Canada's Housing Market Growth in November 2024

Canadian Housing Market Maintains Growth in November as Sales and Prices Continue to Rise

Canada's housing market continued its upward momentum in November 2024, with notable increases in both sales activity and home prices, according to the latest report from the Canadian Real Estate Association (CREA). This marks the sixth consecutive month of sales growth, highlighting the ongoing recovery of the real estate market after the first interest rate cut mid-year.

Sales Growth Persists Across Canada

Home sales in November 2024 saw a 2.8% month-over-month increase nationally. Key urban areas, including Greater Vancouver, Greater Toronto Area, Calgary, and Montreal, experienced heightened activity, with additional gains seen in smaller cities across Alberta and Ontario. These trends reflect an overall revival in the Canadian real estate market driven by lower borrowing costs and improved consumer confidence.

Price Growth Continues

The national average home price increased year-over-year for the fourth consecutive month. The MLS® Home Price Index (HPI) composite benchmark price rose modestly, signaling steady and sustainable growth rather than the sharp spikes seen during the pandemic-era market.

What's Driving the North Shore Market

In Greater Vancouver, the North Shore's market reflected similar positive trends. Detached homes in North Vancouver and West Vancouver continued to attract strong buyer interest, particularly from families relocating from other Metro Vancouver municipalities who value the outdoor lifestyle, top-ranked schools, and relative value compared to the west side of Vancouver.

Looking Ahead

With interest rates expected to continue declining through 2025, the stage is set for a strong spring market. Buyers who position themselves now — getting pre-approved and refining their search — will have an advantage over those who wait until listings peak in March and April.

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