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Despite ongoing economic challenges in Canada, including high interest rates and expensive home prices, there is optimism for the housing market in 2025. A notable increase in home prices, particularly in Ontario, is expected, along with a rise in home sales across the country. First-time homebuyers are anticipated to benefit from more favorable conditions due to declines in lending and stress test rates.

The forecast predicts a national price increase of 5% and a 25% jump in home sales, with regions like Vancouver and Ontario's Simcoe County experiencing the most significant growth. In particular, Simcoe County is expected to see a 25% increase in transactions, while other regions like Toronto, Durham, Kingston, and London will also see sales rise, though with modest price increases.

While some areas are expected to shift into sellers' markets, affordability challenges persist. A significant portion of Canadians remain skeptical about mortgage rule changes, with many feeling homeownership is out of reach. However, it is anticipated that first-time buyers, especially in lower-priced regions, will drive market activity in 2025.

Read the full article on: blogTO