Welcome to our latest Monthly Market Summary for August 2024, packed with essential insights and comprehensive analysis. Here’s a deep dive into the key trends shaping our economy and real estate market this month.

Canadian GDP Is Lagging

Despite our growing population, economic growth isn’t keeping up. Per capita GDP has remained unchanged over the past eight years. This stagnation signals the need for a fresh economic approach to stimulate growth and enhance productivity. With the increasing demands of a larger population, innovative strategies are crucial to revitalize our economy and ensure sustainable development.

Home Sales Perk Up in June

In a positive turn, home sales surged following the June rate cut, with a 3.8% increase nationally and an impressive 6.0% rise in Ontario. This surge has injected new energy into the real estate market, offering renewed optimism for both buyers and sellers. The rate cut has evidently lowered borrowing costs, making home ownership more accessible and stimulating market activity.

House Prices on The Rise in Most Metros

Over the past three months, housing prices have experienced significant positive momentum across various metropolitan areas. This upward trend reflects strong demand in the real estate market, making it an exciting time for both buyers and sellers. If you’re considering investing or selling, now might be the perfect opportunity to capitalize on this robust market activity.

Supply Shortage Coming?

Despite record population growth, single-family building permits have plummeted to 40-year lows in both Ontario and BC. This significant decline in new housing development could lead to a serious supply crunch, exacerbating the already tight real estate market. As demand continues to rise with population growth, the lack of new housing supply could drive prices even higher, challenging affordability for many potential buyers.

Toronto: Fastest Growing Metro

Toronto continues to shine as the fastest-growing metropolitan area! In 2023, Canada proudly claimed four of the top six fastest-growing metro regions in all of North America. This impressive growth highlights the dynamic and thriving urban environments across the country, positioning Canada as a leading hub of urban development and economic activity.

Cashin Mortgages: Your Partner in Navigating the Real Estate Market

At Cashin Mortgages, we understand the dynamic nature of the real estate market and are dedicated to helping you navigate it with confidence. Whether you’re a first-time homebuyer, looking to refinance, or considering an investment property, our team of experienced professionals is here to provide personalized solutions tailored to your needs.

With our comprehensive range of mortgage products and competitive rates, we ensure you have the support and guidance necessary to make informed decisions. Let us help you seize the opportunities in today’s market and achieve your homeownership goals.

Contact Cashin Mortgages today to learn more about how we can assist you in this exciting and evolving real estate landscape.

Stay tuned for more updates and detailed analyses in our upcoming market summaries. The landscape is constantly evolving, and we are committed to keeping you informed with the latest trends and insights.