Andrew Lis, director of economics and data analytics at Greater Vancouver Realtors, described 2024 as a “pivot year” in a news release, reversing the market slowdown caused by post-pandemic interest rate hikes. (The Logic)

Talking point: TD Bank economist Rishi Sondhi said in a note that 2025 “should be a firm year for Canadian housing” as the Bank of Canada cuts rates and turns its attention to economic growth after appearing to have successfully tamed inflation. Strong home sales in the Vancouver, Toronto, Calgary and Montreal areas contributed to a 2.8 per cent monthly increase in residential sales across the country in November, according to the Canadian Real Estate Association. A return to Canada’s notoriously competitive and pricey real estate market is not good news for everyone, however. A December report from RBC Economics found the cost of home ownership as a percentage of median income was 58.4 per cent in the third quarter of 2024, close to the least affordable it’s ever been. Vancouver also recently introduced a tax on owners who sell their homes within two years of purchase.