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Brokers and agents affiliated with RE/MAX Canada are predicting a softer housing market this fall due to the nation’s interest rate climate and lack of inventory.

The newly published Fall Housing Market Outlook Report is forecasting that more than half of Gen Zs (55%) and nearly half of Millennials (49%) will be forced to change their housing plans due to a lack of affordable options. Furthermore, a survey conducted by Leger on behalf of RE/MAX Canda determined that one-third of Canadians who are interested in buying and/or selling a home in the next 12 months will wait and see how interest rate changes play out before buying. The Bank of Canada is scheduled to announce its latest rate decision tomorrow.

“If the fall market is an early indicator for 2024 activity, we may see a very active first quarter as buyers and sellers take advantage of easing prices into the earlier part of next year,” said Christopher Alexander, president of RE/MAX Canada. “While we wait for governments to implement a tangible national housing strategy to boost Canada’s supply of both affordable and diverse housing, the market is starting to ease in some regions. This is bringing some much-needed relief from the sky-high prices we’ve experienced over the past couple of years.”

RE/MAX Canada is a subsidiary of RE/MAX Holdings (NYSE: RMAX).