This fall has been an unusually busy time for much of Canada’s housing market, with some areas continuing to see strong activity into December, fueling optimism for 2025. The positive outlook is largely driven by recent federal policy changes, including continued interest rate cuts by the Bank of Canada and new mortgage reforms designed to make it easier for people to buy homes.

In November, Canadian real estate sales surged 26% compared to last year, with some areas like Montreal, the Greater Toronto Area, and Greater Vancouver seeing even bigger increases. This marks a significant recovery after a slow period following the pandemic. With more people returning to the market, many are expecting prices to rise next year, which is motivating both buyers and sellers.

However, despite increased activity, the number of available homes is still low, driving up prices. Some markets are seeing their busiest Decembers in years, with more listings expected early in the new year as sellers try to get ahead of spring competition.

Not all areas are experiencing the same level of activity. While some regions are slowing down, others, like Calgary, are seeing strong sales well into December, thanks to interest rate cuts and a positive outlook for 2025. There’s also optimism that new lending rules will make housing more accessible, especially in expensive markets like Vancouver.

Looking ahead, many experts believe the market will stay active through 2025, with more buyers entering the market and limited inventory potentially pushing prices higher.