The Canada Mortgage and Housing Corporation released its annual report forecasting economic insights and housing trends for 2024 and beyond. Their findings for national trends include:
- CMHC expects weak economic growth in 2024 and projects a momentum regain in 2025–2026 as interest rates decrease.
- Lower housing starts are expected in 2024, with a slight improvement forecasted over the next 2 years. Supply challenges,
- notably the lagged effects of higher interest rates, mean that new construction in 2025–2026 won’t reach 2021–2023 levels.
- Demand is forecasted to push MLS prices beyond previous peak levels, indicating a lack of short-term affordability
- improvement.
- An increase in MLS sales is expected due to strong population growth. Sales are expected to surpass the past 10-year average levels but remain below the record levels of 2020–2021. This is reflective of decreased housing affordability.
The full report, including regional data, can be found here.
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