The Top Five Stories That Defined 2024 for Canadian Realtors

 

As 2024 comes to a close, the Canadian real estate industry has seen notable changes. Here’s a quick look at the top five stories that have had the most impact this year, setting the stage for 2025 and beyond.

1. Competition Bureau Investigates CREA

The Canadian Competition Bureau is investigating CREA’s commission rules and cooperation policy, examining if they hinder competition or give larger brokerages an unfair advantage. CREA is cooperating and believes its policies support competition and benefit consumers.

2. CREA Votes to Make Realtor.ca For-Profit

CREA members approved a plan to transition Realtor.ca into a for-profit subsidiary starting in January 2025. This move aims to modernize the platform, reduce reliance on member dues, and explore new revenue streams through features like advertising.

3. New Mortgage Rules Offer Short-Term Relief

New mortgage rules introduced in December extend 30-year amortizations for first-time buyers and new builds and raise the insured mortgage limit from $1 million to $1.5 million. While these changes could help with affordability, experts emphasize that increasing housing supply is crucial for long-term recovery.

4. Bank of Canada Cuts Interest Rates Again

The Bank of Canada cut its benchmark rate to 3.25% in December, marking a fifth consecutive reduction. This is expected to lower borrowing costs and stimulate buyer activity, leading to a busier market heading into 2025.

5. OREA CEO Tim Hudak Resigns

Tim Hudak resigned as CEO of the Ontario Real Estate Association in August after seven years. He was instrumental in key initiatives like the Trust in Real Estate Services Act. OREA is now searching for a new CEO, with Sonia Richards serving as interim leader.

These stories have had a major influence on Canadian real estate this year and will continue to shape the industry in the months and years ahead.