The year ended with the expected seasonal slowdown during the holiday season following a period of cautious optimism. The latter half of the year brought signs of more favourable market conditions; marked by consecutive interest rate reductions, increased insured mortgage limits, and longer amortization periods. However, it’s too soon to gauge the full effects of these changes, especially as affordability challenges and supply shortages continue to pose significant hurdles.

As we had expected, the December increase in average sale price for single family homes was above 4%. This is a strong indicator of higher price increases as the 2025 real estate market unfolds.