I like to stay ahead of trends affecting home prices and affordability. I am keeping a close eye on the impact of political and economic shifts on market stability but I see the recent revitalization of the market as a positive sign for both buyers and sellers. I’ve attached a recent marketing update from Royal Lepage covering the following:
* Canada's real estate market shows signs of recovery, driven by lower interest rates, new mortgage rules, and increased buyer demand in late 2024.
* The national aggregate home price rose 3.8% year-over-year to $819,600, with modest quarterly gains.
* New mortgage policies, such as longer amortization periods and increased insurance caps, improve accessibility for first-time buyers.
* Geopolitical uncertainty and political changes may affect confidence, but strong domestic factors support continued market activity.
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