Ketiz Singh

Welcome to Ball PR Real Estate’s Monthly Market Update!

Hey there, welcome back! I’m Matthew Fifer, a real estate agent in Regina, and I’m here with my trusted assistant, Matilda. Today, we’re taking a look back at the Canadian real estate market in 2024. Spoiler alert: it was a wild year!

2024: A Year of Ups and Downs

Toronto had one of its worst years ever, with home prices declining. But on the flip side, some Canadian cities saw record sales and home prices skyrocketing by 6-8% in just one year!

Victoria: Slow and Steady

• About 6,900 homes sold
• 2024 saw 14,500 new listings, a significant increase
• Active listings are up, signaling a changing market

Victoria is trending up, with more listings and sales activity. It’s an interesting market to watch!

Vancouver: A Tale of Two Markets

• Approximately 26,500 homes sold in 2024
• New listings slightly up, but not as high as expected
• Home prices held steady at $1.17 million

Vancouver didn’t see the distressed sellers like other cities, but prices remained stable throughout the year.

Calgary: Slowing Down

• Over 27,000 homes sold
• New listings up, but not as high as previous years
• Active inventory on the rise, creating more choice for buyers

Calgary’s market is slowing down, but there’s still plenty of activity for buyers to explore.

Edmonton: The Red-Hot Market

• With 28,000 homes sold, it was a record-setting year
• Active inventory at historic lows, driving up prices
• Prices up 8% year-over-year, showing strong growth

Edmonton is on fire right now, with prices soaring and inventory at all-time lows. A challenging market for buyers!

Regina: Record Sales and Low Inventory

• 3,900 homes sold, the most ever for Regina
• Active inventory dangerously low, making it a seller’s market
• Prices up 5% year-over-year, but individual sales may vary

Regina is facing a challenging market with low inventory and rising prices. Buyers need to act fast!

Saskatoon: Inventory Woes and Rising Prices

• Over 5,000 homes sold, second-best all-time
• New listings down, creating a shortage for buyers
• Active inventory at historic lows, leading to competition among buyers

Saskatoon is seeing rising prices and low inventory, making it a tough market for buyers. Act fast if you find the right home!

Winnipeg: A Year of Surges

• With 14,600 homes sold, it was the third busiest year ever
• New listings normal, providing more choice for buyers
• Active inventory low, driving up competition

Winnipeg is a bustling market with plenty of activity for buyers. Watch out for rising prices in 2025!

Toronto: A Slow Year

• 68,000 homes sold, the second slowest in 15 years
• New listings up, but not as high as predicted
• Active inventory on the rise, creating more options for buyers

Toronto saw a slower year in 2024, but with more listings and inventory, things could change in 2025!

Ottawa: Consistency in Uncertain Times

• Over 13,000 homes sold, down 12%
• New listings up, providing more options for buyers
• Active inventory high, driving competition among buyers

Ottawa remains a consistent market with rising prices and plenty of options for buyers to explore.

Montreal: A Market to Watch

• 44,000 homes sold, down 9%
• New listings normal, with steady activity throughout the year
• Active inventory up, but still below historical levels

Montreal is a sleeper market with steady prices and plenty of options for buyers. Keep an eye on this market in 2025!

Halifax: Wild Swings and Rising Prices

• Just under 5,000 homes sold, with significant fluctuations
• New listings down, creating a shortage for buyers
• Active inventory at historic lows, leading to rising prices

Halifax is a market with plenty of activity and rising prices. Buyers need to act fast to secure a home!

Well, that wraps up our look back at the Canadian real estate market in 2024. It was a year of surprises, challenges, and opportunities. What will 2025 bring? Stay tuned for more updates and predictions from Ball PR Real Estate. Thanks for joining us!