Canada Mortgage and Real Estate Market Update - September 2024

In September 2024, the Canadian real estate market, particularly in Quebec and Ontario, is evolving with key shifts in the mortgage landscape. Here are the main trends:

Interest Rates and Impact:

The Bank of Canada held the interest rate at 4.25%, stabilizing mortgage costs for now. Buyers should lock in their rates if they expect future increases. However a downward trend seems to be initiated in the short term.

Market Activity:

Quebec:

Montreal has seen a slight price increase, with high demand for condos and smaller homes despite limited supply. New affordable housing initiatives may balance the market.

Ontario:

The Greater Toronto Area (GTA) has more housing supply, slowing price growth. However, the rental market remains tight with high rents.

New Mortgage Regulations:

New rules require lenders to disclose more detailed borrowing costs, improving transparency for buyers. This could lead to more competitive lending practices.

Emerging Trends:
- **Quebec:** Growing interest in suburban and rural properties.  
- **Ontario:** Increase in urban renewal projects.

Conclusion:
With stable interest rates and new regulations, the market is in transition. Staying informed is key to making smart buying decisions.

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