Since the Bank of Canada (BoC) started raising interest rates in the spring of 2022 at a time of post-crisis sky-high home prices, first-time homebuyers have sat on the sidelines amid a housing affordability crisis. They have been waiting to dip their toes in the Canadian real estate market in this span. However, two groups of buyers have taken advantage of the current housing environment: seasoned buyers and investors.

Seasoned homebuyers and investors have driven many “hot pockets” of the Canadian real estate market in the first half of 2024, according to the findings of a new RE/MAX Hot Pocket Communities study.