Canada’s housing market is heating up again, and the recent rate cut in December might just add more fuel to the fire. After a sleepy summer following the Bank of Canada’s initial rate cuts, the October 50-basis point cut sparked a surge in home sales. In fact, sales jumped by 30% in October compared to last year, and by 26% in November. While some experts think we might not see as big of a boost from the December rate cut — especially with the holiday season typically being slower for both buyers and sellers — it’s still a good idea not to wait if you’re thinking of buying. Demand is on the rise, which means home prices are climbing too. In November, prices increased by 0.6% from the month before, marking the biggest jump in over a year. With this month’s mortgage rule changes plus more rate cuts expected in the new year, the market is likely to stay busy. So, if you're planning to buy, getting a mortgage pre-approval now, even during the holidays, could be a smart move.
