage of units required to meet demand and population growth is destined to persist, as long as investments by all levels of government fail to materialize in the urban landscape. However, even if interest rates are expected to start dipping next year, consumers will have to adapt to a new reality, as the days of ultra-low rates are over. In the short term, this should keep property price increases in check while households adjust their purchasing behaviours.”

In its fall economic update, the Quebec government pledged $1.8 billion over five years to improve access to housing in the province.[5] This investment will include actions to accelerate the construction of affordable housing, as well as assistance to municipalities in the form of increased flexibility in urban planning bylaws, measures to facilitate the construction of secondary suites, and support for the training of the construction workforce.

“We welcome any initiative aimed at reducing the gap between supply and demand, and applaud the creativity of the various levels of government in multiplying solutions,” said St-Pierre. “However, the challenge is massive, since Quebec requires the addition of more than 1.2 million units by the end of the decade in order to regain some semblance of affordability.”

What’s more, Montreal is the Canadian city where housing starts fell the most in the first six months of 2023, a 26-year record, and the prognosis for 2024 is not optimal.[6] Rising borrowing costs have taken a heavy toll on builders’ and developers’ portfolios over the past year. For this reason, it is expected that when interest rates start to decline, the pent-up demand will unleash on the condominium segment in the Greater Montreal Area, which will see an appreciation rate slightly higher than that of single-family homes.

“In addition to condominiums, the market for single-family homes priced at $1 million and higher should also see an upturn as expectations of lower interest rates materialize,” said Marc Lefrançois, chartered real estate broker, Royal LePage Tendance in Montreal. “For this category of buyers, moving from one property to another is often not an immediate necessity. Many have therefore preferred to wait in order to take advantage of more favourable financing conditions, but could return to the market quickly when the central bank announces the start of a downward cycle in interest rates.”

Economic conditions in the province were heavily weighed down at the end of the year by the outbreak of strikes in the public sector, as well as numerous layoffs across a myriad of industries, which could influence consumer confidence regarding large purchases such as a property in 2024, despite a widely expected drop in interest rates.

“Savings accumulated by households during the pandemic have begun to run out, keeping pace with inflation and interest rate hikes over the past 21 months,” noted St-Pierre. “Quebec households have a high level of debt, and despite signs of relief in borrowing costs on the horizon, their purchasing power will remain limited. The downward adjustment of the Bank of Canada’s overnight rate, even by a quarter per cent, could send a strong message to consumers about future economic conditions. The pace at which interest rates rebalance will also play a big part in the equation,” he continued.

St-Pierre added, “The start of 2024 could see the Greater Montreal Area’s real estate market get off to a slow start, following a similar trend to the last quarter of 2023. But, we expect the recovery to get underway quickly once interest rates start to fall. Next year is likely to be more active than 2023 in terms of property sales,” he concluded.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast 

Greater Vancouver

In Greater Vancouver, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $1,281,732. During the same period, the median price of a single-family detached property is expected to rise 2.5 per cent to $1,778,785, while the median price of a condominium is forecast to increase 4.0 per cent to $795,808.

“Activity has slowed in recent months allowing some inventory to build, as buyers hold out for a deal or for interest rates to drop, and sellers continue to expect 2021 values for their homes. While this has resulted in a market slowdown, Greater Vancouver could see a brisk spring if interest rates remain steady or dip even a little,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “There is still plenty of demand waiting in the wings, and a glimmer of light at the end of the tunnel could easily heat up the market again. Some buyers will rush to transact before the competition gets too tight. Others will wait for multiple rate cuts.”

Ryalls noted that while many sidelined buyers are likely to jump back into the market next year if lending rates come down, competition will not be as aggressive as it was two years ago when borrowing costs sat at record lows.

“Purchasing power has been deflated. With the rising cost of living and interest rates five or six times higher than they were a few years ago, buyers have less capacity to outbid their competitors. This will keep a lid on price appreciation, even as activity picks up,” said Ryalls. “Some banks have already begun to offer discounts on fixed-rate mortgages, incentivizing some buyers back to the table. Eventually, everyone will have to adjust to the new realities of the market.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

Ottawa

In Ottawa, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 4.5 per cent year over year to $771,942. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $884,000, while the median price of condominium is forecast to increase 5.0 per cent to $407,190.

“The Ottawa market is heavily influenced by interest rates. Even if we see only a modest decrease in rates by the Bank of Canada mid-way through 2024, this move could spark a flurry of buying activity leading into our late summer and early fall market,” said Jason Ralph, broker of record, Royal LePage Team Realty. “These days, only those homeowners who must move for personal reasons are listing their homes. In many cases, those with the luxury of time are staying on the sidelines, waiting for interest rates to come down. This is creating pent-up buyer demand, especially in the always desirable single-family detached segment.”

Ralph noted that many first-time homebuyers have been renting as they wait for lower interest rates and improved purchasing power. This is creating a competitive rental market, especially as newcomers relocate to Ottawa for opportunities in the city’s thriving public service job market, adding to the already high levels of renter demand.

“Though we have returned to a more normalized market post-pandemic, we are not quite in balanced territory yet as demand continues to outweigh supply. As a result, we are expecting a brisk spring market next year,” said Ralph. “Should we see a drop in interest rates, market activity will intensify, resulting in an incline in home prices in the later months of the year and into 2025.” 

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast 

Calgary

In Calgary, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 8.0 per cent year over year to $711,612, the highest of all forecast regions. During the same period, the median price of a single-family detached property is expected to rise 6.0 per cent to $803,692, while the median price of a condominium is forecast to increase 9.5 per cent to $286,562.

“Although activity has slowed in Calgary, home prices have not dipped like they have in other cities across Canada, due to a sustained shortage of supply,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “If rates start to come down in the second half of 2024 – as they are predicted to do – it will motivate buyers to jump into the market as their borrowing power improves. Many homeowners will see their mortgages come up for renewal next year, and will be forced to take a higher interest rate. This may push some more inventory onto the market, as overleveraged borrowers downsize in an effort to get some relief from higher monthly payments.”

Lyall noted that Calgary has seen a slowdown in the number of interprovincial buyers relocating to the city compared to the past few years. However, investors from other provinces continue to look for real estate opportunities in the Prairies, driving demand in the multi-family segment.

“We expect that home prices will rise over the next year, and will outperform other major cities as Calgary’s relative affordability continues to attract buyers to the city. A shortage of supply remains a challenge, which will keep prices on an upward trajectory for the foreseeable future as buyers compete for the few homes available,” said Lyall. “Heading into the new year, I predict that we will see a slow start to the market in January and February, a similar pattern to what we saw in early 2023. Once March arrives, buyers and sellers will move off of the sidelines as a brisk spring market begins and consumer confidence strengthens.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast 

Edmonton

In Edmonton, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 4.0 per cent year over year to $443,248. During the same period, the median price of a single-family detached property is expected to rise 7.0 per cent to $493,805, while the median price of a condominium is forecast to increase 2.0 per cent to $192,678.

“Next year, we expect similar activity to this year, but home values will likely increase as price appreciation falls in line with historical trends. Edmonton continues to experience a shortage of homes relative to demand, which will keep home prices trending upward in 2024. This will only be intensified by the number of residents moving into the city, searching for affordability and work opportunities,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “We continue to see a gap between buyer expectations and the reality of how far their dollar will stretch. Until they feel that they’re getting their money’s worth, some buyers will continue to wait on the sidelines, building further pent-up demand.”

Shearer noted that Edmonton home prices are largely tied to the oil and gas sector, which continues to be a major driver of employment opportunities. Edmonton has seen a surge in newcomers over the past few years, in addition to Canadians moving to Alberta from other provinces – namely Ontario and British Columbia.

“The city’s fast-growing population has put upward pressure on home prices,” said Shearer. “In recent years, the province has seen a notable surge in activity and home prices in the city of Calgary, and we believe similar trends are on the horizon for Edmonton.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast 

Halifax

In Halifax, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $521,592. During the same period, the median price of a single-family detached property is expected to rise 5.0 per cent to $602,490, while the median price of a condominium is forecast to increase 1.5 per cent to $431,375.

“Looking ahead to the 2024 housing market in Halifax, we are feeling quite positive. It is likely that interest rates will be reduced mid-year, which will cause some hesitant or sidelined buyers to jump back into the market,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Those in the rental market – who are currently paying higher-than-normal prices due to tight competition in this segment – will be especially motivated to transition into home ownership. Many move-up buyers, who have patiently been biding their time until borrowing rates improve or their mortgages come up for renewal, are also expected to re-enter the market in the new year.”

Honsberger noted that investors from Ontario and Alberta are an active buyer group in Nova Scotia. This demand is not exclusive to the investor-friendly condominium segment, but is also present in the single-family and new construction markets as well, despite the non-resident tax applicable to all transactions by out-of-province buyers.

“Though we will experience the typical seasonal slowdown in the first weeks of the new year, I expect January will still be up in terms of prices and activity compared to the same time this year. Sales are likely to begin increasing in February and March, as more inventory comes online. And, if we see one or two rate cuts in the fall, a boost of activity will follow,” said Honsberger.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast 

Winnipeg

In Winnipeg, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $396,447. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $440,232, while the median price of a condominium is forecast to increase 2.0 per cent to $263,568.

“Every year, the Winnipeg real estate market follows a similar pattern – slow through the winter months with a rise in activity in the spring, followed by a quieter summer and then a slow decline for the remainder of the year. We expect 2024 will look much like a typical year, resulting in modest price increases as consumer confidence strengthens,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Single-family detached homes will likely see the majority of next year’s price growth, especially in the highly-sought-after $300,000 to $400,000 price range.”

Froese added that he is not overly concerned that the expected wave of upcoming mortgage renewals will force many homeowners to have to list their homes due to higher monthly costs.

“As has always been the case, Canadians value home ownership. When faced with financial strain, most people will cut back on discretionary spending and make other concessions before resorting to selling their homes,” he added. “While it may not be as strong of a seller’s market as it was two years ago, prices are anticipated to remain buoyant as buyer demand is expected to continue outweighing available home supply, even in the slower months.”

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast 

Regina

In Regina, the aggregate price of a home in the fourth quarter of 2024 is forecast to increase 3.0 per cent year over year to $381,306. During the same period, the median price of a single-family detached property is expected to rise 4.0 per cent to $417,456, while the median price of a condominium is forecast to increase 2.5 per cent to $228,063.

“Like many cities across Canada, higher interest rates have prompted buyers to hit pause as their borrowing capacity has diminished. As a result, demand is building on the sidelines as consumers wait anxiously for borrowing costs to come down,” said Shaheen Zareh, sales representative, Royal LePage Regina Realty. “Although it is highly unlikely we will see rates as low as one or two per cent again – at least not anytime soon – I do believe some of that sidelined demand will re-enter the market once rates are cut, even if only by a small amount.”

Zareh added that rental prices have climbed in Regina as higher mortgage rates have kept would-be buyers in leased properties for longer. This has constrained rental supply and pushed prices up, making the cost of monthly rent comparable to a mortgage payment in some cases.

“Overall, supply remains constrained. I expect prices will see a modest increase in 2024, not only in the detached segment but in the condo market as well. There has been a lot of activity in the condominium segment as of late, despite the property type not being particularly popular in the region, historically. We have seen an uptick in condo sales thanks to first-time buyers who are seeking a more affordable option that will allow them to get a foot on the property ladder sooner.” said Zareh. “Many young buyers would much prefer a new condo for $200,000 over a detached fixer-upper that costs $100,000 more.”

Zareh noted that many short-term pandemic-era mortgages are expected to come up for renewal next year, which could have an impact on supply as homeowners weigh the decision to renew or sell their homes and downsize into a more financially manageable property.

Royal LePage 2024 Market Survey Forecast Table: rlp.ca/table_2024forecast

Royal LePage 2024 Quarterly Forecast Table: rlp.ca/table_2024quarterlyforecast

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About the Royal LePage Market Survey Forecast

The Royal LePage Market Survey Forecast provides year-over-year and quarter-over-quarter price expectations nationally and for Canada’s nine most prominent real estate markets. Housing values are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, which has been dedicated to supporting women’s shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.

A NEW HOME for a NEW YEAR!

Welcome to Churchill Park Gated 55+Complex.

This lovely duplex town home has had many updates through the years. Elegant living & dining room with valued ceilings + hardwood flooring. Living room with gas fireplace.

Family room with vaulted ceiling + gas fireplace & sliders to patio.

Kitchen with wood cabinets, lots of easy glide drawers+pantry+centre island+granite counter tops.

Main floor primary bedroom with walk-in closet.

5-piece ensuite+storage under stairs. Laundry room on main.

2 bedrooms up, 1 with cheater door to main bath.

Newer windows & windows coverings. Lots of windows to let in the natural light.

Double garage.

Great club house with seasonal pool & hot tub.

Exercise room, large party area with fireplace/pool table/library&kitchen

Winters in Canada can be cold and dark, and just like us, our delicate plants – indoor and outdoor plants alike – need some special attention this time of year. So, show your plants a little TLC this winter by giving them a warm, dry place to wait out the cold weather until spring. 

Follow this list of helpful tips to keep your plants happy and healthy through the winter months.

• Keep it bright. Expose your plants to as much sunlight as possible by keeping them by a window. Remember, days are shorter in winter so they need all the natural light they can get. If you see your plants struggling, you may need to move them to maximize exposure.
• Keep them warm. Avoid cold and drafty areas of the house where your plants risk getting frostbite. If it gets too cold overnight, you may need to move your plants away from the window.
• Avoid extreme heat. If placed near a heater or a fireplace, your plants can dry out. It’s best to keep them in a room where the temperature doesn’t fluctuate too much. If necessary, run a humidifier to add moisture back into the air. 
• Cut down on water. Most plants require less hydration in the winter as they enter a hibernation period. The same rule applies for fertilization – feel free to skip the fertilizer for healthy plants, or dilute with water for those that need a little extra help. 
• Avoid the urge to repot your plants. They will not be growing much during the winter months, and it’s best to keep them in a stable environment until spring.
• Clean and prune. Gently wipe down the leaves and trim them back before bringing outdoor plants in for the season.

If you are looking to open up a small space to give it a feel that is bigger than it’s footprint, these tested tips are for you. They work in any room and within any budget.

• Use light colours on the walls to create a sense of openness and space. White is an excellent choice but you won’t sacrifice much of the illusion by selecting a light colour, if that is your preference. Conversely, dark or heavily saturated colours close in a room, giving it a smaller, cozy feel.
• Create the illusion of more space with a mirror or two. Adding a large mirror, whether it is floor to ceiling or a framed piece over a couch or table, is highly effective.
• Swap out curtains for hidden blinds and say good-bye to your rug. Elements that break up the space will make the room seem smaller. This is especially true of longer curtains. Those vertical lines shorten the appearance of your wall. An exception is if your curtains are an exact match to the paint colour, such as white on white walls or if you select more sheer material that allows the eye to see past the fabric. 
• When it comes to furniture, less is more. If a room feels crowded with furniture, you notice the lack of space. It is worth removing a chair that doesn’t get used to improve the look of your room. 
• Choose apartment-sized furniture. With consistent and growing demand from condo living, there are excellent options to choose from at a variety of price points. You don’t need a supersized couch to feel comfy.
• Choose furniture that allows for the eye to see as much of the space behind the piece as possible. If it works for your décor, consider a glass coffee or dining table. Try to avoid chairs where material covers the legs of the chair. Clear resin is a great choice if the room has a contemporary design.

Following these tips are the best way to make any space seem larger and there is no need to sacrifice on style. Have fun decorating!

Condo living can have its perks – there are often on-site amenities to enjoy, building maintenance is taken care of, and you can experience the full benefits of a bustling urban lifestyle. Yet, one of the common gripes of condominium and apartment living is limited storage options, which can make it tricky to store your things. Luckily, there are a few solutions you can try to make the most out of the space in your condo suite.

Whether you’re looking to tuck away your holiday decorations, suitcases or off-season clothing, here are a few storage solutions you can try in your condo today. 

Opt for furniture with integrated storage

Double up on your storage options by investing in multi-functional furniture that has built-in storage space. There are a variety of ottomans, coffee tables, sofas and beds out there that provide hidden storage units and drawers, which can make storing your belongings easy and discreet. Similarly, you can opt to tidy away your things in bins and containers that can fit underneath your furniture so that extra items can be stored away out of sight. 

Bonus tip: Opt for furniture pieces that are lightweight or have wheels on the base so they can be easily moved around depending on the needs of your space. You can also invest in convertible furniture — a sofa that turns into a bed, or a work desk that can be folded up against a wall — to allow for more efficient use of your limited square footage. 

Make the most of vertical space 

When it comes to condo storage, blank and tall walls are your best friend. If your unit has limited floor space, utilize your walls to provide you with extra storage when you need it. This can be as simple as installing a few extra wall hooks for hanging coats, bags and kitchen utensils, or investing in some bookshelves for displaying your favourite collectables, artwork and framed photos. Think of unconventional vertical space too, such as doors or the insides of cupboards where caddies and over-door organizers can be hung. 

Introduce built-ins on the wall

Sometimes adding a wall hook or two isn’t enough to offer the extra storage space that you really need. Opting for a more customized approach through the use of built-in wall compartments and shelves can provide storage options that are specific to your condo’s unique size and layout, while improving overall functionality. Wall-to-wall and floor-to-ceiling built-ins in your living room, entryway and bedroom not only take full advantage of useful wall space, but also introduce seamless and integrated storage options to any room.

Use smart containers

When every inch of storage space counts, there’s no room – quite literally – to carelessly tidy away your things. By strategically choosing the right containers or bins, you can maximize the amount of storage space you can squeeze out of your condo. For example, stackable containers can more effectively utilize vertical space in your kitchen cupboards and bathroom vanities. Vacuum sealed bags are great for storing coats, bedding and other bulky linens in small spaces. Clear containers are also convenient for easily finding your supplies without having to open every lid or box. If the bins are not transparent, stick labels on the outside for convenience. 

Bonus Tip: When in doubt, consider off-site storage

Maybe you’ve decluttered and reorganized to your heart’s content, but still can’t find enough space for everything in your condo. Don’t underestimate off-site storage as an option. Sometimes we simply can’t find a solution to storing awkwardly-sized or heavy items. On-site condo lockers or paid storage units are a great alternative for locking away large belongings that aren’t used on a regular basis, such as off-season sports gear, balcony furniture, large tools and bicycles. 

Are you searching for the perfect gift for someone who has recently purchased a house or condo? With the holidays around the corner, now is the perfect time to give the new homeowner in your life something they’ll truly love and appreciate. Whether you want to splurge, buy something small, or give a group gift, this list has options for every budget.

Wooden cutting board

This is a popular gift, and for good reason. They come in many different sizes, shapes and materials, and can be used for food preparation or for serving charcuterie and other appetizers. Take it one step further and get the board monogrammed with the homeowner’s name.

Mini coffee maker

A modern mini espresso machine, milk frother, or coffee maker is always a great addition to any coffee-lover’s kitchen. And, there are so many unique styles and colours to choose from. Pick something that matches their personality.

Dutch oven

Today, every kitchen needs a dutch oven. This large quart pan/pot can be used for almost any type of baking, cooking, braising or roasting. With dozens of colours and sizes to choose from, a dutch oven can be kept on the stovetop as an accent piece in the kitchen.

Pantry stocker gift basket or subscription to a prepared meal service

Moving is a huge undertaking, and it can take months to feel settled and get into a routine. A subscription to a prepared meal service, or a gift basket filled with non-perishable essentials, dried goods and snacks can be a big help to a new homeowner in those first weeks after moving.

Drink coasters

New home likely means new furniture. It may not be at the top of the priority list, but any new homeowner will appreciate a set of coasters to help prevent drink rings on table surfaces. These don’t have to be boring. Pick up a set of coasters that look great on display and can enhance the decor of a room.

Scented candles and soaps

There’s nothing like a warm and inviting scent to make a place truly feel like home. Gift a new homeowner a scented candle for the living room, or a luxurious soap and moisturizer set for the guest bathroom. They are sure to appreciate items that they wouldn’t necessarily buy for themselves.

Bluetooth speaker

Having a speaker in every room, including the bedroom and bathroom, is a great way to listen to music, podcasts or audible books. Whether they’re folding laundry or making meals, the new homeowner on your list will love this gift!

Welcome mat

A new homeowner wants their place to feel warm and welcoming to guests. An indoor or outdoor welcome mat is a great way to make a front entrance feel inviting. As an added touch, get it personalized with a family name, address or custom message to elevate the look of their front door.

A gift card is always appreciated

Getting settled into a new place comes with a long list of expenses, from essentials to nice-to-haves. Giving a little something to help with those purchases will always be appreciated. Don’t be afraid to simply give a gift card to the new homeowner’s favourite home store, and pair it with some gourmet treats or a bottle of bubbly to celebrate.

Whatever you decide to give your friends or family, a huge congratulations on their accomplishment and sharing in their joy is likely the best gift you can give.

A NEW HOME for a NEW YEAR! Welcome to Churchill Park Gated 55+Complex.

This lovely duplex town home has had many updates through the years. Elegant living & dining room with valued ceilings + hardwood flooring.

Living room with gas fireplace. Family room with vaulted ceiling + gas fireplace & sliders to patio.

Kitchen with wood cabinets,lots of easy glide drawers+pantry+centre island+granite counter tops.

Main floor primary bedroom with walk-in closet.5-piece ensuite+storage under stairs.

Laundry room on main.

2 bedrooms up, 1 with cheater door to main bath.

Newer windows & windows coverings.Lots of windows to let in the natural light.

Double garage.

Great club house with seasonal pool & hot tub.Exercise room, large party area with fireplace/pool table/library&kitchen.

Easy to show.

http://www.listings.360hometours.ca/15861

If you’ve invested any money into your garden, you know how important it is to protect your investment from the inevitable cold snaps of our Canadian winter.

How do you ensure you’ll still have a beautiful yard full of life come spring? It starts with giving our plants some much-needed TLC, even during the cooler months. Here’s how:

1. Know the Forecast

When it comes to garden maintenance, you have to be proactive. Stay up to date with the forecast in your area to find out when frost will hit and check the weather forecasts daily once the colder temperatures arrive.

2. Get to Know Your Plants

Plants react differently to various levels of freeze. Most plants will suffer damage when the temperatures drop to below –4C for several hours. Between –4C and –2C is considered a hard frost and can kill root-hardy perennials if it lasts for several hours.

3. Cover Your Plants

After determining what plants need protection, head to your local garden centre to stock up on burlap for wrapping. The idea is to build a tent over the plant while not letting the cover actually touch the plant. Remember, air still needs to be able to circulate around it. Finally, weigh down the sides so they don’t blow open.

The freezing temperatures and shorter days of winter may seem like good excuses to stay indoors. 

But, believe it or not, your outdoor space can be a great place to spend time during the winter. All you need is a bit of ingenuity and planning to embrace the cold and snow.

Try some of these tips to enjoy your outdoor living space this winter:

Enclose Your Patio Space

If your patio space isn’t already covered, the first step to creating a winterized outdoor space is to protect it from the elements. Investing in a gazebo or pergola will help keep snow off of your furniture and reduce the need for shovelling.

Create an Ambiance

Braving the cold may not seem like such a big deal when you dress your space with twinkling string lights, beautiful winter urns filled with birch and pine, and cosy throw blankets.

Add Some Heat

Take the bite out of the cold by adding a few heat sources to your patio. Hang heat lamps from an overhead structure or place floor heaters around at a safe distance from patio furniture. Propane fire pits, outdoor fireplaces, and fire tables provide warmth and instant ambiance!

Entice with Food

Take outdoor entertaining to a new level by investing in an outdoor pizza oven or smoker. You can even embrace your summer tradition of barbequing in the winter by positioning a heat source near your grill for a unique winter dining experience.

Bold Comfort: Mix-and-match pillows in bold patterns and textures create an inviting space.

Texture has always had an influence on interior design. Today’s trending fabrics are bolder and make more of a statement than ever before, adding a luxurious yet cosy feel to any living space.

Inviting textures such as boucle, felt, matte velvet and natural linen is a great way to embrace this latest design craze while creating the comforting feeling we all crave in the winter months.

If you’re looking to level up your design motif this winter, here are some creative ways to embrace this sensory-driven trend for a modern, livable home.

Mix-and-Match Pillows

Layering pillows is an effortless way to add texture without having to break the bank on large furniture items. Create an Instagram-worthy look by combining rich leather cushions with crocheted lumbar pillows. Embrace shams with varying textures and elaborate fringe. Better yet, add a boucle pouf to the floor for a piece that can double as extra seating.

Layer Rugs

Rugs are one of the easiest ways to transform the look of a room. Natural fibres like jute and sisal are fantastic options for high-traffic areas. Plus, their neutral colours will stand up to your changing décor. You can also add an elaborate area rug to rooms that are already carpeted. An ornamental rug under a bed frame or a braided mat under a coffee table can really elevate a space.

Embrace Textured Art

Three-dimensional art is trending. Artists are increasingly mixing mediums to create sculpture-inspired wall art to make a modern statement. The best part? These pieces can be easily DIY’d using drywall mud, a framed canvas, and a palette knife set.

Looking for more design ideas? We’ve got you covered. Our blog features interior design trends, home improvement projects, and homeowner advice that will enhance your life and investment, visit blog.royallepage.ca.

SURREY, BC – The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.

The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, a drop of 8 per cent from the previous month, representing the 9^th slowest November in a decade.

At 2,030 new listings also fell again, decreasing by 20 per cent from October and by 43 per cent since peaking in May at 3,533.

“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

Active listings in November were 6,254, down by 5 per cent over last month and up by 17 per cent over November 2022. The sales-to-active listings ratio was 14 per cent, creating balanced conditions in the overall market. Detached houses are in balanced market territory at 12 per cent, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill. “However, even a slow market can present opportunities, and buyers would be well-advised to work with a knowledgeable, professional REALTOR® who can provide expert advice and guidance.”

On average, properties spent approximately one month on the market, with single family detached homes spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.

Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 per cent compared to October.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared to November 2022.
• Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent compared to October 2023 and increased 5.08 per cent compared to November 2022.
• Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per cent compared to October 2023 and increased 5.60 per cent compared to November 2022.

To read the full statistics package, click here.