Declining interest rates and revised mortgage policies sparked renewed demand in Canada’s housing market in Q4 2024, leading to moderate price gains and setting the stage for a strong 2025. The Royal LePage House Price Survey revealed a 3.8% year-over-year increase in the aggregate home price to $819,600, with single-family detached homes and condominiums experiencing similar trends. These shifts were bolstered by improved affordability through lower lending rates, expanded eligibility for 30-year amortizations, and reduced barriers for borrowers switching lenders.Phil Soper, CEO of Royal LePage, highlighted the critical role of domestic factors like job growth and housing supply in driving market activity, despite broader geopolitical uncertainties. With a federal election looming and housing affordability emerging as a key issue, policymakers face increasing pressure to address the long-standing housing supply crisis. Read the full Royal LePage Q4 2024 release for detailed insights on national and regional trends.